Mining companies’ turnover increased to N$52b up from N$38b

By Confidente Reporter

The Namibia Chamber of Mines president, Zebra Kasete, said the total turnover of the Chamber’s members reached N$51.572 billion in 2023, representing a 35.9% increase compared to the N$37.976 billion in 2022.

Addressing the chamber’s annual general meeting in Windhoek on Wednesday, Kasete noted that the sector’s contributions to GDP increased to 14.4% in 2023 from 9% in 2021 to 11.9 % in 2022. The 2023 fixed investment by Chamber members increased by 18.3% in nominal terms.

Moreover, Kasete said, the sector achieved an impressive improvement in overall profitability. In 2023, it recorded a collective profit of N$2.731 billion, a stark contrast to the N$391 million loss reported in 2022. 

“Notably, the collective profit was driven by the exceptional performance of B2Gold’s Otjikoto mine, attributed to higher gold prices, increased production, and lower operating costs,” he said. 

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