The mining and quarrying sector saw a 1.2 percent decline in real value added in 2024, compared to a 19.3 percent increase in 2023.

As reflected in the 2024 National Accounts publication, this slowdown was mainly due to a 3,7 percent drop in diamond mining, driven by weakened global demand.

The Ministry of Mines and Energy has vowed to continue conducting due diligence on the applications for new exclusive prospecting licenses (EPLs) and the mining work programme.

The Namibian government will continue to lobby the private sector for investment in the mining sector.

The Minister of Mines and Energy, Tom Alweendo, says this is because of the risk factors involved and the capital required.