April 2-(miningnamibia)-Forsys Metals Corp has announced that it has increased its ownership in the Ondundu gold project in Namibia to 90%.
Namibia's Ministry of Mines and Energy has renewed Omatjete Mining Company exclusive prospecting license through to 31 May 2009. The License encompasses an area of 19,969 hectares and incorporates Ondundu.
With the renewal of the license, Westport Resources Namibia a wholly-owned subsidiary of Forsys, has completed the purchase of Domino Resources (Pty) Ltd's entire equity interest in Omatjete, thereby increasing Forsys' beneficial ownership in Omatjete from 32% to 90%.
Ondundu lies within the Northern Zone of the Damara Belt that extends east from the Atlantic Ocean into northwestern Botswana.
Estimate, based on 26 diamond drill holes and the old workings, the Ondundu project contains an historical resource of approximately 4.5 million t at 3.387 g/t gold; equivalent to approximately 500,000 ounces.
“The increase of our interest to 90% in the Ondundu Gold project provides Forsys with a unique opportunity to control an advanced Namibian-based gold project” said Mr. Duane Parnham, President and CEO of Forsys.
He further stated that "Forsys will continue to focus its efforts on developing its wholly-owned Valencia Uranium Mine. Having worked in Namibia since 2000, we continue to maintain our country focus and continue to explore many opportunities to enhance shareholder value."
Wednesday, April 2, 2008
Rössing Plans Major Growth, New Era says
(New Era)-Having rounded up its Social and Environmental Impact Assessments Report (SEIA), Rössing Uranium mine has moved a step closer to the achievement of its envisaged development targets as part of the mine’s life expansion project.
The report, which has now been submitted to the Ministry of Environment and Tourism (MET) for consideration, highlights the impact of the mine’s envisaged development on the fragile environment, amongst others.
Rössing aims to expand its operations to at least 2026, and has designed various projects to achieve this.
Phase 1 of the expansion project will see the establishment of a sulphuric acid plant, ore sorter and an SK4 pit. Rössing mine’s metallurgical process uses sulphuric acid leaching to extract the uranium from the ore. An onsite pyrite burning acid plant was in use until 1997, after which it was converted to burn sulphur imported through Walvis Bay and railed to the mine.
It was mothballed in 2000 when prices of imported acid became unfavourable against production costs.
Public concerns had been raised at the time, when sulphur spillage next to the railway line was found.
Current economic evaluations show that value may be gained by establishing a new sulphuric acid production plant at the mine, while continuing to import additional acid if required.
The existing on-site acid storage facilities will be upgraded and will be utilized to store the acid produced, while offloading and handling facilities at the mine will be installed or upgraded to deal with the envisaged developments.
For the ore sorter, a pre-screening plant and a production ore sorting plant comprising four screening units and two ore sorter clusters will become necessary, the report states.
While the entire Erongo Region stands to benefit from the Rössing mine’s expansion, the town of Arandis will derive most benefits from the exercise.
Arandis was established in 1976 to serve the needs of Rössing uranium mine through accommodation for its employees.
Until 1992, when the town was given to the Government as an independence gift, the town was wholly supported by the mine, and this support extended to health services, schooling, service provision, recreation and infrastructure maintenance.
In 1994, Arandis was proclaimed a fully-fledged town and the local authority struggled to deliver services with an inadequate budget, a lack of capacity and non-payment by residents.
The role that Rössing played in the support and functioning of Arandis in the past had built a strong dependence on the mine and the wave of retrenchments in the 1990s further impacted on the town. In effect, the town experienced two ‘quasi-closures’ and displayed some of the characteristics of communities impacted by closure, such as the erosion of the local authority’s revenue base, increased demands on local government as the number of indigents increased, the breakdown of social networks and community cohesion and the failure of development of alternative economic activities.
Due to the proximity to the mine, dependency on Rössing has remained one of the town’s most marked characteristics.
The proposed expansion project has now raised expectations that the mine’s activities will restore the prosperity of the town.
Rössing has operated the open-pit uranium mine in the Erongo Region of Namibia since 1976. Although of considerable extent, the Rössing ore body is of a low grade and consequently large volumes of rock have to be mined and processed to extract the powdered uranium concentrate that is the final product.
As a result of an increase in uranium prices on the international market in recent years, Rössing is now able to consider the possible financial benefits from an expansion of its operations.
The previous mine plan predicted an operational period ending in the year 2016. According to this plan, a sustainability assessment was undertaken and approved in 2005. Rössing is now looking at a mine plan beyond 2016 and consequently the associated social and environmental issues are being reviewed.
In terms of the Namibian Constitution and related environmental legislation, in particular the Environmental Assessment Policy (MET 1995) and the Minerals Act (No. 33 of 1992), the proposed expansion activities would require authorization from the responsible authorities before they can be
undertaken.
Insofar as the environmental acceptability of Rössing proposed expansion project is concerned, the Ministry of Environment and Tourism would need to issue clearance for such expansion.
A Social and Environmental Impact Assessment (SEIA) study has thus been commissioned by RU for their proposed expansion project, as required by the Environmental Assessment Policy (MET 1995) but also informed by the principles of Namibia’s Environmental Assessment and Management Act 2, as well as the internal standards and guidelines prescribed by Rio Tinto, Rössing Uranium’s parent company.
The report, which has now been submitted to the Ministry of Environment and Tourism (MET) for consideration, highlights the impact of the mine’s envisaged development on the fragile environment, amongst others.
Rössing aims to expand its operations to at least 2026, and has designed various projects to achieve this.
Phase 1 of the expansion project will see the establishment of a sulphuric acid plant, ore sorter and an SK4 pit. Rössing mine’s metallurgical process uses sulphuric acid leaching to extract the uranium from the ore. An onsite pyrite burning acid plant was in use until 1997, after which it was converted to burn sulphur imported through Walvis Bay and railed to the mine.
It was mothballed in 2000 when prices of imported acid became unfavourable against production costs.
Public concerns had been raised at the time, when sulphur spillage next to the railway line was found.
Current economic evaluations show that value may be gained by establishing a new sulphuric acid production plant at the mine, while continuing to import additional acid if required.
The existing on-site acid storage facilities will be upgraded and will be utilized to store the acid produced, while offloading and handling facilities at the mine will be installed or upgraded to deal with the envisaged developments.
For the ore sorter, a pre-screening plant and a production ore sorting plant comprising four screening units and two ore sorter clusters will become necessary, the report states.
While the entire Erongo Region stands to benefit from the Rössing mine’s expansion, the town of Arandis will derive most benefits from the exercise.
Arandis was established in 1976 to serve the needs of Rössing uranium mine through accommodation for its employees.
Until 1992, when the town was given to the Government as an independence gift, the town was wholly supported by the mine, and this support extended to health services, schooling, service provision, recreation and infrastructure maintenance.
In 1994, Arandis was proclaimed a fully-fledged town and the local authority struggled to deliver services with an inadequate budget, a lack of capacity and non-payment by residents.
The role that Rössing played in the support and functioning of Arandis in the past had built a strong dependence on the mine and the wave of retrenchments in the 1990s further impacted on the town. In effect, the town experienced two ‘quasi-closures’ and displayed some of the characteristics of communities impacted by closure, such as the erosion of the local authority’s revenue base, increased demands on local government as the number of indigents increased, the breakdown of social networks and community cohesion and the failure of development of alternative economic activities.
Due to the proximity to the mine, dependency on Rössing has remained one of the town’s most marked characteristics.
The proposed expansion project has now raised expectations that the mine’s activities will restore the prosperity of the town.
Rössing has operated the open-pit uranium mine in the Erongo Region of Namibia since 1976. Although of considerable extent, the Rössing ore body is of a low grade and consequently large volumes of rock have to be mined and processed to extract the powdered uranium concentrate that is the final product.
As a result of an increase in uranium prices on the international market in recent years, Rössing is now able to consider the possible financial benefits from an expansion of its operations.
The previous mine plan predicted an operational period ending in the year 2016. According to this plan, a sustainability assessment was undertaken and approved in 2005. Rössing is now looking at a mine plan beyond 2016 and consequently the associated social and environmental issues are being reviewed.
In terms of the Namibian Constitution and related environmental legislation, in particular the Environmental Assessment Policy (MET 1995) and the Minerals Act (No. 33 of 1992), the proposed expansion activities would require authorization from the responsible authorities before they can be
undertaken.
Insofar as the environmental acceptability of Rössing proposed expansion project is concerned, the Ministry of Environment and Tourism would need to issue clearance for such expansion.
A Social and Environmental Impact Assessment (SEIA) study has thus been commissioned by RU for their proposed expansion project, as required by the Environmental Assessment Policy (MET 1995) but also informed by the principles of Namibia’s Environmental Assessment and Management Act 2, as well as the internal standards and guidelines prescribed by Rio Tinto, Rössing Uranium’s parent company.
Tuesday, March 25, 2008
Indians on diamond mission to Namibia and Angola, Economic Times of India reports
(Economic Times of India)-Completely dependent on imports for rough diamonds, lifeline of the 14-billion-dollar exports of the polished precious stone, India is taking steps to obtain the raw material directly from Africa instead of sourcing it from European middlemen.
Minister of State for Commerce Jairam Ramesh is taking a delegation of country's major buyers of rough diamonds to Namibia and Angola beginning March 26.
Officers from the Gems and Jewellery Export Promotion Council, State Trading Corporation and MMTC Ltd are accompanying the minister, who feels India must involve Africa in the value chain of the diamond business.
In future, India will find it difficult to source rough diamonds unless it demonstrates to African nations that it will collaborate actively in helping them move up the value chain and assist in value addition in these producing countries. The Africanisation of diamonds processing industry is not a threat to India but a great opportunity which "we must proactively embrace", Ramesh said.
He said the visit to Angola and Nambia will be followed by another one in the next couple of months to South Africa and Botswana, the other important diamond producing countries in Africa.
India's estimated imports of rough diamonds in 2007-08 are 10 billion dollars, while estimates of exports of cut and polished diamonds in 2007-08 are about 14 billion dollars.
The country is the world's largest importer of rough and exporter of cut and polished diamonds with over 90 per cent market share.
Rough diamonds are presently procured through a variety of sources with the bulk of it coming into India through Antwerp in Belgium. It is in India's long-term interest to establish direct relationships with supplier countries, cutting out all the middlemen, Ramesh said.
The Commerce Ministry has also started dialogue with the major diamond producing countries. Alrossa, the Russian diamond producing company has recently sold roughs directly to Indian buyers, though in small quantities.
Angola produces about 10 per cent of the world's rough diamonds and is also a country with which India has been trying to establish a relationship in the oil sector. Namibia accounts for about six per cent of world rough diamonds production.
Though India has embarked on exploration of diamonds, it will take at least a decade before commercial deposits in states like Chhattisgarh, Andhra Pradesh and Karnataka are proven and established. The diamond cutting and polishing industry will continue to be entirely dependent on imports of rough diamonds for a long time to come, Ramesh said.
Officials of the ONGC Videsh are also accompanying the minister and will assist him in talks on cooperation with Angola in oil exploration (Economic Times of India)
Minister of State for Commerce Jairam Ramesh is taking a delegation of country's major buyers of rough diamonds to Namibia and Angola beginning March 26.
Officers from the Gems and Jewellery Export Promotion Council, State Trading Corporation and MMTC Ltd are accompanying the minister, who feels India must involve Africa in the value chain of the diamond business.
In future, India will find it difficult to source rough diamonds unless it demonstrates to African nations that it will collaborate actively in helping them move up the value chain and assist in value addition in these producing countries. The Africanisation of diamonds processing industry is not a threat to India but a great opportunity which "we must proactively embrace", Ramesh said.
He said the visit to Angola and Nambia will be followed by another one in the next couple of months to South Africa and Botswana, the other important diamond producing countries in Africa.
India's estimated imports of rough diamonds in 2007-08 are 10 billion dollars, while estimates of exports of cut and polished diamonds in 2007-08 are about 14 billion dollars.
The country is the world's largest importer of rough and exporter of cut and polished diamonds with over 90 per cent market share.
Rough diamonds are presently procured through a variety of sources with the bulk of it coming into India through Antwerp in Belgium. It is in India's long-term interest to establish direct relationships with supplier countries, cutting out all the middlemen, Ramesh said.
The Commerce Ministry has also started dialogue with the major diamond producing countries. Alrossa, the Russian diamond producing company has recently sold roughs directly to Indian buyers, though in small quantities.
Angola produces about 10 per cent of the world's rough diamonds and is also a country with which India has been trying to establish a relationship in the oil sector. Namibia accounts for about six per cent of world rough diamonds production.
Though India has embarked on exploration of diamonds, it will take at least a decade before commercial deposits in states like Chhattisgarh, Andhra Pradesh and Karnataka are proven and established. The diamond cutting and polishing industry will continue to be entirely dependent on imports of rough diamonds for a long time to come, Ramesh said.
Officials of the ONGC Videsh are also accompanying the minister and will assist him in talks on cooperation with Angola in oil exploration (Economic Times of India)
OGI Systems granted contract with Julius Klein Diamond Namibia, diamondintelligence.com reports
(www.diamondintelligence.com)-OGI Systems Ltd., creator of advanced technological tools for diamond designing manufacturing, has been granted a contact to be the main supplier for the Julius Klein Diamond (JKD) company in Namibia.
OGI Systems will supply machines for measuring and marking diamonds to JKD’s recently established factory in Windhoek.
Commenting on the contract, Daniel Ben Jano, OGI Systems Chief Executive Officer, says that “this association with JKD illustrates the directo control of OGI Systems Ltd. as the main supplier of Technological solutions for [DTC] sightholder firms.”
OGI Systems has developed an advanced USB technology used in laser marking of diamonds as well as in rough planning and laser scanning (www.diamondintelligence.com)
OGI Systems will supply machines for measuring and marking diamonds to JKD’s recently established factory in Windhoek.
Commenting on the contract, Daniel Ben Jano, OGI Systems Chief Executive Officer, says that “this association with JKD illustrates the directo control of OGI Systems Ltd. as the main supplier of Technological solutions for [DTC] sightholder firms.”
OGI Systems has developed an advanced USB technology used in laser marking of diamonds as well as in rough planning and laser scanning (www.diamondintelligence.com)
Gem-rich Namibia urges Thais to invest, Bankokpost reports
(Bankokpost)-Thais are being urged to invest in Namibia in southern Africa, particularly in diamond and jewellery cutting, mining and raw material supply for Thai jewellery.
Namibia has currently opened room for foreign investment with no restrictions on foreign ownership, and about 100 new concessions for diamond mining have been granted to the private sector. The mines have yet to become operational.
"We see Thai investors can take this opportunity to look for joint ventures in establishing gem cutting and diamond cutting in Namibia to cut operating costs," said Neville M. Gertze, Ambassador of Namibia to Thailand, who met Deputy Prime Minister Mingkwan Sangsuwan yesterday.
Namibia is well known for its diamond industry. The country's economy consists primarily of mining and manufacturing, which represent 74% and 11% of the gross domestic product (GDP), respectively.
Over the past three years its government has granted 50 concessions for the private sector to operate diamond mines that could produce a total of 100,000 carats of diamond per month. De Beers, the world's leading diamond producer, is one of the companies that operates diamond mining in Namibia, producing about one million carats of diamonds per year.
Apart from diamonds, Namibia is also rich in gems and precious stones such as tourmaline, amethyst, topaz, tiger-eye quartz and red quartz, and other minerals such as gold, uranium, copper, zinc and natural gas.
Mr Mingkwan said the Commerce Ministry in the near future planned to organise business trips to Namibia in order to seek trade and business opportunities, especially related to raw materials for the Thai jewellery industry.The Thai jewellery industry now imports raw materials from Namibia, mainly through middlemen.
Two-way trade between Namibia and Thailand was worth only US$5.05 million last year, with Thai exports representing $4.20 million. Thai exports were mainly for automobiles and parts, processed seafood, rubber products, machinery and components.
Namibia exports animal products and textiles to Thailand.
Mr Mingkwan said barter trade would probably be promoted to expand trade with Namibia, as the country desperately needed agricultural products from Thailand such as rice and seafood products (Bankokpost)
Namibia has currently opened room for foreign investment with no restrictions on foreign ownership, and about 100 new concessions for diamond mining have been granted to the private sector. The mines have yet to become operational.
"We see Thai investors can take this opportunity to look for joint ventures in establishing gem cutting and diamond cutting in Namibia to cut operating costs," said Neville M. Gertze, Ambassador of Namibia to Thailand, who met Deputy Prime Minister Mingkwan Sangsuwan yesterday.
Namibia is well known for its diamond industry. The country's economy consists primarily of mining and manufacturing, which represent 74% and 11% of the gross domestic product (GDP), respectively.
Over the past three years its government has granted 50 concessions for the private sector to operate diamond mines that could produce a total of 100,000 carats of diamond per month. De Beers, the world's leading diamond producer, is one of the companies that operates diamond mining in Namibia, producing about one million carats of diamonds per year.
Apart from diamonds, Namibia is also rich in gems and precious stones such as tourmaline, amethyst, topaz, tiger-eye quartz and red quartz, and other minerals such as gold, uranium, copper, zinc and natural gas.
Mr Mingkwan said the Commerce Ministry in the near future planned to organise business trips to Namibia in order to seek trade and business opportunities, especially related to raw materials for the Thai jewellery industry.The Thai jewellery industry now imports raw materials from Namibia, mainly through middlemen.
Two-way trade between Namibia and Thailand was worth only US$5.05 million last year, with Thai exports representing $4.20 million. Thai exports were mainly for automobiles and parts, processed seafood, rubber products, machinery and components.
Namibia exports animal products and textiles to Thailand.
Mr Mingkwan said barter trade would probably be promoted to expand trade with Namibia, as the country desperately needed agricultural products from Thailand such as rice and seafood products (Bankokpost)
Thursday, March 20, 2008
Forsys predicts earnings and cash flow robust, Namibian, Nampa reports
(Namibian/Nampa)-AT current uranium prices, the earnings and cash flows of Forsys Metals Corporation looks robust, according to its latest analyst report.
Forsys is a junior mining developer, which is close to completing a feasibility study on its 100 per cent-owned Valencia uranium project in Namibia.
It is situated 76 km southwest of Usakos, 35 km from the Roessing Uranium Mine and 40 km from Paladin's Langer Heinrich Uranium Mine near Swakopmund, in the Erongo Region.
The deposit is amenable to open-pit mining and processing.
Once in full production, Valencia could produce roughly 2,9 million pounds of uranium annually over a minimum 11-year mine life.
The report was compiled by Salman Partners on 12 March this year, and published on the company's website.
Capital spending would be roughly about N$2,2 billion versus the estimate in Forsys' pre-feasibility study of about N$1,6 billion to bring the project into production by mid-2010.
The company expected an average operating cash cost of approximately about N$288,82 per pound over the minimum 11-year mine-life.
"Several potential catalysts, including a potential take-over, resource growth through drilling, and a spin-off of non-core assets, could unlock shareholder value.
We believe that Forsys could be taken over by another uranium miner, a power utility or a nuclear power plant manufacturer looking to secure a long-term supply of uranium from a stable country.
We initiate coverage on the shares of Forsys with a buy recommendation," the report highlighted.
The company cited that there is good potential to find additional uranium resources within the immediate area around the Valencia project.
The company is currently carrying out exploration between the east zone, the north zone, and the main zone.
The report claimed that has a significant land package, surrounding Valencia, which could yield additional uranium deposits.
Valencia is one of the best uranium takeover targets available and Areva's acquisition of UraMin is the first volley in the impending flurry of takeovers in the uranium space indicated that Forsys is a plum target ripe for the picking, according to the report.
The Valencia project is expected to come on line in 2010.
"We expect that the commencement of production could coincide with peak uranium prices, which we estimate could average N$1 442 per pound in 2010, increasing to almost N$1 484 per pound in 2011.
We believe that Forsys could reap strong profits in the first couple of years of production," it noted.
Most of the world's supplies of mined uranium come from Canada, Australia, Kazakhstan, Niger, Namibia, Russia, Uzbekistan, South Africa, Ukraine and the United States-Namibian/Nampa.
Forsys is a junior mining developer, which is close to completing a feasibility study on its 100 per cent-owned Valencia uranium project in Namibia.
It is situated 76 km southwest of Usakos, 35 km from the Roessing Uranium Mine and 40 km from Paladin's Langer Heinrich Uranium Mine near Swakopmund, in the Erongo Region.
The deposit is amenable to open-pit mining and processing.
Once in full production, Valencia could produce roughly 2,9 million pounds of uranium annually over a minimum 11-year mine life.
The report was compiled by Salman Partners on 12 March this year, and published on the company's website.
Capital spending would be roughly about N$2,2 billion versus the estimate in Forsys' pre-feasibility study of about N$1,6 billion to bring the project into production by mid-2010.
The company expected an average operating cash cost of approximately about N$288,82 per pound over the minimum 11-year mine-life.
"Several potential catalysts, including a potential take-over, resource growth through drilling, and a spin-off of non-core assets, could unlock shareholder value.
We believe that Forsys could be taken over by another uranium miner, a power utility or a nuclear power plant manufacturer looking to secure a long-term supply of uranium from a stable country.
We initiate coverage on the shares of Forsys with a buy recommendation," the report highlighted.
The company cited that there is good potential to find additional uranium resources within the immediate area around the Valencia project.
The company is currently carrying out exploration between the east zone, the north zone, and the main zone.
The report claimed that has a significant land package, surrounding Valencia, which could yield additional uranium deposits.
Valencia is one of the best uranium takeover targets available and Areva's acquisition of UraMin is the first volley in the impending flurry of takeovers in the uranium space indicated that Forsys is a plum target ripe for the picking, according to the report.
The Valencia project is expected to come on line in 2010.
"We expect that the commencement of production could coincide with peak uranium prices, which we estimate could average N$1 442 per pound in 2010, increasing to almost N$1 484 per pound in 2011.
We believe that Forsys could reap strong profits in the first couple of years of production," it noted.
Most of the world's supplies of mined uranium come from Canada, Australia, Kazakhstan, Niger, Namibia, Russia, Uzbekistan, South Africa, Ukraine and the United States-Namibian/Nampa.
Black gold not out yet, Namibia Economist reports
(Namibia Economist)-20 March. A seismic study by INA Industrija Nafte, which is exploring for oil in Maltahohe, has sparked rumours of an oil find in Namibia. The Economist was inundated by calls this week from members of the public who wanted to verify these rumours.
Unfortunately there is no oil find yet, Permanent Secretary in the Ministry of Mines and Energy, Joseph Iita, told the Economist.
The ministry is the first to be informed of any oil find may any of the eight exploring companies find the commodity in the country.
INA Industrija Nafte, on 7 March, invited Minister Erkki Nghimtina for a seismic demonstration at its site, which is located on the Zaris Block.
The company is nearing the completion of the programme – the final tests are expected to be completed by the end of April – after which the results are to undergo interpretations. The interpretation process will take about three months. May the results be positive, the company will have to proceed with drilling. The preliminary results from the first stages of the seismic test are encouraging.
Other companies involved in oil exploration in Namibia are Tullow Oil, BHP Billiton, Hunt Oil, Neptune Petroleum, Greendale Universal Holdings and First Africa Oil Corporation.
Hunt Oil is in possession of an exploration license over the area known as the Lüderitz Basin. The licence covers four years. Britain’s Neptune Petroleum is exploring in the Walvis Basin.
The other companies are exploring in the Owambo Basin.
The government, especially the Ministry of Mines and Energy, has always believed that Namibia has oil. At the seismic demonstration in Maltahohe, Nghimtina said that other exploration programmes elsewhere are proceeding with good progress. A drilling ship is being expected to dock in Namibia next month from Angola. The ship will engage in the first ever exploration for oil in the Namibe Basin.
“I continue to argue that if Angola has such an abundance of oil and South Africa also has some oil of their own, God could not have been as unfair as to leave out Namibia in the middle without a drop of oil,” Nghimtina is on record as saying.
This week Iita reiterated his ministry conviction of oil’s presence in the country saying “there will be oil in Namibia but none has been discovered yet”-Namibia Economist.
Unfortunately there is no oil find yet, Permanent Secretary in the Ministry of Mines and Energy, Joseph Iita, told the Economist.
The ministry is the first to be informed of any oil find may any of the eight exploring companies find the commodity in the country.
INA Industrija Nafte, on 7 March, invited Minister Erkki Nghimtina for a seismic demonstration at its site, which is located on the Zaris Block.
The company is nearing the completion of the programme – the final tests are expected to be completed by the end of April – after which the results are to undergo interpretations. The interpretation process will take about three months. May the results be positive, the company will have to proceed with drilling. The preliminary results from the first stages of the seismic test are encouraging.
Other companies involved in oil exploration in Namibia are Tullow Oil, BHP Billiton, Hunt Oil, Neptune Petroleum, Greendale Universal Holdings and First Africa Oil Corporation.
Hunt Oil is in possession of an exploration license over the area known as the Lüderitz Basin. The licence covers four years. Britain’s Neptune Petroleum is exploring in the Walvis Basin.
The other companies are exploring in the Owambo Basin.
The government, especially the Ministry of Mines and Energy, has always believed that Namibia has oil. At the seismic demonstration in Maltahohe, Nghimtina said that other exploration programmes elsewhere are proceeding with good progress. A drilling ship is being expected to dock in Namibia next month from Angola. The ship will engage in the first ever exploration for oil in the Namibe Basin.
“I continue to argue that if Angola has such an abundance of oil and South Africa also has some oil of their own, God could not have been as unfair as to leave out Namibia in the middle without a drop of oil,” Nghimtina is on record as saying.
This week Iita reiterated his ministry conviction of oil’s presence in the country saying “there will be oil in Namibia but none has been discovered yet”-Namibia Economist.
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