Vice President Nangolo Mbumba on Wednesday officially opened the 10th Mining Expo in Windhoek.
Mbumba, delivering the official statement on behalf of President Hage Geingob, stressed that exploration and mining are the most significant contributors to the economy.
He said Cabinet, in addition to the Minerals Beneficiation Strategy which was launched in 2021, recently imposed a ban on the export of unprocessed crushed lithium ore, cobalt, manganese, graphite, and rare earth minerals in order to ensure local beneficiation.
“We have learned valuable lessons from history that nations which export their products in unprocessed form at cheaper prices and that buy back finished products at higher prices are not able to develop their economies to the extent required for shared wealth and development among their citizens,” Mbumba said.
He stated that the ban is expected to spur investment in the establishment of local processing facilities by private entities or private-public partnerships.
The expo is organised by the Chamber of Mines and this year hosts 268 exhibitors.
Chamber of Mines president Zebra Kasete revealed that 16 exhibitors from across southern Africa, one from Germany and three local oil and gas companies are also in attendance.
The two-day expo ends Thursday.
Source: The Namibia Press Agency