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The Mineral Industry of Namibia in 2000

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The Mineral Industry of Namibia in 2000 THE MINERAL INDUSTRY OF NAMIBIA By George J. Coakley Namibia is located on the southwestern coast of Africa Petroleum Laws Amendment Act 24 of 1998 amended the 1991 between South Africa and Angola. The 825,418-square- Petroleum (Exploration & Production) Act, No. 2, the 1991 kilometer country had an estimated population of 1.8 million in Petroleum (Taxation) Act, and along with the Model Petroleum 2000 and a gross domestic product (GDP) per capita of about Agreement of September 1998 were designed to provide $4,3001 based on purchasing power parity. In 1999, the mineral additional incentives to attract new foreign investment. The industry of Namibia provided about 43% of exports and 20% of Petroleum Laws Amendments Act of 1998 introduced a number the country’s GDP (U.S. Central Intelligence Agency, of new incentives, which included reduction of royalties on the Namibia—Economy, World Factbook 2000, accessed value of oil and gas production to 5% from 12.5%, a reduction December 5, 2000, at URL http://www.odci.gov/cia/ of the petroleum income tax from to 35% from 42%, allowance publications/Factbook/geos/ wa.html#Econ). Diamond for full annual writeoff for exploration and operating remained the most important sector of the mining industry expenditures, and the introduction of three-tiered “additional followed by uranium, for which Namibia ranked as the world’s profits tax” that will become effective only when licensees earn fourth largest producer. Namibia was also the second largest an after-tax real rate of return of 15%, then 20%, and finally producer of salt in Africa. Other important mineral products after a 25% return (Abraham, 1998). included copper, dimension stone (granite and marble), fluorite, The Foreign Investment Act of 1990 offers prospective gold, lead, silver, and zinc. investors a package of incentives, such as repatriation of profits, security of title and tenure, availability of foreign exchange, Government Policies and Programs international arbitration, and fair compensation in case of expropriation. The principal legislative documents that govern mineral and The Ministry of Mines and Energy was responsible for energy development in Namibia are available on the Ministry of making and enforcing policies related to minerals and energy. Mines and Energy website at URL http://www.mme.gov.na/ Within the ministry and attached to the Permanent Secretary are mines/index.html. the Diamond Board, the Mining Advisory Board, and the The basic mining law is the Minerals (Prospecting and National Energy Council, all of which have Government and Mining) Act, No. 33 of 1992, which took effect on April 1, private-sector representation. Namibia Petroleum Co. and 1994. An accompanying Mining (Taxation) Act set forth NamPower, which is the Namibia national electric utility, also revised fiscal and royalty provisions for the industry. The are part of the ministry. The four main directorates in the Mining Act was still being refined, and additional amendments ministry are Geological Survey, Mining, Energy, and were under consideration during 2000. Administration and Finance. The three main functions of the The system of taxation on diamond mining consisted of three Mining Directorate evaluate and control mineral license separate taxes—on income, on diamond profits, and on diamond applications, ensure adequate safety standards in mining export duties. The export duty has now been replaced by a 10% operations, and collect, analyze, and disseminate production royalty. The overall income tax on diamond mining companies statistics. An Ancillary Rights Commission was set up by the is levied at the rate of 55% of taxable income plus a surcharge Ministry to handle dispute arbitration. of 10% on the market value of diamonds shipped and sold. The The Mine Health and Safety Regulations was in its 10th draft Income Tax Act provides that this 10% surcharge paid as during 2000. diamond profits tax be credited against the income tax payable by diamond mines. A new Diamond Law was enacted on Environmental Issues September 30, 1999, and came into effect on April 1, 2000. The Diamond Law will regulate and control the holding, As one of the major sectors of the economy, the mining transport, and further processing of diamonds through a system industry plays an active role in funding conservation awareness of licences approved by the Diamond Commissioner. The act and environmental education programs. Some of Namibia’s also establishes a Diamond Board, a Diamond Board Fund, and mines are located in or close to the Namib, which is one of the a Diamond Evaluation Fund. Diamond exploration and mining world’s oldest deserts and is host to a number of extremely rare licensing will continue to be administered by the Office of the species of plant and animal life. Because this unique habitat is Mining Commissioner. one of Namibia’s most valuable tourist assets, the ecosystem is The fiscal regime for oil exploration companies consists of closely monitored by local and international scientific and three principal elements—an income tax and an Additional conservation communities. The competition for limited water Profits Tax levied in terms of the Petroleum (Taxation) Act, No. resources between human and industrial uses will remain an 3 of 1991, and a 12.5% royalty levied in terms of the Petroleum ongoing environmental concern for the country. (Exploration and Production) Act, No. 2 of 1991. The In addition to the desert, Namibia possesses several “wetland” areas of international repute, particularly the Etosha Salt Pan, 1Where necessary, values have been converted from Namibian dollars (N$) to the Kavango/Caprivi region, the Walvis Bay lagoon, and U.S. dollars at the rate of N$7.1=US$1.00 for 2000 and N$6.11=US$1.00 for 1999. Sandwich Harbor, as well as the mouths of the Kunene and the THE MINERAL INDUSTRY OF NAMIBIA—2000 23.1 Orange Rivers. The fragile nature of these desert and wetland produced 200,000 t of copper ore, and the Otjihase Mine, ecosystems is a concern when considering any infrastructure 125,000 t of copper ore. At full production, the northern mines projects, such as railroads or pipelines between Walvis Bay and were expected to produce at a rate of 24,000 metric tons per northeastern Namibia and Botswana. Comprehensive studies month (t/mo) of ore, and Otjihase, at 60,000 t/mo. A new ore have been undertaken to assess the effects of marine mining block at Otjihase had a projected life span of 5 to 7 years. operations with respect to these areas and, in particular, the Through the end of March 2001, the Tsumeb smelter produced changes in tidal patterns caused by the disposal of fine 20,200 t of blister copper; 7,000 t of blister was produced from sediments during offshore mining. In addition, work is being Ongopolo concentrates, and 13,200 t of blister copper, from carried out to assess the extent of any interaction between imported concentrates (Werner Menges, April 15, 2000, marine mining activities and the local fishing (mainly lobster) Ongopolo mines revival on course, The Namibian [Windhoek], and mariculture (oyster and mussel production) industries and to accessed July 7, 2001, at URL http://www.namibian.com.na/ provide information that will assist these industries to develop Netstories/2001/April/News/with.html). and coexist with minimal adverse effects upon each other. While seeking investors for TCL, the Government had reported remaining measured mineral reserves at Khusib to be Production and Trade 119 million metric tons (Mt) at a grade of 10.06% copper, 1.82% lead, and 584 grams per metric ton (g/t) silver; measured The production statistics in table 1 were compiled mostly reserves at Kombat, 1.4 Mt at a grade of 3.16% copper, 2.67% from data provided by the Namibia Ministry of Mines and lead, and 584 g/t silver; inferred reserves at Kombat, 5.3 Mt at a Energy in response to the U.S. Geological Survey’s annual grade of 2.5% copper and 18.7 g/t silver; measured reserves at minerals questionnaire and from company reports. Production Otjihase, 2.1 Mt at a grade of 1.96% copper, 17.2% lead, and 7 of most mineral commodities significantly increased in 2000 g/t silver; and inferred reserves at Otjihase, 8.5 Mt at a grade of compared with that of 1999; the exceptions were diamonds and 1.8% copper, 12.8% lead, and 7.6 g/t silver (New Africa.com, fluorspar, which declined by 5% and 7%, respectively. With [1999], Tsumeb assets for sale, accessed December 1, 1999, at limited opportunities for new markets, uranium output has URL http://www.newafrica.com/investments/projects/namibia/ remained relatively constant at around 3,200 metric tons (t) miningextraction.asp). from 1998 to 2000. In 2000, the value of mineral production Development of the Haib copper deposit remained on hold was approximately $63.23 million—diamond, $515.16 million; during 2000 pending more favorable market conditions. The uranium oxide, $75.37 million (based on a market price of $ original partners in Namibia Copper Joint Venture (Pty.) Ltd. 23.55 per kilogram); gold, $22.29 million; zinc, $19.97 million; were Namibia Copper Mines Inc. (80%) of the United States copper $8.14 million; fluorite, $4.95 million; lead, $2.99 and Great Fitzroy Mines NL (20%) of Australia. When million; and silver, $2.56 million. The value of granite, marble, Namibia Copper Mines defaulted in its farm-in agreement in salt, and semiprecious stones amounted to $1.8 million. The 1998, its interest in the project reverted to Great Fitzroy. value of production approximately equals the value of exports. During 1999 and 2000, Namibia Copper Mines wrote down In 1999, the total value of all merchandise exports was $1.4 more than $8 million in losses on the Haib project and also billion.
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