Chamber of Mines worried about Fraser ranking

Call for improvement
Namibia currently ranks fourth in terms of mining attractiveness as an investment destination on the African continent.
Ogone Tlhage
  • 2 Months Ago - 2024-07-11 00:00:00
Chamber of Mines of Namibia vice president Zebra Kasete says Namibia must ensure that it improves its attractiveness as a mining investment destination, saying capital investment can and will flow to other countries that enjoy better ratings than Namibia.
Kasete made the remarks following a discussion on the oil and gas sector hosted by Nedbank this week.
Namibia currently ranks fourth after Zambia, Morocco, and number one on the continent, Botswana.
“Everybody somewhere else has got minerals in the ground, and the one perception of our attractiveness is measured by the Fraser Index. Last year, our attractiveness was 56, 56 [which] means that there are other 54 jurisdictions where money can flow easily; therefore, it is important for us to fix those measures that impact our attractiveness,” Kasete said.
"People who have money can move to other jurisdictions,” he added.

Concern
Kasete had previously stressed that Namibia can do better when it comes to its attractiveness as a mining destination.
“While we can be proud that Namibia is still one of Africa’s more favourable destinations, ranking fourth, it is concerning to note that our score has deteriorated by three points on the absolute score and also on our global rankings. This shows that Namibia can do better with regards to mining policy and regulatory matters,” Kasete said.
He highlighted the importance of the mining sector, saying it is the biggest contributor to Namibia's gross domestic product (GDP) and provided many job opportunities.
“The industry has been the biggest contributor to the GDP. Currently, the mining industry employs in total 18 200 employees, both full-time and contractors,” Kasete said.

Outlook
Despite Namibia’s ranking, Kasete was upbeat about the future prospects of Namibia’s mining industry, with the anticipated construction and commissioning of Bannerman’s Etango and Deep Yellow’s Tumas projects, respectively.
“In the coming years, there are a few mines that are about to start production,” he said.