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New Era Newspaper Thursday March 1, 2018

  • Text
  • Environmental
  • Windhoek
  • Mining
  • Namibia
  • Marine
  • February
  • African
  • Region
  • Regional
  • Economic


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NEW ERA Namdia optimistic about 2018 Page 10 Threat of mining seabed for phosphate ebbs — for now Page 11 INSIDE BUSINESS This news is your business BoN projects positive local economic growth Namdeb sets in motion plans to sell Elizabeth Bay Mine WINDHOEK Positive vibes… Over the medium term, growth is projected to improve due to the expected moderate contractions in construction and wholesale and retail trade sectors. Namibia’s economic growth rate, estimated at -0,6 percent in 2017, is expected to gradually improve to 1,4 percent and 2,1 percent in 2018 and 2019, respectively. Based on the International Monetary Fund’s World Economic Outlook update for January 2018, global growth is projected to remain strong during 2018 and 2019, with Sub-Saharan Africa’s growth also expected to increase. tained in the Bank of Namibia (BoN)’s latest Economic Outlook Update, availed to the media yesterday. According to the outlook, the reduction in growth is ascribed to contractions in sectors such as construction, wholesale and retail trade, public sector, as well as slower growth rates for manufacturing, electricity and water sectors. Going forward, growth is projected to improve steadily to 1,4 percent and 2,1 percent in 2018 and 2019 respectively, the BoN stated. Over the medium term, growth is projected to improve due to the expected moderate contractions in wholesale and retail trade and construction sectors. “It is expected that growth will be supported mainly by the anticipated improvements in wholesale and retail trade, construction and sustained growth for transport and communication,” BoN reports. Furthermore, uranium mining is expected to register better growth rates during 2018 and 2019 and hence sustain the mining sector while at the same time supporting overall growth. “Risks to the domestic economic outlook remain, mainly in the form of persistently low uranium prices and unpredictable rainfall,” the report stated. Risks to the domestic outlook include low international prices for uranium, erratic rainfall and possible further credit rating downgrades for the domestic economy as well as for the South African economy. On the global front, the economy is projected to grow by 3,9 percent both in 2018 and 2019, which is an improvement from 3,7 percent estimated for 2017. This growth will be supported by favourable economic policies and better than earlier expected growth outcomes in major advanced and emerging market economies. Growth in Sub-Saharan Africa is also estimated to increase to 3,3 percent and 3,5 percent in 2018 and 2019, respectively, compared to 2,7 percent in 2017. The strong global growth may have positive spill overs for the Namibian economy going forward, BoN said. “Risks to the near-term global outlook are expected to remain broadly balanced but tilted to the downside in the medium term,” the statement noted. - Nampa WINDHOEK The Expression of Interest process in relation to the proposed sale of Elizabeth Bay Mine has commenced, Namdeb Holdings has announced. The company, in a media statement issued on Wednesday, stated that Standard Bank Namibia the proposed sale process for Elizabeth Bay Mine and selected associated marine licences in this regard. Namdeb Holdings, a 50/50 joint venture between Government and the De Beers Group, announced on 09 February 2018 that it is seeking a buyer for Elizabeth Bay Mine and the associated mining licence areas. The Elizabeth Bay mine, which was commissioned in 1991, and is located along the south- western coast of Namibia near Lüderitz, areas associated with onshore and marine operations. According to the statement, the onshore mining operation in 2017 produced approximately 200 000 carats. Elizabeth Bay Mine has over the years Lüderitz, particularly in providing high quality job opportunities for the community. “Following a recent review, it was concluded that the best way to secure a longer future for the mine, beyond the current projected 2019 could potentially prolong the mine to continue beyond 2019,” the statement said. It said the potential successful operator would also have the opportunity to further explore the marine potential associated with the Elizabeth Bay licence areas. Following the 2009 economic downturn, the mine was put on care and maintenance. In 2011, operations were restarted through the implementation of the Elizabeth Bay optimisation project, which at the time projected a four-year life of mine to 2014. However, continuous innovation ensured that the mine has continued to operate well beyond this time, with a current life of mine extending to 2019. - Nampa

New Era

New Era Newspaper Vol 22 No 167