Namibia: N$1,5 B Required for Manganese Mineadmin
SOME N$1,5 billion is required to breath life into a manganese mine to be set up at Otjozondu near Okahandja.
Otjozondu Mining held a consultative conference last week to discuss the financing of the project situated at Otjozondu village, some 100 km outside Okahandja.
Otjozondu Mining Pty Limited Director, David Shimwino told The Namibian that a an estimated N$1,5 billion was required to invest in the mine and put up infrastructure, which would include processing and purification plants.
Shimwino explained that a mining licence was yet to be granted to his company by the Ministry of Mines and Energy, which would pave way for operations to begin.
“There are huge deposits of manganese … at this moment it is kind of difficult to quantify, but it has been established that on the first plot that we have started clearing there is a lifespan of 30 years,” said Shimwino, adding that with work still to be carried out on the remaining three plots, the mine could see a lifespan of over 50 years.
Shimwino said it had discussed that it would be best if the mine would produce a finished product for export.
He said his company was in talks with possible business partners and mining institutions about entering into a corporation to raise the required capital.
Shimwino could not divulge further information, however, saying it was wise to wait for the decision of the Ministry of Mines and Energy on the licence application.
Operations at Otjozondu mine are expected to start in March.
Otjozondu Mining is controlled by MetalCorp of Germany with 74 per cent shareholding, while the remaining 26 per cent stake belongs to a group of Namibians and South Africans.
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