Namdeb Wants Tax Break to Boost Land Operations

Mining and Exploration
22/11/2019 06:28

Riaan Burger, CEO of the 50-50 joint venture between the Namibian government and Anglo American's De Beers Group, stated Namdeb is negotiating with government to soften the current tax regime of royalties (10%) and corporate tax (55%) to allow the Namibian mining entity to extend its land operations (Orange River) beyond 2023. Tax revenues from mining and exports constitute a major element in the country's economy, but according to a Euronews report, Namdeb says the high royalties and taxes make it unprofitable to extend the mines' life, potentially causing major job loss as the mining operations close. Namdeb's land operations production decreased 37% in the first half of this year, producing 209.000 carats.