Mining output drops during April 2022
Outlook looks bright
The mining composite index recorded a reduction of 10.7% in April 2022, compared to a growth of 22.3% registered in March 2022.
The month of April 2022 was relatively slow in terms of mining activities as the output of diamonds, gold, uranium and zinc declined.
Despite the setback, local analysts expect mining to be one of main drivers of economic growth this year.
According to Namibia Statistics Agency (NSA), the mining composite index recorded a reduction of 10.7% in April 2022. This is worse-off when compared to a growth of 22.3% registered in March 2022.
For the period under review, 435 tons of uranium were produced, compared to 654 tons and 382 tons produced in March 2022 and April of 2021, respectively.
In addition, the volume of diamonds produced amounted to 168 632 carats compared to 173 608 carats and 103 780 carats reported in March 2022 and April 2021, respectively.
Moreover, during the month of April 2022, Namibia produced 6 115 tons of Zinc concentrate and contained compared to the production of 6 861 tons and 5 857 tons recorded for March 2022 and for the corresponding month of 2021, respectively.
The production of gold bullion stood at 433 tons in April 2022, compared to 508 tons and 393 tons recorded in March 2022 and for the corresponding month of 2021, respectively, NSA said.
According to PSG’s economic outlook, economic growth will accelerate to 3.5% in 2022 on the back of increased mining output and improved tourist arrivals.
The industrial sector is set to benefit from planned expansions of existing diamond and copper operations, the possible resuscitation of mothballed zinc and uranium mines, the development of new ‘battery mineral’ mines; and increased oil and gas exploration, PSGpointed out.
“The early arrival of the Benguela Gem diamond mining vessel in Namibian waters in March as well as elevated precious stones prices amid sanctions on the Russian diamond giant Alrosa bode well for exports this year. Likewise, concerns over a possible Russian uranium embargo have boosted uranium prices and could encourage higher yellowcake production,” PSG said.
– [email protected]
Despite the setback, local analysts expect mining to be one of main drivers of economic growth this year.
According to Namibia Statistics Agency (NSA), the mining composite index recorded a reduction of 10.7% in April 2022. This is worse-off when compared to a growth of 22.3% registered in March 2022.
For the period under review, 435 tons of uranium were produced, compared to 654 tons and 382 tons produced in March 2022 and April of 2021, respectively.
In addition, the volume of diamonds produced amounted to 168 632 carats compared to 173 608 carats and 103 780 carats reported in March 2022 and April 2021, respectively.
Moreover, during the month of April 2022, Namibia produced 6 115 tons of Zinc concentrate and contained compared to the production of 6 861 tons and 5 857 tons recorded for March 2022 and for the corresponding month of 2021, respectively.
The production of gold bullion stood at 433 tons in April 2022, compared to 508 tons and 393 tons recorded in March 2022 and for the corresponding month of 2021, respectively, NSA said.
According to PSG’s economic outlook, economic growth will accelerate to 3.5% in 2022 on the back of increased mining output and improved tourist arrivals.
The industrial sector is set to benefit from planned expansions of existing diamond and copper operations, the possible resuscitation of mothballed zinc and uranium mines, the development of new ‘battery mineral’ mines; and increased oil and gas exploration, PSGpointed out.
“The early arrival of the Benguela Gem diamond mining vessel in Namibian waters in March as well as elevated precious stones prices amid sanctions on the Russian diamond giant Alrosa bode well for exports this year. Likewise, concerns over a possible Russian uranium embargo have boosted uranium prices and could encourage higher yellowcake production,” PSG said.
– [email protected]
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