Namibia’s Mining Revenue Slightly Falls in 2024

Namibia’s mining industry earned 51.4 billion Namibian dollars (around 2.89 billion USD) in 2024, showing a small drop of 0.4% compared to the previous year, mainly due to lower diamond mining revenue.

This information was shared in the 2024 Annual Review by the Chamber of Mines of Namibia, released on Friday. Veston Malango, CEO of the Chamber, presented the report, which highlights the industry’s performance, key challenges, and future goals.

Strong Tax and Job Contributions

Even with the slight fall in total income, the mining sector stayed important for Namibia’s economy. In 2024, mining companies paid:

• 3.008 billion NAD in corporate taxes

• 2.256 billion NAD in royalties

• 360 million NAD in export levies

The mining sector also helped with job creation. Employment in the industry grew by 14.6%, reaching 20,843 direct jobs.

Focus on Sustainable Growth

Malango said the Chamber will continue to push for sustainable mining policies. Their aim is to grow the sector in a stable and globally competitive way, with help from the government and industry partners.

The Chamber also plans to keep discussions open on major policy matters like the draft Minerals Bill, government free-carry shareholding, and infrastructure development. These issues are key for building a strong future for Namibia’s mining industry.

Big Role in the Economy

Mining continues to be a major part of Namibia’s economy, making up 13.3% of the country’s GDP. Even with small changes in income, the sector remains a strong foundation for national growth.