M a r k e t N e w s

Uranium Production in Namibia to Triple in 2017

Posted on : Wednesday, 30th March 2016

NAMIBIA'S uranium production is expected to be three times the volume produced in 2015, according to statistics issued by finance minister Calle Schlettwein in parliament recently.

 
"We are of the opinion that, in spite of weak commodity prices and relatively slow growth in external demand, the coming into operation of large-scale mining projects will support decent levels of economic growth. Namibia's output of uranium in 2017, for example, is projected to be more than three times the volume produced in 2015, thanks in large part to the Husab uranium mine," said Schlettwein .
 
Based on the 2015 figures estimated at 3 713 metric tonnes, output in 2017 is expected to be around 11 100 metric tonnes. Namibia is one of the biggest uranium producers in the world after Kazakhstan, Canada, Australia and Niger.
 
Schlettwein said gold output is similarly expected to be more than three times the 2014 levels in 2016, with the B2Gold mine at Otjikoto reaching full production. Gold production in 2015 was estimated at 6 008 kilogrammes.
 
"This considerable improvement in growth in the mining sector is expected to be accompanied by an eventual recovery in agriculture from the low base created by drought, and a relatively mild slowing in growth in major service sectors such as retail and financial intermediation. Furthermore, tourism and export-oriented industries are expected to benefit considerably in 2016 from the recent depreciation of the Namibia dollar," said Schlettwein.
 
Figures obtained from the Bank of Namibia this week showed that uranium production contracted during both 2014 and 2015, whereas gold production rose significantly over the same period.
 
The central bank expects uranium production to expand by 62,9% in 2016 and by 89,5% in 2017.
 
Gold production increased by 7,9% in 2014. With Otjikoto coming into production in 2015, gold production increased by 182,5%, according to BoN statistics.
 

Source : allafrica.com
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