Mining Earnings Jump 13pc

0
12

By Irene !Hoaes

WINDHOEK

Namibia’s mining industry announced a bumper turnover of N$13.8 billion last year, representing a 13 percent increase.

Value addition generated a record N$5.5 billon contributing almost 12 percent to Namibia’s Gross Domestic Product and almost 60 percent to merchandise exports.

It is reported that the industry outspent Government on fixed investment for the fourth year in a row, accounting for over a quarter of Gross Fixed Capital Formation for the entire economy.

Moreover, the mining industry indicates that last year could equally surpass the exceptional performance in 2006.

Corporate tax and the much-disputed royalty tax generated N$1.4 billion last year compared to N$1.3 billion in 2006.

Some industry players are of the opinion that the legal pre-conditions for imposing the royalty levy contained in the Minerals Act have not been met.
Individual members are still in consultation with the mines ministry in this regard.

Most members of the chamber have, however, agreed to pay the revised royalty tax that officially came into effect in 2006.

Wages and salaries paid last year amounted to N$1.3 billion, compared to N$1.1 billion in 2006.

Permanent employees in the sector were 7?

LEAVE A REPLY

Please enter your comment!
Please enter your name here