Namibia’s commitment to environmental, social, and governance (ESG) principles is boosting investor confidence in the country’s minerals sector, an official has said.
Speaking at the Mining Indaba in Cape Town, Consulate General of Namibia in Cape Town, Selma Nghinamundova, emphasised the importance of engagement in opportunities and potential that exists to achieve sustainable mining and maximise the value of resources.
She highlighted that Namibia has been ranked among the top world-class producers of rough diamonds, uranium, gold, zinc, acid grade fluorspar, copper, lead, limestone, cement, salt, and dimension stones, over the years.
The commodities have been exported in their raw form or with minimal processing before being exported to various destinations, rendering Namibia to not reap the maximum benefit from its resources.
“Henceforth, it is time for Namibia to recognise and embrace maximum benefits from its mineral resources,” she said.
“Namibia also remains one of the most prospective jurisdictions for lithium, graphite, cobalt, rare earth metals and other minerals that are considered critical inputs in the green technologies by many countries around the world. It is therefore our expectation that the number of interested parties seeking partnerships for critical raw materials (critical minerals) will increase due to the global demand for energy transition,” Nghinamundova added.
She further noted that, in the past few years, the security of critical minerals supply chains has become a global strategic issue, of which Namibia sees the interest in its critical minerals as an opportunity to derive maximum benefits.
Government has already taken a stance by banning the export of rare earth minerals in their raw formats, thus encouraging investors to set up processing industries locally.
“Just as any other country endowed with mineral resources, our goal is to add value to our minerals for viable projects. In this regard, Namibia has developed its Minerals Beneficiation Strategy to maximise benefits from its mineral resources,” she said.
“Our country further boasts natural wind and sun resources, making it amongst the most competitive destinations in the world with potential to become a producer and exporter of green hydrogen, reckoned to catalyse the decarbonisation of the planet.”