Optimising economic returns from critical minerals
EAN hosts public discussion
The Economic Association of Namibia (EAN), in partnership with FNB Namibia and the Hanns Seidel Foundation Namibia, hosted a public discussion themed “Optimizing Economic Returns: The Role of Critical Minerals”.This event brought together leaders and stakeholders to deliberate on Namibia’s critical mineral discoveries and their economic potential.
EAN chairperson Jason Kasuto opened the discussion, emphasising the responsibility of society to promote meaningful and inclusive growth. He highlighted EAN's efforts to combat misinformation and promote economic development, aiming to prevent economic downturns and societal polarisation.
The keynote address was delivered by the Minister of Mines and Energy, Hon. Tom Alweendo, who underscored the importance of Namibia’s minerals for economic growth and development. Alweendo stated that while no nation has industrialised solely through renewable energy, those with financial reserves can better finance their energy transitions. He stressed the necessity of utilising current resources to drive energy transition initiatives, warning against deviating from this goal.
Alweendo also highlighted the significance of critical minerals in supporting the energy transition. He noted the global interest in these minerals due to the trend towards greener, decarbonised value chains and the net-zero emission goal. The need for a globally coordinated effort to ensure sustainable critical mineral supply chains was emphasized, calling for dialogue and collaboration between resource-rich and resource-poor countries.
Unlocking potential
The event featured an insightful presentation by Zenzi Awases, Managing Director of Empowermine Consulting Services. Awases discussed the challenge of ensuring that mining leads to economic and social development for Namibia. She stressed the importance of sustainability, strategic resource management, collaboration, and investing in people to unlock the full economic potential of Namibia's critical minerals.
A panel discussion moderated by Lameck Odada followed, focusing on economic impact, policy and regulation, sustainability, environmental impact, and the outlook of the mining sector. The panel included experts like Dr John Steytler, Lauren Graham, Franco Labuschagne, and Dr Gurvy Kavei, who shared their perspectives on Namibia’s economic landscape.
Steytler emphasised the need for a favourable policy environment to attract foreign direct investment, crucial for unlocking the potential of critical mineral exploration. He noted the high cost of mineral extraction and the need for advanced technology and skills. Steytler also expressed concerns over the low representation of female entrepreneurs in Namibia’s mining sector, advocating for increased support to achieve better representation.
Environmental considerations
Graham highlighted environmental considerations, urging realistic expectations for Namibia’s carbon usage compared to industrialised countries. She pointed out the challenges and costs of mineral processing and the need for technological development.
Labuschagne discussed the operational challenges faced by businesses in the extraction industry, including high costs, relocation issues, and the pressure to engage in corporate social responsibility, while Kavei emphasised the need for Namibia to play a proactive role in the global energy transition and economic development. He advocated for equal partnerships and awareness of the challenges associated with technological and administrative transitions.
This public discussion marked a significant step in fostering dialogue and collaboration among stakeholders aiming to boost the economy and enhance the contributions of Namibia’s critical minerals.