Shine Minerals Corp., a Canada-based natural resource company, says it is actively exploring gold opportunities within Namibia’s renowned Damara Orogenic Gold Belt.
The region hosts several prominent gold mines and deposits, including the Twin Hills Deposit (2.1 million ounces), the Navachab Gold Mine (3 million ounces), and B2Gold’s Otjikoto Gold Mine (620,000 ounces).
Shine Minerals Corp. Chief Executive Officer, Devinder Randhawa, noted that Namibia actively welcomes foreign companies and offers investor-friendly policies designed to encourage mining exploration and development.
“The country is home to numerous international firms engaged in exploration and mining operations. Renowned as a major producer of uranium, industrial minerals and diamonds, Namibia stands out as a prime destination for mining investment opportunities,” he said.
Shine Minerals Corp, formerly known as Ironside Resources Inc. until its rebranding in November 2018, is focused on acquiring, exploring, evaluating and developing mineral resource assets, though it currently has no significant operations.
As of last year Namibia, renowned as the world’s third-largest producer of uranium, accounting for 11% of global supply, has been witnessing a significant uptick in exploration activity and acquisitions within its uranium mining sector.
According to the Chamber of Mines of Namibia, Namibia’s uranium sub-sector is expected to significantly contribute to the country’s economic growth in 2024.
“Increased production in 2024, combined with growing output in the medium-term from new uranium mines, will translate into increased foreign exchange earnings for the country and increased government revenue through royalties, corporate tax and export levies,” CEO of the Chamber of Mines Veston Malango said.
Companies from across the world, including Australia, Canada, Russia and beyond, are increasingly investing in Namibia’s uranium sector, drawn by the country’s rich potential and favourable market conditions.
