Namibia Creates State-Owned Firm for Exploration and Mining

6 December 2009 (Last Updated December 6th, 2009 18:30)

Namibia has formed a state-owned company that will be launched this month which will play an active role in the nation's exploration and mining of gold, diamonds, copper, uranium and other minerals. Speaking with Reuters, mining commissioner Erasmus Shivolo said several state-own

Namibia has formed a state-owned company that will be launched this month which will play an active role in the nation's exploration and mining of gold, diamonds, copper, uranium and other minerals.

Speaking with Reuters, mining commissioner Erasmus Shivolo said several state-owned and private mining firms have expressed interest in collaborating with the company.

"Discussions are ongoing ... [but] there are no specific projects yet that the company is looking at," Shivolo said.

“The country wants the new company to be run in a transparent manner with a board operating it as an independent entity.”

Namibia is one of the largest diamond producers in the world and accounts for 10% of global uranium production.

A number of new companies are exploring for uranium and are expected to launch new mines there in the next five years.

Several mining companies are also conducting exploration and mining for other minerals including iron ore, gold, zinc, lead and manganese.