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Namibia Mining Guide

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KPMG GLOBAL MINING INSTITUTE

Namibia
Country mining guide
[Link]/mining

KPMG INTERNATIONAL

Strategy Series
© 2014 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Contents
Executive Summary 2
Country snapshot 3
World Bank: Ease of doing business index 4
Type of government 6
Economy and fiscal policy 7
Heritage Foundation: Index of Economic Freedom 9
Regulatory environment 12
Sustainability and environment 13
Taxation 16
Power supply 18
Infrastructure development 19
Labour relations and employment situation 20
Inbound and outbound investment 21
Key commodities – Production and reserves 24
Mining prospects in Namibia 29
Major mining companies in Namibia 30
Mining Asset Life Cycle 32
KPMG’s mining strategy service offerings 33
KPMG’s global mining practice 34
KPMG’s footprint in Africa 35
KPMG contacts 36

© 2014 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
2 | Namibia Country Mining Guide

Executive summary
Sound macroeconomic policies in addition to a stable political environment have contributed to the fact that Namibia
has been able to record strong economic growth rates over the past decade. World Bank statistics suggest Namibian
real GDP growth averaged 4.6% p.a. over the 2000-12 period. The mining and agricultural industries have traditionally
been the main drivers of economic growth. Due to the central role of these industries, growth in Namibia is prone to
influence from the global economy via its impact on mineral demand and prices, while domestic weather conditions
influence farming activity. The latter was especially relevant in relation to Namibia’s economic growth in 2013, when
a drought plagued the country. As a result, economic growth slowed, from 6.7% in 2012 to 4.4% in 2013. Namibia’s
medium-term growth prospects look more promising, buoyed by construction requirements associated with several
large-scale infrastructural initiatives such as the Walvis Bay expansion project and the construction of the Neckartal
Dam. However, despite the country’s positive growth track record, socioeconomic challenges in relation to poverty,
land redistribution, income inequality and high unemployment persist, while past policies aimed at addressing these
issues have been mostly unsuccessful.
Namibia is the fourth-largest exporter of non-fuel minerals in Africa, with this category contributing around half of all
exports over the past decade. Namibia’s mining industry produces diamonds, uranium, copper, magnesium, zinc,
silver, gold, lead, semi-precious stones and industrial minerals. However, diamonds and uranium still represent the
country’s most salient commodities from an export revenue point of view.
Namibia is amongst the world’s top 10 diamond producers, with the Diamond Act of 1999 regulating the handling,
transportation and refining of diamonds. The Bank of Namibia (BoN, the central bank) estimated that diamond mining
production increased by 5.7% to 1.7 million carats in 2013, driven by increased activities in onshore and offshore
mining that resulted from the re-opening of an old mine and the acquisition of an offshore mining vessel. Furthermore,
the BoN highlighted that favourable labour relations and the absence of any significant technical difficulties contributed
to the increase in diamond output during 2013. Diamond prices rose steadily after the drop in demand in the wake of
the global financial crisis, before falling sharply again in mid-2011 due to a lack of demand in Europe, corresponding
with economic woes there at the time. The most influential drivers in the diamond markets have historically been
the US and Europe, with India and China becoming increasingly important. While economic growth in Europe has
remained lacklustre at best, it is forecast to revive in the medium term, with demand for diamonds to increase
alongside. De Beers projects global diamond demand to expand by between 4% and 4.5% in 2014, with the US
market showing strong growth.
The World Nuclear Association believes Namibia’s mines are capable of providing at least 10% of global supply
from its proven 5% of global recoverable resources, and believes that authorities remain committed to expanding
the sector. Uranium mining is one of the most important sectors in Namibia from a foreign investment and export
revenue perspective. However, the capital intensive industry creates few jobs and offers little direct benefit to the
country other than financial inflows. The global economic slowdown of 2008-09 pressured uranium prices to a point
where investment in new or expanding activities became unprofitable. In addition, Japan’s tsunami and nuclear crisis
during March 2011 soured global sentiment towards nuclear power plants, with several European countries halting
further expansion and announcing a gradual shutdown of these operations over the coming decades. This pushed
the uranium price to below $40/lb. According to the BoN, the average uranium price declined from $49/lb in 2012 to
$38.9/lb last year. Namibia’s uranium production declined by 2.4% to 5,382 tonnes in 2013, mainly due to operational
challenges and limited water supply at the mines due to a drought at the time.

GDP growth in 2013 Largest exporter of non-fuel

4.4% 4th minerals in Africa

Top 10 Amongst World’s Top 10

diamond producers 10% Namibia has 2 significant
uranium mines capable of
(1.7 million carats in 2013) providing 10% of worlds
(Source: Bank of Nambia Annual Report mining output. (Source: World Nuclear
2013, p. 129) Association accessed July 2014)

Country snapshot1,2,3,4
Namibia

Geography Namibia is a sub-Saharan African nation, bordering Angola

(1,376 km), Botswana (1,360 km), South Africa (967 km),
Zambia (233 km) and the South Atlantic Ocean. The country
has a total land area of 823,290 km2, of which a mere 1,002
km2 are covered by water. Namibia is located in the south-
western part of sub-Saharan Africa (22o57 S, 17o15 E) and
the most prevalent natural hazard is prolonged periods of
drought.

Climate The climate in Namibia is mostly arid. Sometimes described

as one of the sunniest countries in the world, Namibia
experiences more than 300 days of sunshine annually.
Rainfall is sparse and erratic, and most prevalent on
either side of the summer season, between September
and November and again between February and April.
Temperatures vary greatly depending on location, ranging
from highs of over 45°C in the Namib desert to much lower
temperatures along the coast due to the cold Benguela
current of the bordering Atlantic Ocean.

Population As of July 2013, the desert economy had a population

estimated in the region of 2.2 million and growing by
roughly 0.75% per annum. The country’s inhabitants are
relatively young on average, with a median age of 22.8
years, while the life expectancy at birth is estimated at
51.85 years.1

Currency • The official currency of the country is the Namibian dollar,

adopted in 1993 after Namibia gained independence from
South Africa. The Namibia dollar is pegged to the South
African rand on a one-to-one basis.
• The following represents the average exchange rate in
2013:
- N$ 12.6: EUR 1
- N$ 9.6: USD 1

Source: CIA Factbook, Reuters, World Bank, UCLA

1
“The World Factbook”, CIA, accessed 8 April 2014
2
“Country Profiles: Namibia”, UCLA African Studies Centre, accessed 8 April 2014
3
“Namibia: Country Brief”, The World Bank, accessed 8 April 2014
4
“Reuters data”, accessed 4 June 2014

World Bank ranking:

Ease of doing business5
Namibia ranked 98th among the 189 countries covered in the World Bank’s Doing Business 2014 index. The
country dropped four positions from the rank it achieved in the previous edition of the publication.
The indicators in which Namibia recorded its best relative NAMIBIA RANK IN 2014 DOING BUSINESS
performances were: dealing with construction permits (31st),
getting credit (55th), enforcing contracts (69th), and getting
electricity (72nd). In turn, the country performed poorly in
relation to the following: registering property (178th), trading
across borders (141st), starting a business (132nd), and paying
taxes (114th). The reason for the country’s particularly poor
performance in relation to registering property is twofold. Firstly,
while other economies have generally been reducing the time
required to register property through the implementation of
computerised land registries and time limits on procedures,
Namibia has mostly failed to make any improvements in this
regard. Secondly, the costs associated with registering property
(as a percentage of the property value) in Namibia have remained
fairly constant up until 2010 and have subsequently increased
significantly, while the sub-Saharan Africa regional average
reflects a marked decline over the same period. The most recent Source: World Bank

edition of the doing business report highlighted yet another increase in the aforementioned costs: “Namibia
made transferring property more expensive by increasing the transfer and stamp duties.”
Table 1: Namibia’s ranking on the different parameters in the World Bank’s Doing Business 2014 index.

Parameter Ease of doing business rank 2014

Starting a business 132

Dealing with construction 31

permits

Getting electricity 72

Registering property 178

Getting credit 55

Protecting investors 80

Paying taxes 114

Trading across borders 141

Enforcing contracts 69

Resolving insolvency 85

Source: Doing Business 2014 report, World Bank

5
“Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises”, World Bank, October 2013

Type of government6
Namibia has a presidential system of government and a bicameral legislature. The president is both the
chief of state and the head of government. Sam Nujoma was president from Namibia’s independence in
1990 until 2005 – a constitutional amendment permitted the founding leader a third term. In November
2004, citizens elected the then Minister of Lands, Resettlement and Rehabilitation, Hifikepunye Pohamba,
to be the next president. Mr Pohamba was re-elected in November 2009 for his second and final term in
office. The inauguration was held in March 2010, in conjunction with celebrations marking the country’s
20th year of independence. Namibia’s most recent presidential and parliamentary elections were held
in November 2009. The South West Africa People’s Organisation (SWAPO) and incumbent President
Pohamba won with 75% and 76% of the votes, respectively. The Rally for Democracy and Progress (RDP)
won 11% of the vote, the most by a single opposition party. While some procedural irregularities were
observed, international and domestic observers pronounced the elections to be generally free and fair.
The legislative branch of government consists of a national council and a national assembly. The national
council is the upper chamber of Namibia’s bicameral Parliament. The national council has 26 seats,
comprising of two members from each of the 13 regional councils. Each regional council elects two of
its members to serve on the national council for a six-year term. The last regional council elections were
held during November 2010, while the next elections are scheduled to take place in 2016. The national
assembly is the lower chamber of Namibia’s bicameral Parliament. It has a total of 78 seats, 72 of which
are elected by popular vote through a system of party-list proportional representation to serve five-year
terms. An additional six non-voting members are appointed by the president. Elections for the national
assembly were last held in November 2009, while the next elections will take place during November
2014. The Namibian cabinet is appointed by the president from among the members of the national
assembly.
The judicial branch mainly consists of the Supreme Court, High Court, Labour Court, regional and
district magistrates’ courts and community courts. The Supreme Court comprises of a chief justice
and at least three judges in quorum sessions. Judges are appointed by the president of Namibia upon
recommendation by the Judicial Service Commission.
The next presidential elections will be held towards the end of 2014. For now, the party political landscape
remains unchanged, with ruling party SWAPO firmly in control of the country. SWAPO’s share of the vote
has remained steady between 74% and 76% since 1994 and will not drop off by very much in the next
decade or so. The party held its fifth elective congress in December 2012, at which Hage Geingob was
re-elected as party vice-president. A few days later Mr Geingob was appointed prime minister, which
indicates he is SWAPO’s probable candidate for the 2014 presidential race. He may still face opposition
from within the party before the race, however. SWAPO’s nearest challenger is the RDP, a SWAPO
offshoot which enjoys about 10% of electoral support. The RDP’s main function up to now has been to
criticise SWAPO: a necessary role, but it will be years before the RDP looks like a viable ruling party.

6
“The World Factbook”, CIA, accessed 9 April 2014

Economy and fiscal policy7,8,9,10,11

Namibia’s economic structure is a complex hybrid of old and new. It has a sophisticated, modern sector
based on highly capital intensive mining activities and commercial farming on the one hand, and a large
informal sector mostly comprising subsistence farming on the other – each playing a fundamental role
in the dual-economy’s wellbeing. Although the Namibian economy has a small agricultural sector in
terms of value added, the farming industry offers employment to around one in six workers. The majority
of Namibians are directly or indirectly dependent on farming activity for their livelihoods. In contrast,
the rich mining industry – dominated by uranium and diamond mining – employs very few people. The
manufacturing sector is still fairly underdeveloped, mainly due to stringent competition from South
Africa and the small domestic market. The services sector includes a large tourism industry, a developed
banking industry, and a strong retail industry.
Sound macroeconomic policies in addition to a stable political environment have contributed to the fact
that Namibia has been able to record strong economic growth rates over the past decade. World Bank
statistics suggest Namibian real GDP growth averaged 4.6% p.a. over the 2000-12 period. The mining
and agricultural industries have traditionally been the main drivers of economic growth. Due to the central
role of these industries, growth in Namibia is prone to influence from the global economy via its impact on
mineral demand and prices, while domestic weather conditions influence farming activity. The latter was
especially relevant in relation to Namibia’s economic growth in 2013, when a drought plagued the country.
As a result, economic growth slowed, from 6.7% in 2012 to 4.4% in 2013. Namibia’s medium-term
growth prospects look more promising, buoyed by construction requirements associated with several
large-scale infrastructural initiatives such as the Walvis Bay expansion project and the construction of the
Neckartal Dam. However, these projects currently underway in the country have added pressure on the
trade deficit due to the imports of building materials and certain high-value parts and components. As a
result, Namibia’s current account deficit widened from N$1.3bn in 2012 to N$4bn during 2013. Namibia’s
current account balance only turned negative in 2009, prior to which the country mostly realised large
current account surpluses. These past current account surpluses contributed to the fact that Namibia still
maintains a positive international investment position, and as such the country’s external debt, amounting
to 33.5% of GDP in 2013, is still considered low and manageable.
Meanwhile, the BoN’s monetary policy stance historically shadows that of its South African counterpart
due to the Common Monetary Area (CMA) arrangement that requires all member nations to keep their
exchange rates on par with the South African rand. As a result, Namibia’s inflation figures are highly
correlated with those of South Africa. Inflation in the desert economy reached an annual average of 5.6%
during 2013. The Namibia Statistics Agency (NSA) released its latest monthly Namibian Consumer Price
Index (NCPI) figures on 15 May 2014. Headline inflation increased to 5.9% y-o-y in April, up from 5.2%
y-o-y recorded in March. Headline inflation continues to be anchored to an extent by low annual inflation
readings for the housing, water, electricity and gas index, which is assigned the biggest weight amongst
the different sub-indices in the NCPI basket. However, even in this case, the upside inflation risks remain
significant. On 13 May 2014, the Electricity Control Board (ECB) approved a 13.2% increase in electricity
tariffs, effective from the start of July 2014. When viewed in conjunction with a widening trade deficit and
declining foreign reserves, the recent increase in inflation certainly makes an interest rate increase more
likely. However, this will also depend on the South African interest rate environment.
In its recent Country Strategy Paper (CSP) for Namibia published during December 2013, the African
Development Bank (AfDB) notes that the Namibian fiscal situation has deteriorated, mainly as a result of
“the prolongation of the expansionary fiscal policy… used as a countercyclical tool to sustain economic
growth in the aftermath of the global economic crisis.” In its 2013 Article IV Consultation report, the
International Monetary Fund (IMF) reiterated the need for medium-term fiscal consolidation as a strategy

7
“2013 Article IV Consultation Report”, IMF, February 2014
8
“Country Strategy Paper: 2014 – 2018”, African Development Bank
9
“World Databank”, World Bank, accessed 9 April 2014
10
“2013 National Accounts: Rebased”, Namibia Statistics Agency, April 2014
11
“Namibia Consumer Price Index: April”, Namibia Statistics Agency, May 2014

to rebuild fiscal and foreign reserve buffers; the latter recently declined to a level below the Fund’s
recommended three months worth of import cover benchmark. The IMF still deemed the country to
be vulnerable to external shocks given the local currency’s peg to the South African rand and lingering
uncertainty in relation to the global economic recovery and the impact thereof on key export commodity
prices. However, the 2014/15 fiscal budget does not seem to heed the multilateral organisation’s advice,
at least not in the short term, with the deficit expected to widen from 5.4% of GDP in 2013 to 5.8% of
GDP this year.
In addition, despite the country’s positive growth track record, socioeconomic challenges in relation
to poverty, land redistribution, income inequality and high unemployment persist, while past policies
aimed at addressing these issues have been mostly unsuccessful. In July 2012, the Namibian
government launched its Fourth National Development Plan (NDP4). Economic growth, job creation,
and increased income equality are the three overarching objectives of NDP4. It proposes to achieve
these goals through industrial policies aimed at stimulating growth in tourism, regional trade logistics,
agriculture and manufacturing. More recently, the “Growth at Home” strategy attempts to diversify
foreign direct investment (FDI) destinations, especially towards the development of the manufacturing
and agro-processing sectors. Attracting foreign investment to these sectors was part of the Namibian
government’s broader industrial development strategy, aimed at ensuring more value is added to
products within the Namibian borders, and as such creating additional employment opportunities.

Heritage Foundation: Index of

Economic Freedom12
2014 Index of Economic Freedom

The Heritage Foundation Index of

Economic Freedom for 2014 ranked
Namibia 94th out of 186 countries,
down 10 positions from the previous
ranking. Furthermore, Namibia was
ranked 12th out of 46 countries in the
sub-Saharan Africa region. Namibia’s
overall economic freedom score
declined from 60.5 (scale: 1-100)
obtained in the previous index to the
current score of 59.4. The overall
decline was attributed to the fact that
weaker performances in relation to
business freedom and the control of
government spending outweighed the
improvements in labour freedom, trade freedom, and fiscal freedom.
Upon closer examination of the individual sub-categories, it is evident that Namibia performs particularly
poorly with regard to property rights, financial freedom and freedom from corruption. In relation to the
property rights category, Namibia achieved a score of 30, well below the world average equal to 42.6.
According to the Heritage Foundation, property rights in Namibia are not effectively protected. Also,
corruption is highlighted as a key weakness: “Official corruption remains a problem, and investigations of
major cases proceed slowly. Public office is often given as a reward for political service, and tribal affiliation
is a factor. The rule of law remains weak and access to justice is obstructed by economic and geographic
barriers, a shortage of public defenders, and delays.” Namibia signed the United Nations Convention
Against Corruption (UNCAC) on 9 December 2003. The Convention was subsequently ratified by the
Namibian Parliament on 28 April 2004. In a recent media release dated 10 December 2013, the Institute for
Public Policy Research (IPPR) identified various areas where Namibia failed in meeting the requirements of
UNCAC. The most noteworthy of these were:

• Lack of whistle-blower protection law;

• No access to information policy/law; and
• Lack of comprehensive law on the declaration of assets by parliamentarians and public servants.

12
“2014 Index of Economic Freedom”, Heritage Foundation

Table 2: Namibia’s ranking in Heritage Foundation’s Index of Economic Freedom 2014

Parameter Score Rank

Property Rights 30.0 97

Freedom from Corruption 44.2 57

Fiscal Freedom 66.9 151

Government Spending 58.8 121

Business Freedom 64.4 94

Labour Freedom 81.9 21

Monetary Freedom 75.0 99

Trade Freedom 82.9 54

Investment Freedom 50.0 97

Financial Freedom 40.0 105

Source: 2014 Index of Economic Freedom, Heritage Foundation

Sources: Fraser Institute’s Survey of Mining Companies 2012/2013

Fraser Institute rankings13,14

Economic Freedom of the World 2013 report
Among the 152 countries covered in the Fraser Institute’s Economic Freedom of the World 2013 report,
Namibia ranked 106th, with a score of 6.39 on a scale of zero to 10, with zero being the worst and 10
being the best. Namibia dropped 12 positions when compared to the ranking it achieved in the previous
publication.
The annual peer-reviewed report ranks countries around the world based on their policies and the impact
thereof on 42 different economic measures in the following areas:
• Size of government: Expenditures, taxes and enterprises
• Legal structure and security of property rights
• Access to sound money
• Freedom to trade internationally; and
• Regulation of credit, labour and business

Considering the sub-categories outlined above, Namibia obtained its lowest score in relation to the
‘size of government’ category. This category aims to determine the extent to which countries rely on
political processes to allocate resources and goods and services. In Namibia’s case, its scores for fiscal
consumption and government investment were especially poor, both of which were deemed to constitute
a disproportionately large share of total consumption and total investment respectively. The Fraser Institute
explains that when the fiscal consumption share of total consumption is too large, political choice is being
substituted for personal choice. In addition, seeing as government enterprises operate in a more protected
environment than compared to private institutions, government investments are more prone to yield lower
returns.

“Economic Freedom of the World 2013”, Annual Report , Fraser Institute, September 2013
13

”Survey of Mining Companies: 2012/2013”, Fraser Institute, February 2013

Survey of Mining Companies 2012/201311

Namibia performed comparatively well among the 96 jurisdictions covered by the Fraser Institute’s
Survey of Mining Companies 2012/13. The country was ranked on three distinct indices. The Policy
Perception Index measures the effects of government policies on exploration. The Best Practices Mineral
Potential Index is based on respondents’ answers to questions about the mineral potential of jurisdictions,
assuming their policies are based on “best practices” and no land use restrictions. The Current Mineral
Potential Index is based on respondents’ answers to whether a jurisdiction’s mineral potential under
the current policy environment encourages or discourages exploration. It assumes current regulations
and land-use restrictions. Namibia’s most recent ranking on each of these indices, among a total of 96
jurisdictions, was:

• 30th on the Policy Perception Index,
• 40th on the Best Practices Mineral Potential Index, and
• 35th on the Current Mineral Potential Index.

Regulatory environment15,16,17,18
The Minerals Policy of Namibia highlights the guiding principles and direction of the industry while also
communicating the values of the Namibian people in pursuit of the development of the mining sector. All
mining related activities in Namibia are regulated by the Minerals (Prospecting and Mining) Act of 1992. This
Act was promulgated soon after independence in order to repeal old legislation inherited from the colonial
regime.
Furthermore, all mineral rights are vested in the State, as per the aforementioned act: “Subject to any right
conferred under any provision of this Act, any right in relation to the reconnaissance or prospecting for, and
the mining and sale or disposal of, and the exercise of control over, any mineral or group of minerals vests,
notwithstanding any right of ownership of any person in relation to any land in, on or under which any such
mineral or group of minerals is found, in the State.”
Several types of mining and prospecting licenses exist, each of which is outlined briefly below:
• Non-exclusive prospecting licenses: These licenses permit for prospecting non-exclusively in any
open ground as long as the area is not restricted by other mineral rights. Prospectors must provide
the Mining Commissioner with the details of all samples removed from the non-exclusive prospecting
license area. Non-exclusive prospecting licenses are valid for 12 months.
• Reconnaissance licenses: Reconnaissance licenses allow regional remote sensing techniques. These
licenses are valid for six months (renewable under special circumstances) and can be made exclusive
in some instances. A geological evaluation and work plan needs to be submitted to the Mining
Commissioner.
• Exclusive prospecting license: An individual exclusive prospecting license can cover areas not
exceeding 1,000 km2 and is valid for three years, with two renewals of two years each. It is also
possible that two or more exclusive prospecting licenses are granted for more than one mineral
in the same area. A geological evaluation and work plan are pre-requisites prior to issuing of the
exclusive prospecting license.
• Mineral deposit retention licenses: These allow successful prospectors to retain the rights to mineral
deposits which are deemed economically unviable in the short term. Mineral deposit retention
licenses are valid for up to five years. These licenses can be renewed subject to limited work and
expenditure obligations.
• Mining licenses: Mining licenses can be awarded to Namibian citizens and companies registered
in Namibia. They are valid for the life of the mine or an initial 25 years, renewable up to 15 years at
a time. Applicants must have the financial and technical resources to mine effectively and safely.
Prior to licenses being issued, all applicants are required to complete an environmental contract with
the Department of Environment and Tourism. Environmental impact assessments must be facilitated
with respect to air pollution, dust generation, water supply, drainage/waste water disposal, land
disturbance and protection of flora and fauna.

15
“Minerals (Prospecting and Mining) Act of 1992”, accessed 10 April 2014
16
“Minerals Policy of Namibia”, 2003, Namibia Chamber of Mines
17
“Role of Epangelo in the Namibian Mining Sector”, 2013, Mining Expo
18
“Namibia: Legislation for Strategic Minerals Imminent”, The Namibian, 27 May 2014

However, although the mining sector remained a significant contributor to the country’s economy, the
Namibian government deemed that the contribution thereof to state revenues – mainly through royalties – was
disproportionately small and did not allow ordinary Namibians to adequately benefit from their country’s natural
resources. As a result, the Epangelo Mining Company (Pty) Ltd (Epangelo) was established in 2008 under the
Namibian Companies Act, with the Namibian government as the sole shareholder. According to the Epangelo,
its 2030 vision is as follows:
“To ensure national participation in the discovery, exploitation and beneficiation of Namibia’s mineral
resources whilst developing and consolidating a portfolio of high quality assets and services for the benefit of
its stakeholders.”
During April 2011, a Cabinet decision declared uranium, gold, copper, coal, diamonds and rare earth metals
as strategic minerals. The state-owned Epangelo would be granted the right to own all new licences issued
for the purpose of exploration and for the mining of strategic minerals. However, the changes would not be
applied retrospectively, in that the renewal of existing exploration and mining licenses would still be allowed,
conditional on whether a degree of development and progress has taken place. During early-July 2013 the
company offered 39 exclusive prospecting licenses (EPLs) to joint venture (JV) partners in strategic minerals.
These JV’s operate on the so-called earn-in framework, whereby Epangelo will at first own 100% of these
prospects, while partners will over time be able to increase their holdings, dependent on certain milestones
being met. The achieved milestones will result in the dilution of Epangelo’s shareholding in favour of the JV
partner with varying percentage ownership as agreed.
On 27 May 2014, the Namibian reported that the government was still in the process of drafting legislation
for the mining of strategic minerals, with two committees already in place to deal with the matter. At a recent
mining conference, the permanent secretary in the Ministry of Mines and Energy (MME), Kahijoro Kahuure,
stated: “In the not too distant future legislation might be in place to deal with this matter. There is a committee
dealing with strategic minerals and a technical committee was put in place.” However, Mr Kahuure would not
reveal if a new law would be drafted or if the Minerals Act of 1992 would be amended.

Sustainability and
environment19,20,21,22,23,24
Socioeconomic situation
Despite the fact that the country managed to achieve robust economic growth rates over the past decade,
certain socioeconomic issues persist. These issues pertain to poverty, unemployment, income inequality
and food insecurity related risks. The latter was recently aggravated by the drought that plagued the desert
economy in 2014. The World Food Programme (WFP) estimated that the number of severely food insecure
individuals in Namibia increased from 330,300 during May 2013 to 463,600 in November of the same year.
Although the drought has now passed and the number of severely food insecure individuals might have
declined slightly, the issue still remains largely unresolved.
The United Nations Development Programme’s (UNDP) country profile for Namibia states: “As a middle-
income country with one of the most unequal income distributions in the world, Namibia is a place of
poverty amid plenty.” According to the Household Income and Expenditure Survey (HIES) 2009/10,
In March 2011, the Minerals Policy was released by the Ministry of Mines and Energy. This policy sets out
a number of key areas including socioeconomicelated areas such as human resources amongst others and
how the mining industry can assist in terms of training up locals

19
“Country overview”, World Food Programme, accessed 11 April 2014
20
“Understanding poverty in Namibia”, United Nations Development Programme, accessed 11 April 2014
21
“Household Income and Expenditure Survey 2009/10”, 2012, Namibia Statistics Agency

published by the NSA, 19.5% of the country’s households earned a monthly income below the upper-
bound national poverty line calculated at N$377.96, and as such were classified as falling into the “poor”
category. The “severely poor” category included all households with a monthly income below the lower-
bound national poverty line, set at N$277.54. In this case, 9.6% of households were classified as being
“severely poor”. Although these figures reflected an improvement when compared to a similar survey
conducted six years earlier, World Bank statistics suggest Namibia’s poverty gap remains significantly
larger than compared to the upper middle-income country average.
A closely related point – and also possibly one of the main contributing factors to the poverty situation – is
Namibia’s unequal income distribution. The UNDP notes that the poorest 10% of households command
just 1% of the country’s total income whereas the wealthiest 10% control more than half. The HIES found
that Namibia’s GINI coefficient – a statistical measure of income inequality – measured 0.597 during the
2009/10 survey, down from 0.603 measured six years earlier. Nonetheless25, the HIES acknowledged that
Namibia’s income inequality was among the worst in the world.
The country’s socioeconomic issues outlined above have recently contributed to signs of political tension
that, if not addressed, could become a problem over the medium term. However, for the time being, there
is no sign that these tensions are threatening to escape the confines of legitimate political activity.

Safety and security

The United States Department of State (USDS) has identified Namibia as a “Critical” residential and non-
residential crime threat location on a scale of low, medium, high, and critical. The USDS further notes
that, although robberies, muggings, and thefts occur frequently, these are usually more petty-type crimes.
However, personal robberies and residential break-ins and thefts also remain prevalent.
Road safety is acceptable in urban areas. Furthermore, although the major national roads are generally
very well maintained, Namibia’s network of gravel secondary roads can be dangerous, particularly during
the rainy season. Driving at night outside urban areas is also considered treacherous, as unlit roads make it
difficult to see obstructions and animals that frequently cross the roads.

The safety and health of ‘persons employed or otherwise present in or at mines’ is provided for in the Mine
Health and Safety Regulations (10th Draft) issued by the Ministry of Mines and Energy under section 138A
of the Minerals (Prospecting and Mining) Act 33 of 1992 as amended.

The Regulations hold the owners of mines, mine managers and persons employed or otherwise present in
or at mines responsible for the safety of themselves and others although the greatest responsibility will lie
with the owners of mines and mine managers as they are required to ensure a safe working environment
exists.

22
“World Bank: Databank”, World Bank, accessed 11 April 2014
23
“Country Strategy Paper 2014 - 2018”, 2013, African Development Bank
24
“Namibia 2013 Crime and Safety Report”, United States Department of State, accessed 11 April 2014
25
A GINI coefficient of zero expresses perfect income equality, whereas a value of one indicates perfect income inequality.

HIV/AIDS
Unlike its neighbours in South Africa and Botswana, Namibia showed marked decreases in its HIV/AIDS
prevalence rate over the past decade. Although the downward trend has stabilised at around 13.4% in 2011
for adults between the ages of 15 and 64, it is still down significantly from a peak of 22% in 2002. The initial
impact of the disease took a massive toll on the health services in the country, but a concerted effort from
the government has largely reversed the shortfalls. Life expectancy, down from a peak of 60.9 years in
1992 to 57.2 in 2002, has rebounded strongly to 62.3 years in 2011, according to World Bank data. When
compared to its aforementioned neighbours, the impact of HIV/AIDS has had neither as big or prolonged an
impact on the Namibian people’s life expectancy.

Challenges in overcoming the disease still remain, and relative to the global situation, the HIV pandemic affects
a large proportion of its people. When deconstructing the number of infections and the rates associated with
it, a clearer picture forms. There is very little difference between the prevalence rates in urban and rural areas.
The average age of an HIV/AIDS sufferer has been increasing over the last few years, even though most of
the new infections occur in the 15-24 year old bracket, which has been ascribed to the increased antiretroviral
coverage. Approximately 18% of all deaths in Namibia in the 2010/11 financial year were HIV/AIDS-related,
or 4,500 cases. Slightly less than 10% of new infections in 2010/11 were mother-to-child transmissions, a
preventable transfer.
Namibia remains committed to the many goals set out in the United Nations’ (UN) 2015 Millennium
Development Goals. As far as planning goes, Namibia’s Ministry of Health hopes that many of its goals will be
met by 2015, and can be met if all stakeholders stick to the plans set out.

Environmental issues
As one of the driest countries in sub-Saharan Africa, Namibia is especially vulnerable to climate change,
which often manifests itself in floods and droughts. Seeing as a large proportion of the country’s
population rely on climate-sensitive sectors such as agriculture, forestry and fishing, Namibia is
particularly vigilant in relation to environmental protection, so much so that it is enshrined in the Namibian
constitution.

During 2011, Namibian authorities adopted the National Climate Change Policy. The policy aims to
strengthen the country’s climate change adaptation and mitigation measures. According to the AfDB:

“The country’s exemplary community-based natural resource management program, which provides
incentives to communities to manage and use wildlife and other natural resources in sustainable and
productive ways, has earned it a good reputation internationally for prudent environmental management.”
The Minerals (Prospecting and Mining) Act 33 of 1992 as amended, under section 128 states that the
Minister can direct the person who was the holder of a non-exclusive prospecting licence or mineral licence
‘to take all such steps as may be necessary to remedy to the satisfaction of the Minister any damage caused
by any prospecting operations and mining operations carried on by such holder to the surface of, and the
environment in, such area’.
Section 130 ‘Liability of holders of licences or mining claims for pollution of environment or other damages
or losses caused’ requires the holder of the licence or mining claim to report any spillage of minerals to the
Minister and are held liable to remedy the damage done to the area.

In addition, the Environmental Management Act 7 of 2007 applies to the mining industry as well. The act
requires the issuance of environmental permits and licenses for a range of activities which would have an
impact on the environment. This includes mining operations. The Minister of Environment and Tourism will
publish these activities in the Government Gazette. In order for the operations to commence, they need to
apply for an environmental clearance certificate.

Taxation26
Namibia’s individual tax year extends from the 1st of March to the last day in February. Company tax years
run parallel to financial years. Tax is levied on the taxable income of individuals, trusts and companies from
sources in or deemed to be within Namibia. Covering all the details in relation to Namibia’s tax regime would
be an exhaustive exercise, as such; this section merely aims to highlight the most important rates and
guidelines for individual and corporate tax in addition to value-added tax

Individual income tax

Personal income tax is levied on the total taxable annual income of individuals at progressive marginal rates
over a series of income brackets. For instance, the personal income tax rate on 1 March 2014 for individuals
with an annual income ranging from N$300,001 to N$500,000 amounted to a lump sum of N$59,000 in
addition to 28% for each Namibian dollar above N$300,001. The table below summarises the different
income brackets together with the associated tax amount payable:
Table 3: Namibia personal income tax rates for the 2014/15 tax year

Annual taxable income (N$) Individual tax rate

0 – 50,000 Exempt from personal income tax

50,001 – 100,000 18% for each dollar above 50,001

100,001 – 300,000 9,000 plus 25% for each dollar above 100,001

300,001 – 500,000 59,000 plus 28% for each dollar above 300,001

500,001 – 800,000 115,000 plus 30% for each dollar above 500,001

800,001 – 1,500,000 205,000 plus 32% for each dollar above 800,000

Higher than 1,500,000 429,000 plus 37% for each dollar above 1,500,001

Source: KPMG Tax Card 2013/14; Namibia Budget Statement 2014/15

In addition, individuals are exempt from tax on interest income, on condition that such interest was
accrued from deposits at the Nampost Savings Bank or from stock or securities issued by the Government
of Namibia or any regional council or local authority. Interest income derived from alternative means or
from other sources, such as private sector banks or unit trusts, is taxable at a rate of 10%. Furthermore,
contributions to approved pension/provident funds, retirement annuity funds and certain policies for
educational purposes are deductible for tax purposes to a maximum amount of N$40,000 per annum in total.
In contrast, contributions to medical aid funds and actual medical expenses are not deductible for personal
income tax purposes.

“Taxation in Namibia”, Library & Information services, accessed 14 April 2014

Corporate income tax

Table 4: Namibia corporate tax rates for the 2014/15 tax year

Company category Corporate tax rate

33% (for years of assessment commencing on or

after 1 January 2013); A reduction to 32% has been
Corporate tax rate
announced but not yet promulgated at the time of
publishing this document.

Mining companies (other than diamond and

37.5%
petroleum mining companies)

Diamond mining companies 55%

35% (plus Additional Profits Tax determined according

Petroleum companies
to a formula)

Source: KPMG Tax Card 2013/14; Namibia Budget Statement 2014/15

The Namibian corporate tax rate for the 2013/2014 financial year amounts to 33%; a decrease to 32% was
announced for the 2014/15 financial year of pre-tax operating profit but this is still to be promulgated. This
rate increases to 37.5% for mining companies (other than diamond and petroleum mining companies),
whereas diamond mines specifically are taxed at 55%. Two years earlier, the Namibian authorities
envisaged hiking the tax rate applicable to mining companies to 44%, but decided against such a move
following widespread criticism from industry participants.
Also, despite calls from the diamond mining sector for lower taxes – especially from Namdeb, an equal share
joint venture between the Namibian government and the De Beers Group – the 55% tax rate remained in
place when Namibian finance minister, Saara Kuugongelwa-Amadhila, unveiled the 2014/15 fiscal budget to
the National Assembly on 19 February 2014.

Table 5: Namibia mining royalties for the 2014/15 tax year

Company category Royalty rate

Precious metals/ Base and rare metals 3%

Semi-precious stones/Industrial metals/Non-

2%
Nuclear fuel minerals

Nuclear fuel minerals 3%

Oil and Gas 5%

Source: KPMG Tax Card 2013/14; Namibia Budget Statement 2014/15

Besides the 55% tax on operating profit, diamond mining companies are also liable to pay a 10% royalty on
turnover. Royalties levied on other mining companies, as per the Minerals (Prospecting and Mining) Act of
1981, range from 2% - 5% of the market value of the minerals extracted by the license holders in the course
of carrying out the mining activity.

Value-added tax (VAT)

VAT is levied on the taxable value of goods sold or imported. In Namibia, the VAT is levied at a rate of 15%.
VAT does not apply to the direct exports of goods and services. Besides the previously mentioned, various
other goods are exempt from VAT. Business generating a turnover in excess of N$200,000 for the past
or future 12 month period should register for VAT. (The Minister of Finance announced an increase in this
threshold to N$500 000, but this change has not yet been promulgated at the date of this publication).

Power Supply27
According to the Electricity Act of 2007, the Namibia Power Corporation (NamPower, the national power
utility) is mandated to generate, transmit, supply and trade electricity, while also exporting, importing
and to a limited extent distributing it. In terms of the 1998 White Paper on Energy Policy, NamPower
is to work towards the supply of 100% of peak demand for electricity (and 75% of total demand) from
Namibian sources of power generation. However, the company’s 2013 annual report states that only 39%
of total electricity supply was locally generated during the July 2012 – June 2013 period. The remainder
was sourced via imports from South Africa (27%), Zimbabwe (11%), Zambia (22%) and Mozambique
(1%). Locally generated power stemmed predominantly from the Ruacana hydropower plant (332 MW) on
the Kunene River, which accounted for roughly 96% of the total local power supply during the July 2012 –
June 2013 period. The coal-fired Van Eck installation (120 MW) outside of the capital Windhoek as well as
NamPower’s thermal station at Walvis Bay (24 MW), which uses expensive fossil fuels, were also used to
generate electricity for local consumption.

Namibia has recently become increasingly dependent on imports to ensure it meets the steadily rising
local demand for electricity. During the July 2011 – June 2012 period, Namibia was able to generate
47% of total annual power supply locally, however, this figure dropped to 39% the following year as
already noted above. The growing reliance on imported electricity exposes the country to increased risk.
NamPower Managing Director, Paulinus Shilamba, told a media briefing during May 2013 that he does not
have clarity from South Africa’s Eskom on how the latter will manage electricity exports if load shedding
is required in Africa’s second largest economy. Subsequent to this, NamPower signed an extension to the
Supplemental Agreement with Eskom, effective until March 2015, in which the latter retains the right to
terminate should NamPower exceed the allowable import energy value or if load shedding is required in
South Africa, in which case Eskom will curtail electricity exports to Namibia.

Namibia’s electricity supply issues were exaggerated by the drought during 2013. The drought resulted
in a drop in the water level of the Kunene, the river responsible for driving the nation’s hydropower
plant. The power shortage issues within the region have forced Namibia to seek assistance from its
neighbour, Zambia, to enable it to meet its increasing electricity demand. NamPower’s Paulinus Shilamba
revealed late in December 2013 that Namibia was seeking nearly 100 MW of additional power from
Zambia. NamPower was also in the process of negotiating a 100 MW power purchase agreement with
Mozambique as well as a 50 MW purchase agreement with Zimbabwe. The shortage of local power
generation capacity has also added pressure on the cost of electricity. Earlier in 2013, the ECB approved
a 12% increase in electricity prices with effect from 1 July 2013. NamPower commented that the hefty

“2013 Annual Report”, 2013, Namibia Power Corporation

increase was attributed to it pursuing various costly generation and transmission strategies in order to
keep the lights on in Namibia. This included extensive capital investment, with the upward adjustment
in electricity prices supporting actual costs incurred. More recently, the outgoing Chief Executive Officer
(CEO) of the ECB noted that electricity prices were likely to continue rising to help fund efforts to bolster
the desert economy’s local power generation efforts. On May 13, the ECB approved a 13.2% increase in
electricity tariffs, effective from the start of July.

Namibia is planning to move from an electricity-deficit country at present to a power exporter by 2018. The
country’s Energy Sector Plan is looking towards the construction of a 600 MW hydropower installation,
several potential wind farm projects generating 114 MW, three solar stations, a diesel-powered facility,
and an 800 MW gas-to-power plant. The most ambitious of these, the Kudu Gas power project, is to be
a Combined Cycle Gas Turbine (CCGT) power station. The power station will be supplied by the equally
ambitious development of the off-shore Kudu Gas fields; to be carried out by the National Petroleum
Corporation of Namibia (Namcor). Speaking at the annual Diamond Festival in Oranjemund early in
December 2013, Mr Shilamba reiterated that the Kudu Gas project was the most prominent and top
priority amongst the country’s capital projects. Mr Shilamba also noted that negotiations with the South
African Department of Energy, as the procurer, and Eskom, as the buyer, were progressing as planned.
Negotiations with the Copperbelt Energy Corporation (CEC) of Zambia for a Joint Development Agreement
have been concluded. Mr Shilamba expected a final investment decision by the middle of 2014 and
commercial operation to commence by early 2018.

To alleviate energy constraints in the interim, Namibia has launched the Short-Term Critical Supply (STCS)
programme. The programme, expected to cost in the region of N$350m, will include the free installation
of one million LED bulbs throughout the country, the replacement of 20,000 electrical water heaters with
solar water heaters through a rebate initiative, as well as negotiations with large customers for access
to their standby diesel generators to support electricity demand. The programme is expected to save a
combined 110 MW over a period of five years.

Infrastructure Development28,29
When the country gained independence from South Africa in 1990, it inherited well-functioning physical
infrastructure for the most part. The AfDB ranked Namibia 11th out of the 53 African countries considered
when compiling its most recent African Infrastructure Development Index (AIDI), published in May 2013.
The index is based on four infrastructure related categories, namely: transport; electricity; information
and communication technology; and water and sanitation. When considering the sub-indices individually,
Namibia achieved its worst ranking in relation to the information and communication technology category
(15th), followed by the water and sanitation (13th), electricity (12th) and transport (8th) categories.

As already alluded to previously in this factsheet, Namibia is currently in the planning and/or development
phase of various large-scale infrastructural projects. The most prominent of these is certainly the Kudu
Gas power project. Besides this, the expansion planned for the Walvis Bay port represents yet another
enormous undertaking. The Walvis Bay port is set for an N$3bn expansion in addition to a N$30bn port
development to the north of the town. The aim of the latter is to provide more shipping services to other
countries in the region. Namibia Ports Authority (NPA) CEO, Bisey Uirab, argues that the new facility – both
referred to as North Port and the Southern African Development Community (SADC) Gateway Port – is
needed to allow Namibia to support the fast-growing volumes of goods flows via the Trans-Caprivi corridor
from Zambia, the Democratic Republic of the Congo (DRC), Botswana, and Gauteng.

28
“Namibia Country Strategy Paper: 2014 – 2018”, 2013, African Development Bank
29
“The Africa Infrastructure Development Index”, 2013, African Development Bank

Only 20% of Walvis Bay traffic is currently destined to be used in Namibia. The new port will include a
tanker berth (the first phase of the project that could commence as early as 2015), a fuel storage facility, a
shipyard, container and dry bulk terminals, and connections with railway lines and roads (The Mmamabula
coal fields in Botswana are seen as a key railway destination). The 1,300 hectares facility is expected to
handle 100 million tonnes of cargo when completed. Mr Uirab argued that Namibia offers a stable political
environment and excellent road infrastructure to facilitate trade with Europe and North America and that
the current port is very efficient. Botswana, Zambia and Zimbabwe already have dry port facilities at
Walvis Bay.

As part of the Walvis Bay port expansion project, Namcor will start building a N$2.4bn fuel storage and
offloading dock as it envisages a return to the retail market. The 80 million litre storage facility, to be linked
by pipeline to the dock, will allow Namcor to sell and distribute petroleum products in Namibia. According
to the Managing Director, Obeth Kandjoze, Namcor will seek to refresh a government mandate, which
was revoked in 2010, to import and distribute half of Namibia’s petroleum requirements by 2015.

Reuters reported on 24 March 2014 that Namibia and Botswana signed a bilateral agreement for the
development of the Trans-Kalahari railway (TKR) line. The 1,500 km TKR line will primarily be used to
transport coal from Botswana to the port at Walvis Bay for export to key markets in China and India.

Labour relations and employment

situation30,31
Namibia introduced the Labour Act of 1992 shortly after gaining independence to replace the previous
colonial labour relations system. The new law encouraged collective bargaining, entrenched the basic rights
of workers and trade unions, provided a procedural framework for strike action to take place and aimed to
protect workers against unfair labour practices. Although the law was interpreted as an improvement from
its predecessor, it still did not meet the expectations of trade unions, which believed employers influenced
the drafting thereof through behind-the-scenes lobbying. Trade unions criticized the 1992 version of the
labour law for not making provision for minimum wages, not ensuring paid maternity leave and not allowing
for at least 21 days of annual leave for all workers, amongst other condemnations.
The revised Labour Act of 2004 was passed by the Namibian Parliament, but was never fully implemented.
The debate raged on between the different public and private sector constituents until the new Labour
Law of 2007 was passed and subsequently implemented. A significant addition to the law pertained to the
introduction of a new dispute resolution mechanism characterised by a system of mediation and arbitration
involving an impartial third party. However, trade unions still expressed certain grievances with the new
law, specifically in relation to the concern that the administrative requirements for a legal strike might be
too time-consuming. On the other hand, trade unions welcomed changes pertaining to improved basic
conditions of employment – increased annual leave, better provisions for maternity and compassionate
leave – as well as the inclusion of Article 128 which prohibited labour hire companies.
Besides improvements in relation to the country’s labour legislation, Namibia still grapples with high levels
of unemployment. On 27 March 2014, the NSA released its annual Labour Force Survey (LFS) for 2013.
The latest release represents the first time the country has published the survey for two consecutive years
running. Positively, the findings from the LFS suggest that the desert economy’s labour force increased by
13% to 980,781 in 2013. In addition, the labour force participation rate increased from 66% during 2012 to
70.9% in 2013. However, although the total size of the employed population increased, the proportionately
larger increase in the labour force meant that the unemployment rate increased from 27.4% during 2012 to
29.6% in 2013.

“Namibia’s Changing Labour relations”, 2010, Herbert Jauch, New Era

“2013 Labour Force Survey”, 2014, Namibia Statistics Agency

The fact that unemployment increased last year is not that surprising, considering the slowdown in
economic growth, from 6.7% during 2012 to 4.4% in 2013. A significant contributing factor to the
slowdown in real GDP growth last year was the effect of the prolonged drought on the agricultural
industry, which accounts for the vast majority of employment. Seeing as it will take time for the
agricultural industry to recover completely, unemployment might remain elevated over the short term.

Inbound and outbound investment

The government’s official stance under the Foreign Investment Act of 1990 is in favour of foreign
investment, with the exception of a less accommodating attitude towards agricultural land. The Namibia
Investment Centre (NIC) is the state’s official investment agency and was created by the Act of 1990, and
has ‘commercial councillors’ in Germany, Mauritius, India, France, South Africa, Brazil and the US, amongst
other countries. The Ministry of Trade and Industry (within which the NIC operates) has administered the
country’s Export Processing Zones (EPZs) since they were established in 1995. The EPZ regime is intended
to: 1) facilitate imports of productive technology, skills and capital; 2) support the manufacturing sector in
growing its contribution to job creation and economic activity; as well as 3) support diversification of the
economy. Enterprises qualifying for EPZ status are exempted from corporate income tax and duties like
VAT, with personal and employees’ income tax the only payable dues. (These incentives are not time-
bound.) Note that EPZ status is not limited to a certain geographic area, and companies qualifying for
this classification can establish their operations in a geographic location of their choice. Agglomeration of
such entities are also allowed, with the Walvis Bay EPZ including companies involved in automotive parts
manufacturing and assembly, manufacturing of fishing equipment, as well as granite processing.
The Namibia Competition Act of 2003 “seeks to enhance the promotion and safeguarding of competition
in the Namibian economy”, through the Namibia Competition Commission (NaCC). This piece of legislation
has jurisdiction over all areas of the economy, except collective bargaining activities or agreements
negotiated and/or concluded in terms of the Labour Act of 1992, “concerted conduct designed to achieve
a non-commercial socio-economic objective or goods”, or services specifically declared by the state as
being exempt from the act. This implies that competition authorities have jurisdiction over foreign direct
investment (FDI) via merger and acquisition (M&A) control. The NaCC will actively review any M&A
proposals “and approving only those which are not likely to be detrimental to competition in the specific
markets”. In this regard, the NaCC was involved in the takeover of South African retailer Massmart by the
Arkansas-based Wal-Mart during 2011, due to the former having three stores in Namibia. The commission
approved the merger contingent on three conditions: no job losses over the next two years; existing labour
agreements will be honoured; and cooperation with the government on domestic supplier development. In
a different case, the NaCC also imposed strict conditions in the merger of Telecom Namibia and Powercom
(which operates as the mobile operator Leo).

Investor-friendly features:

• Political stability;
• Positive business environment in a regional and African context;
• Low levels of crime and corruption;
• On-going reforms to state-owned enterprises;
• Located near the large economies of South Africa, Angola and landlocked Botswana;
• Continued expansion of the financial sector and financial markets;
• History of strong economic growth;
• Positive medium- to long-term outlook for the mining sector; and
• A literate and bilingual labour force.

Investment disincentives:

• Small domestic market;

• Harsh climate and vulnerability to climate change;
• Long distances between towns and cities;
• High HIV/AIDS prevalence rate affecting labour productivity;
• Shortage of skilled labour alongside high unemployment rate;
• Challenges to supply of public utilities; and
• Land reform programmes weighing on commercial agriculture potential.

Although Namibia performs well in relation to attracting FDI, especially when compared to some of its
African peers, the mining sector continues to account for the vast majority of FDI inflows. During September
2013, Minister of Trade and Industry Calle Schlettwein said that, while Namibia’s investment climate
was considered reasonable, it still needed to improve. The minister also specifically referred to attracting
investment to a more diverse range of sectors, especially towards the development of the manufacturing
and agro-processing sectors. Attracting foreign investment to these sectors was part of the Namibian
government’s broader “Growth-at-Home” industrial development strategy, aimed at ensuring more value is
added to products within the Namibian borders, and as such creating additional employment opportunities.
To this end, Namibian Prime Minister, Hage Geingob, recently led a delegation consisting of representatives
from the agro-processing, health, manufacturing, automotive, textile, chemicals, fisheries and logistics
industries to China for talks to promote bilateral trade between the two countries. The prime minister stated:
“I think we are going to have very interesting discussions, dealing with the economy, our future cooperation
in the economy and for China to help us develop this country.”

Figure 1: Trend for inward and outward foreign direct investment in Namibia, 2000–12

Inward and outward foreign direct investment in Namibia, 2000-12

Source: World Investment Report, 2013, United Nations Conference on Trade and Development

However, the small size of the Namibian domestic economy will continue to impede development in the
manufacturing and related sectors, seeing as it is simply more cost-effective to import goods from South
Africa, while the agricultural sector was recently plagued by a severe drought, and as such won’t be seen
as a particularly promising prospect from an investment point of view, at least over the short term. We
believe the mining industry will continue to be the main FDI draw card in the medium term. The recovery
of the global economy, albeit at a slow rate, and the associated impact thereof on demand for Namibian
mineral exports bodes well for future FDI inflows into the mining sector. According to the United Nations
Conference on Trade and Development (UNCTAD), net FDI amounted to roughly $0.35bn in 2012. The
IMF, in its 2013 Article IV Consultation report, estimates that net FDI was slightly higher and equalled
approximately $0.39bn in 2012. Even though no official figures have been released, the Fund expects net
FDI accelerated to $1.02bn during 2013, and forecasts this figure will increase further to $1.15bn in 2014

Key commodities – Production and

reserves32,33
Namibia is the fourth-largest exporter of non-fuel minerals in Africa, with this category contributing around
half of all exports over the past decade. Namibia’s mining industry produces diamonds, uranium, copper,
magnesium, zinc, silver, gold, lead, semi-precious stones and industrial minerals.
Diamond Production
Diamond excavation is located in and around the Orange River, which poses some limitations on the sector’s
development. In a tussle that has continued for decades, the governments of Namibia and South Africa remain
divided over the exact geographic border between them – whether on the northern bank of the river or along the
middle of the water channel.
Namibia is amongst the world’s top 10 diamond producers, with the Diamond Act of 1999 regulating the handling,
transportation and refining of diamonds. The central bank estimated that diamond mining production increased by
5.7% to 1.7 million carats in 2013, driven by increased activities in onshore and offshore mining that resulted from
the re-opening of an old mine and the acquisition of an offshore mining vessel. Furthermore, the BoN highlighted
that favourable labour relations and the absence of any significant technical difficulties contributed to the increase in
diamond output during 2013.
Diamond prices rose steadily after the drop in demand in the wake of the global financial crisis, before falling sharply
again in mid-2011 due to a lack of demand in Europe, corresponding with economic woes there at the time. The
most influential drivers in the diamond markets have historically been the US and Europe, with India and China
becoming increasingly important. While economic growth in Europe has remained lacklustre at best, it is forecast
to revive in the medium term, with demand for diamonds to increase alongside. De Beers projects global diamond
demand to expand by between 4% and 4.5% in 2014, with the US market showing strong growth.
Figure 2: Diamond production in Namibia, 2007–13E

Diamond production in Namibia, 2007–13E

Sources: USGS, Bank of Namibia

“Namibia Minerals Yearbook: 2011”, 2012, USGS.

“2013 Annual Report”, 2014, Bank of Namibia.

Uranium Production
The mid-western regions of Namibia have a large number of uranium deposits and prospects, with many of these
first discovered in the 1960s – and have been made economically viable to mine on the back of higher uranium
prices. In the recent past, the country’s uranium output has been largely sold to power utilities in Central Europe,
North America and South-East Asia. The World Nuclear Association believes Namibia’s mines are capable of
providing at least 10% of global supply from its proven 5% of global recoverable resources, and believes that
authorities remain committed to expanding the sector.

Uranium mining is one of the most important sectors in Namibia from a foreign investment and export revenue
perspective. However, the capital intensive industry creates few jobs and offers little direct benefit to the country
other than financial inflows. The global economic slowdown of 2008-09 pressured uranium prices to a point
where investment in new or expanding activities became unprofitable. In addition, Japan’s tsunami and nuclear
crisis during March 2011 soured global sentiment towards nuclear power plants, with several European countries
halting further expansion and announcing a gradual shutdown of these operations over the coming decades. This
pushed the uranium price to below $40/lb. According to the BoN, the average uranium price declined from $49/lb in
2012 to $38.9/lb last year. Namibia’s uranium production declined by 2.4% to 5,382 tonnes in 2013, mainly due to
operational challenges and limited water supply at the mines due to a drought at the time.
.
Figure 3: Uranium production in Namibia, 2007–13E

Uranium production in Namibia, 2007–13E

Sources: USGS, Bank of Namibia

Gold Production
According to the USGS, the Navachab mine was the only industrial gold operation in Namibia in 2011. The
mine is located near the town of Karibib, roughly 170 km northwest of the capital city of Windhoek and
was owned and operated by AngloGold Namibia, a wholly owned subsidiary of Anglogold Ashanti. The
USGS estimates that production at the Navachab mine decreased to 2,053 kg in 2011, down from 2,683
kg produced in 2010.

On February 10, Anglogold Ashanti announced that it had signed an agreement to sell its entire interest in
its Namibian subsidiary to the QKR Corporation from the United Kingdom. According to Anglogold Ashanti,
the agreement provided “for an upfront consideration based on an enterprise value of $110m which would
be adjusted to take into account the company’s net debt and working capital position on the closing date of
the transaction.” However, the agreement was subject to a number of conditions, including approval from
third party regulatory institutions. Whether the transaction was actually completed remains uncertain. On 30
May 2014, allAfrica reported that traditional leaders from the area met with the MME to reiterate their call
that the Navachab mine does not fall entirely into foreign hands. The media report also noted that a bid was
received from the South African firm, Giyani Gold Corporation.
Figure 4: Gold production in Namibia, 2007–13E

Gold production in Namibia, 2007–13E

Sources: USGS, Bank of Namibia

In other developments, the Canadian domiciled B2Gold Corporation is set to start producing gold from the Otjikoto
mine by the end of 2014. According to the BoN, gold output declined to 1,918 kg in 2013, down from 2,289 kg
produced during the previous year. The decline in output was partly attributed to the mining of lower grade ores.

Zinc Production

China-Africa Resources was founded in 2011 through a joint venture between Weatherly International and the East
China Minerals Exploration and Development Bureau (ECE), with the purpose of carrying out a feasibility study to
evaluate the possibility of restarting the long-closed Berg Aukas zinc mine. The feasibility study was supposed to be
completed by the end of 2013; however, statements regarding the findings have not been forthcoming, but might
be explored during the company’s Annual General Meeting (AGM) for 2014. Furthermore, according to the USGS,
Glencore entered into an agreement with Exxaro Base Metals to acquire the latter’s 50.04% ownership share in the
Rosh Pinah underground zinc mine during 2011. At the time, the remaining lifespan of the mine was estimated in
the region of eight years. The BoN notes that the mine experienced various operational challenges during 2011 and
2012, but that these issues were resolved with the change in ownership structure. The central bank estimates that
zinc production increased to 113,818 tonnes in 2013, up 20.7% compared to the level produced in 2012. However,
on 3 June 2014, Reuters reported that Glencore planned to cut 124 jobs at the Rosh Pinah mine in an attempt to
bring down costs.

Figure 5: Zinc production in Namibia, 2007–13E

Zinc production in Namibia, 2007–13E

Sources: USGS, Bank of Namibia

Copper Production

Namibia was ranked 35th on a global list of copper ore producers by tonnage of output during 2008;
however, copper output has declined significantly since then. Nonetheless, the country is still important
from a refined copper perspective as local and foreign ore (imported from Zambia, South Africa, Zimbabwe,
Chile, Peru and Bulgaria) are processed at the Tsumeb smelter. Canadian-based Dundee Precious Metals
took over the smelting installation in July 2010, and stated at the time that it is committed to its operation
for at least 20 years. The installation has a smelting capacity of 185,000 tonnes of high arsenic copper
concentrate per annum, which Dundee is planning to expand to 240,000 tonnes p.a. in the near future.

Mining prospects in Namibia

Diamonds
The BoN noted in 2011 that onshore diamond mining is likely to end by 2014, as resources become
depleted. However, seeing as Namibia has the richest marine diamond deposits in the world – 97% of
waterborne output being of gem quality – an expansion in offshore diamond mining represents a significant
opportunity going forward. Namibian diamonds were originally transported via the Orange River into the
Atlantic Ocean and distributed northwards by long-shore currents. As onshore diamond reserves are
depleted, production will predominantly stem from offshore operations.
According to the MME, besides several small scale Black Economic Empowerment (BEE) companies, there
are currently three main players mining diamonds off the coast of Namibia. These include De Beers Marine,
Sakawe Mining and Diamond Fields International. During May 2014, De Beers noted that an anticipated
breakthrough in offshore diamond technology will enable the company to tap into an estimated 80 million
carats of marine diamonds believed to be deposited in the shallow waters of the Atlantic sea bed. De Beers
country manager, Daniel Kali, noted: “Mining in the mid-waters is premised on making a breakthrough in
technology to exploit those deposits. Some interesting work has been done but we haven’t reached a level
where the researchers can say they are satisfied.”

Uranium
Namibia’s annual uranium output should increase over the medium term as operations at the new Husab
uranium mine is gradually ramped up. On 9 May 2014, The Namibian reported that mining operations had
commenced at the Husab uranium mine. Construction of the mine was ahead of schedule and expected to
be completed by the end of 2015. Nonetheless, the mine is still expected to reach capacity output only by
2017. Yet, production will increase gradually until then. However, at the time of this publication, there were
still no signs of a recovery in the price of uranium. Although Japan recently approved and adopted a new
energy strategy allowing for the use of nuclear power, the number and timing of Japanese reactor re-starts
remain uncertain. Regardless, with global uranium stockpiles being relatively high, the price of yellow cake
might remain low for longer than originally anticipated.

Major mining companies in

Namibia34
Namibia’s mining industry is highly concentrated by commodity type, as a small number of large mining
firms account for the vast majority of output. According to the USGS, AngloGold Ashanti is the main
company involved in gold mining in Namibia, although this is set to change as the company decided to sell
its stake in the Navachab mine. The diamond mining industry is dominated by Namdeb – a joint venture
between the government and the De Beers conglomerate – which produces upwards of 95% of the local
diamond output. The company is also the largest taxpayer and second-largest employer in the country.
Other companies playing a smaller role in the industry include Sakawe Mining Corporation and Diaz
Exploration.
The uranium mining industry is dominated by two mines: the Rössing mine (majority owned by the Rio Tinto
Group) has been operational since 1976 and is the world’s third largest uranium mine by output, while the
Langer Heinrich operation (fully owned by Paladin Energy Ltd) commenced output in 2006. In May 2013
ground was broken on a third mine, the $2.5bn Husab project is the world’s third-largest uranium-only
deposit and has the potential to produce around 6,820 tonnes per year, more than Namibia’s entire current
uranium output. The Husab mine should take roughly three years to complete, and is expected to be at full
capacity by 2017.

Key domestic players

• Diaz Exploration (Pty) Ltd

• Epangelo Mining Company (Pty) Ltd
• Namdeb Diamond Corporation (Pty) Ltd – [Government 50%; De Beers 50%]
• Namibia Mineral Development Company

The USGS Minerals Yearbook for Namibia was used to identify the mining companies operating in Namibia. Where applicable, the information
34

was updated by information attained via news reports. The domestic companies list includes companies whose country of ultimate parent and
geographic location is Namibia. The foreign companies list includes companies whose geographic location is Namibia but the country of ultimate
parent was not from Namibia.

Foreign companies with operations in Namibia

• AngloGold Namibia (Pty) Ltd – [AngloGold Ashanti]

• B2Gold Corporation
• De Beers Marine Namibia – [Namdeb 30%; De Beers 70%]
• Diamond Fields International
• East China Minerals Exploration and Development Bureau
• Joint venture of Diamond Fields (Pty) Ltd – [Diamond Fields International Ltd 100%]
• Langer Heinrich Uranium (Pty) Ltd – [Paladin Energy Ltd 100%]
• Namibia Custom Smelters (Pty) Ltd – [Dundee Precious Metals Inc 100%]
• Ohorongo Cement (Pty) Ltd – [Majority ownership: Schwenk Zement KG]
• Okorusu Fluorspar (Pty) Ltd – [Solvay S.A.]
• Rosh Pinah Zinc Corporation (Pty) Ltd – [Glencore 80.08%]
• Rössing Uranium Ltd – [Rio Tinto Group 69%; Government of Iran 15%; IDC SA 10%; Government
3%; other 3%]
• Sakawe Mining Corporation – [Leviev Group of Companies]
• Skorpion Mining Company (Pty) Ltd – [Vedanta Zinc International 100%]
• Swakop Uranium (Pty) Ltd – [China General Nuclear Power Company (CGNPC)]
• Weatherly Mining Namibia Ltd – [Weatherly International Plc 100%]

Mining asset life cycle

Asset Expansion Exploration Evaluation Development Production Closure
life cycle 1–2 years1 2–10 years1 3–6 years1 1–3 years1 10–50 years1 1–10 years1

Commercial
exploitation
Level of activity

begins
Removal of overburden Commercial
and waste, and plant exploitation ends
commissioning

Expansion of
mine and plant
Evaluate country Permit and license
risks and market applications
opportunities
Preliminary
Prospecting economic
rights assessment (PEA) Construction of
Closure of
application infrastructure
Competent mine and plant
and plant
Search for person's report
Design and commercially
implement exploitable Ongoing
market resources rehabilitation
strategy
Bankable feasibility
study (BFS)

Pre-feasibility study

Source: KPMG International 2012 Time

Note: (1) Estimated duration of stage in the mining asset life cycle

KPMG’s mining strategy service offerings

Asset Expansion Exploration Evaluation Development Production Closure
life cycle 1–2 years1 2–10 years1 3–6 years1 1–3 years1 10–50 years1 1–10 years1

Your asset life cycle — How KPMG can help

Strategy Growth Performance Compliance Sustainability

Strategic and Operational Risk and Business

Transactions Projects
scenario planning excellence compliance resilience

Portfolio Project Operating model Community

Market entry Statutory audit
management development development investment

Cost and Enterprise risk Energy, water

Scenario planning Financing and M&A Feasibilities tax optimization management and carbon

Strategy Supply chain Material

Tax structuring Financing Internal assurance
development transformation stewardship

People and Business Forensic

Due diligence Tax structuring Mine rehabilitation
change intelligence investigations

Tax strategy Business Reporting and

Integration Project execution Tax compliance
and policy transformation tax transparency

Source: KPMG International 2012

Note: (1) Estimated duration of stage in the mining asset life cycle

KPMG’s Global Mining practice

KPMG member firms’ mining clients operate in many countries and have a diverse range of needs. In each
of these countries, we have local practices that understand the mining industry’s challenges, regulatory
requirements and preferred practices.
It is this local knowledge, supported and co-ordinated through KPMG’s regional mining centers, that helps
ensure our mining clients consistently receive high-quality services and advice tailored to their specific
challenges, conditions, regulations and markets. We offer global connectivity through our 14 dedicated
mining centers in key locations around the world, working together as one global network. They are a direct
response to the rapidly evolving mining sector and the resultant challenges that industry players face.
Located in or near areas that traditionally have high levels of mining activity, we have centers in Melbourne,
Brisbane, Perth, Rio de Janeiro, Santiago, Singapore,Toronto, Vancouver, Beijing, Moscow, Johannesburg,
London, Denver and Mumbai. These centers support mining companies around the world, helping them to
anticipate and meet their business challenges.

For more information, visit [Link]/mining

Moscow
Vancouver London

Toronto

Denver
Beijing

Mumbai

Singapore
KPMG Global Mining Center

Country where Global Mining

center is located Rio de Janeiro
Perth Brisbane
Santiago Johannesburg
As of July 2013
Melbourne

KPMG’s footprint in Africa

Tunisia

Morocco

Algeria
Libya
Egypt

Western
Sahara

Mauritania
Mali
Cape Verde Niger
Chad Eritrea
Sudan
Senegal
The Gambia
Burkina
Guinea- Faso Djibouti
Bissau Guinea Benin
Nigeria
Côte
Sierra Leone South
d’Ivoire Central Ethiopia
Togo Sudan
Ghana African
Liberia Republic
Cameroon

Somalia
Sao Tome Uganda
& Principe Equatorial Congo
Guinea Gabon Kenya
Rwanda
Democratic
Republic of Burundi
Congo Seychelles

Tanzania

Comores

Malawi
Angola
Mozambique
Zambia

Zimbabwe Mauritius
Namibia
Reunion
Madagascar
Botswana

Swaziland

South Lesotho
Licensed KPMG offices Africa

Serviced via regional KPMG offices

As of July 2013

KPMG in Namibia country contacts

Robert Grant
National Sector Leader
M: +264 61 387 502
E: robertgrant@[Link]
Robert Grant
Audit Sector Leader
M: +264 61 387 502
E: robertgrant@[Link]
Robert Araeb
Advisory Sector Leader
M: +264 61 387 551
E: robertaraeb@[Link]
Robert Grant
Tax Sector Leader
M: +264 61 387 502
E: robertgrant@[Link]
Astrid Jacobi
Marketing contact
M: +264 61 387 531
E: ajacobi@[Link]

[Link]

[Link]/mining
[Link]
[Link]/socialmedia

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide
accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one
should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International.
KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does
KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. MC12186.

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