CHAMBER OF MINES OF NAMIBIA (CoM)
CHAMBER OF MINES OF NAMIBIA (CoM) Article supplied by CoM
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The Chamber of Mines of Namibia (CoM) was officially inaugurated on 9 May 1969 by some 19 mining and exploration companies at the Windhoek Grand Hotel, with an official constitution which was adopted ten years later
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he Chamber of Mines of Namibia (CoM) was officially inaugurated on 9 May 1969 by some 19 mining and exploration companies at the Windhoek Grand Hotel, with an official constitution which was adopted ten years later. The organisation was established with the sole mandate to protect the interests of its members while promoting sustainable growth of mining and exploration so as to maximise economic gain for the Namibian
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nation. The mission of the CoM is to “efficiently promote, encourage, protect, foster and contribute to the growth of responsible exploration and mining in Namibia to the benefit of the Country and all stakeholders.� The CoM is a self-regulating body which is governed by a robust Constitution and Code of Conduct and Ethics that outlines a prudent set of rules and regulations with which members are prescribed to comply and yields the organisation authority to expel members which are
non-compliant. The Code of Conduct and Ethics also encompasses environment, labour and industrial relations, safety and intellectual property rights standards to name a few, which members are compelled to adhere to. The organisation also plays a vital role in shaping and influencing the National policy and the regulatory framework within which the mining sector operates. Ensuring that Namibia remains an attractive and favourable destination for investment in the mining sector is one of the key functions of the CoM. In the 2014 Fraser Institute Survey of Mining companies report, Namibia was ranked as the most attractive destination for mining in Africa with regard to its regulatory framework and mineral endowment. The CoM in partnership with the Government of Namibia strive to sustain and maintain Namibia’s top status as a sought after destination for investment into mining as both parties recognise and acknowledge this sector to be the backbone of the Namibian economy.
“In the 2014 Fraser Institute Survey of Mining companies report, Namibia was ranked as the most attractive destination for mining in Africa with regard to its regulatory framework and mineral endowment”
Namibia’s favourable investment is not only reflected in international bench marking reports, but more importantly in the very growth of the mining sector recorded during the last five years. Notwithstanding a depressed and uncertain global macro-economic environment, Namibia has attracted an impressive US$ 3 billion worth of investment into the local mining sector during the period in question. This has ultimately lead to the development of three new mines and the creation of
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approximately 2,000 new permanent jobs. The country is set to become the world’s second largest uranium producer as Swakop Uranium’s Husab mine gears for first production in the last quarter of 2016 and ramps to full production by end of 2017. New production from B2Gold’s Otjikoto gold mine trebled Namibia’s gold output in 2015, and Weatherly’s Tschudi mine began producing copper cathode in February 2015, paving the way for other manufacturing opportunities in Namibia. This is not to mention various reinvestments made by the sector, one of the most recent being a
diamond exploration vessel constructed at a cost of US$139 million which is owned by Debmarine Namibia. The Namibian mining sector is governed largely by two pieces of legislation, the Minerals (Prospecting and Mining) Act of 1992, which is currently under review and the Diamond Act of 1999. Benefits to Chamber membership are numerous, but of the most important is the advocacy that the CoM provides, an organisation which recognises the importance of mining in achieving socioeconomic development and thus strives towards the best possible outcomes for the mining sector and the country at large, while ensuring that these are achieved according to industry best practices and in a manner which is environmentally and economically sustainable.
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