Boston, MA -- (SBWIRE) -- 03/12/2014 -- We have downgraded some of our growth forecasts to account for the current economic environment and the sharp crash in uranium prices experienced over 2013. The decline in prices has led to the postponement of several major uranium projects in the country and has pushed back investments. We expect Namibia's mining industry to reach US$1.79bn by 2018.
Much of 2013 saw increased speculation regarding the possible introduction of a super tax on mining activity in Namibia, leading to the possibility of further friction between the government and the independent Chamber of Mines. President of the Chamber, Mark Dawe, stated that the chamber was in negotiations with the government regarding the implementation of the super tax, which would probably be introduced in 2013. According to Dawe, miners are in favour of a common super tax on all operations across the mining sector in lieu of a suggested government surcharge on the profits of some companies during periods of economic growth.
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The super tax is expected to place less of an administrative burden on companies operating in Namibia. The news follows lobbying by the Chamber of Mines in 2011, which resulted in the government aborting plans to raise the corporate income tax rate for the non-diamond mining sector from 37.5% to 44%. Despite the outcome, the Chamber believes that the controversy surrounding the tax has had a negative impact on foreign mining activity in the country, with Dawe indicating that 'a number of investors' had been scared away from the sector.
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