Uranium powers Namibian economy

A power-hungry world will help fuel Namibia’s economy – and along with it the freight industry – believes the Bank of Namibia. Head of research at the central bank, John Steytler, identified the trend in the second quarter of 2008 when he said there had been noticeable growth in uranium production, which was expected to underpin economic growth. Uranium is in demand as nuclear power stations come out of the cold due to the greenhouse emissions created by coal-fired power stations. Four new uranium mining licences have been granted in Namibia, which wanted to become the fourth-largest supplier of uranium by 2012, Namibia Chamber of Mines adviser Dr Wotan Swiegers said recently. Namibia’s second uranium mine opened in 2006, and 40 companies have been granted licences to prospect for the nuclear feedstock. They include Russian, Chinese, Indian, Korean and Japanese firms. The spin-off for the freight industry is the importation of millions of rand worth of equipment for the construction and operation of the mines, and then the export of uranium concentration in what is known as yellowcake. Namibia will also be investing in new desalination and power plants for the new mines.