Namibia’s mineral exploration registered a modest growth of 4.8% in real value added in the second quarter of 2024, attributed to a reduction in investments in oil and gas activities during the period, according to the latest data from the Namibia Statistics Agency (NSA).
This is a sharp decline from the 118.7% growth recorded in the same quarter of 2023.
“The mineral exploration registered slow growth during the quarter under review, recording a 4.8% increase in real value added compared to a massive growth of 118.7% observed in the second quarter of 2023. This performance is ascribed to a slowdown in investment in oil and gas activities,” said the NSA in its GDP report for the second quarter of 2024.
This comes as the mining and quarrying sector recorded a decline of 6.6% in real value added during the quarter under review, compared to a growth of 27.8% witnessed in the corresponding quarter of 2023. The decline is attributed to the diamond and uranium subsectors.
“The diamond subsector recorded a decline of 11.8% in real value added during the second quarter of 2024, down from the 22.2% growth observed in the corresponding quarter of 2023,” said the NSA.
The agency noted that this performance emanates from a decrease in diamond production during the quarter under review. Similarly, the uranium subsector experienced a contraction of 16.6% in real value added, in contrast to the 59.5% increase registered in the second quarter of 2023.
“The decline in the subsector is attributable to a reduction in the volume of uranium produced, driven by a decrease in international demand,” said the NSA.
On the other hand, the mining of metal ores subsector registered a growth of 9.4% in real value added during the quarter under review, albeit slower than the 24.3% increase posted in the second quarter of 2023. The performance is attributed to increased production of copper, gold, and lead.
“The other mining and quarrying subsector recorded a robust growth of 24.8% in real value added during the second quarter of 2024, compared to the 7.4% increase witnessed in the corresponding period of 2023,” added the NSA.
The agency said the performance is mainly attributed to marble, granite, and common salt production.
