• July 22nd, 2019
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Mining industry’s access to capital crucial for growth

Business & Finance
Business & Finance

Staff Reporter WINDHOEK – Nedbank Corporate and Investment Banking (CIB) Manager, Dominic Shikola, who heads the bank’s mining and resources team, said the annual Mining Expo is a perfect opportunity to show Nedbank’s dedication to the industry. “Nedbank CIB’s Mining and Resources team are committed to the mining sector and we understand that growing any business requires capital. We will continue to play a crucial role in ensuring that the sector has access to the much-needed capital it requires, as we are aware that it is critical for the growth of the Namibian economy. We are a team of professionals who understand the African mining agenda. “Nedbank CIB’s mining and resources team specialises in providing complete funding solutions. This includes the sourcing, designing, structuring and negotiating of transactions, which will result in optimal funding packages that create benefits for all parties,” said Shikola. Nedbank also provided a networking session for experts to meet the team as well as to encourage topical conversations in the mining financing sector. The bank’s modern stand on the ground floor of the Camelthorn Hall was a popular stop for expo-goers. The Mining Expo, under the theme, ‘Maximising the multiplier effect from Namibia’s mining sector’, provided an excellent platform for networking opportunities and information regarding key trends within the various mining sectors, which drive business strategies and deals. Chamber of Mines Chief Executive Officer, Veston Malango, said the mining sector recorded healthy growth last year on the back of a combination of a rebound in commodity prices and an increase in the production of diamonds, gold and uranium. “The mining sector has remained the bedrock of the Namibian economy in all conditions, in good and turbulent times, as seen in the last two years,” said Malango.  The mining sector, which employs nearly 17,000 people in Namibia, generated N$29.1 billion in revenue in 2017, up from N$28.9 billion in 2016.  Wages and salaries of the employees amounted to over N$4.6 billion in 2017. Mining’s contribution to Namibia’s total gross domestic product (GDP) is around 11 percent, according to the Namibia Statistics Agency (NSA). With a raft of new mining projects and renewal of old operations on the cards, there is growing optimism in Namibia’s mining sector.  Skorpion Zinc successfully extended the life of the mine to 2020, resulting in improved production from the mine. Several rare earth projects are being investigated.  Exploration at the Gecko Opuwo Cobalt project has yielded promising results. Desert Lion Energy recently loaded its maiden lithium concentrate shipment at Walvis Bay for battery production in China.  Shikola says Nedbank aims to be a leader in maximising the multiplier effect within the Namibian mining sector. Nedbank CIB’s mining and resources finance team comprises of professionals includes engineers, metallurgist, chartered accountants and geologist as well as technical staff who have previously worked in the mining sector.  “Mining will continue to be the locomotive of the Namibian economy, and Nedbank CIB will continue to support and partner with entities within the sector to ensure its sustainability,” said Shikola.
New Era Reporter
2018-04-30 09:31:33 1 years ago

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