Last Updated: 2018-03-14
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WINDHOEK, March 14 (NNN-NAMP) -- In order to attract global capital into its mining sector, Namibia needs to speed up its policy framework review which is currently underway, says Minister of Mines and Energy Tom Alweendo.

He told a media conference here Tuesday that the review is important to ensure a right regulatory framework which is able to attract the necessary investment capital. The country can only benefit from its mineral resources when it is able to attract the needed investment capital, as the sector requires high capital investment, he added.

Alweendo noted that the mining sector attracted investments of 43 billion Namibian dollars (about 3.65 billion US dollars) in fixed investment between 2011 and 2016 but added that it needs to speed up the review process to ensure that the legal and regulatory frameworks do not become a discouragement in attracting the needed capital, he said.

"We are competing with other jurisdictions that are tapping into the same global capital market, therefore in order for Namibia to attract global capital, we need to continue improving our competitiveness."

He emphasised that as a country, more should be done on the value chain management in the mining sector. It should also be determined to what extend the sector is contributing to the overall economic development of the country and whether it can do more.

"We need to find out where we source the inputs into the mining operations. If mainly from outside the local economy, what efforts are we making in order to source such inputs locally," asked Alweendo.

The 2017 Fraser Institute annual mining survey placed Namibia 54th out of 91 jurisdictions; based on geological attractiveness for minerals and metals and the extent to which government policies encourage or deter exploration and investment. -- NNN-NAMPA