Editing Economy of Namibia (section)

===Mining and energy===
{{Main|Mining in Namibia}}{{See also|List of power stations in Namibia}}
[[File:Arandis Mine hochformat.jpg|thumb|[[Rössing uranium mine]], an open-pit mine located near [[Arandis, Namibia|Arandis]], [[Erongo Region]]]]
Mining and quarrying have been at the forefront of Namibia’s consistent growth over the last 40 years. Despite economic diversification in other sectors, the mining sector has maintained strong contributions to annual GDP figures. Average contribution since 1980 stands at 11%.<ref name=":1">{{Cite web |title=Cirrus Capital {{!}} 100% Namibian-owned, broad-scoped financial services |url=https://cirrus.com.na/ |access-date=2024-02-13 |website=Cirrus |language=en}}</ref>

Diamond mining has been Namibia’s prized mineral over the last 40+ years, and contributed over 60% of the real GDP generated from mining over the period. Diamond production increased over 45% in 2022 thanks to Debmarine Namibia, who produced a record 1.725 million carats, with the Benguela Gem producing 480,000 carats.<ref name=":1" />

Diamond production totalled 2.2&nbsp;million [[Carat (unit)|carat]]s in 2022, generating over N$14&nbsp;billion in export earnings. Other important mineral resources are [[uranium]], gold, metal ores, copper, and [[zinc]]. The country also extracts silver, [[tin]], [[vanadium]], semiprecious [[gemstones]], [[tantalite]], [[phosphate]], [[sulphur]], and mines salt.<ref name="USDoS" />

==== Uranium ====
{{Main|Uranium mining in Namibia}}
Namibia is the fourth-largest exporter of nonfuel minerals in Africa, the world's fourth-largest [[Uranium mining in Namibia|producer]] of [[uranium]], and the producer of large quantities of lead, [[zinc]], [[tin]], silver, and [[tungsten]]. The country produced 11% of uranium worldwide in 2020, making it the second largest producer of Uranium after [[Kazakhstan]].<ref>{{Cite web |last=Lazarus |first=Shania |date=2024-04-11 |title=Uranium mining growth to slow due to water shortages |url=https://www.namibian.com.na/uranium-mining-growth-to-slow-due-to-water-shortages/ |access-date=2024-07-03 |website=The Namibian |language=en-GB}}</ref>

Namibia is home to two [[uranium]] mines ([[Langer Heinrich Mine|Langer Heinrich]] and [[Rössing uranium mine|Rössing]]) believed to be capable of providing 10% of the global mining output. Langer Heinrich began operation in 1976, with Rossing opening in 2006.<ref>{{Cite web |date=2008-08-11 |title=Resource boost at Namibian deposit |url=https://world-nuclear-news.org/Articles/Resource-boost-at-Namibian-deposit |access-date=2024-07-03 |website=World Nuclear News}}</ref>

The mining sector employs only about 3% of the population while about half of the population depends on subsistence agriculture for its livelihood. Namibia normally imports about 50% of its cereal requirements; in drought years food shortages are a major problem in rural areas.<ref>{{Cite web|title=Namibia's food security improves... No major price increases for cereals - Namibia|url=https://reliefweb.int/report/namibia/namibia-s-food-security-improves-no-major-price-increases-cereals|access-date=2021-10-14|website=ReliefWeb|date=25 July 2017 |language=en}}</ref>

==== Crude oil ====
During the pre-independence period, large areas of Namibia, including off-shore, were leased for [[petroleum|oil]] prospecting. Some natural gas was discovered in 1974 in the [[Kudu Field]] off the mouth of the [[Orange River]], but the extent of this find is only now being determined.<ref>[https://2009-2017.state.gov/outofdate/bgn/namibia/47082.htm#:~:text=Natural%20gas%20was%20discovered%20in,not%20is%20expected%20in%202005 Namibia (02/05)], [[U.S. Department of State]]. (n.d.) Retrieved 26 June 2022</ref> It is only in 2022 with the Graff discovery<ref>{{Cite web |last=Esau (i_esau) |first=Iain |date=2022-04-06 |title=Happy days: Shell's Graff discovery in Namibia holds 2 billion boe of oil and gas - sources {{!}} Upstream Online |url=https://www.upstreamonline.com/exclusive/happy-days-shell-s-graff-discovery-in-namibia-holds-2-billion-boe-of-oil-and-gas-sources/2-1-1197669 |access-date=2022-08-24 |website=Upstream Online {{!}} Latest oil and gas news |language=en}}</ref> of [[Shell plc|Shell]] and the Venus discovery<ref>{{Cite web |title=Namibie : TotalEnergies fait une découverte significative sur le bloc 2913B |url=https://totalenergies.com/fr/medias/actualite/communiques-presse/namibie-totalenergies-fait-decouverte-significative-bloc-2913b |access-date=2022-08-24 |website=TotalEnergies.com |date=24 February 2022 |language=fr}}</ref> of [[TotalEnergies]] that Namibia became a true exploration frontier.

In response to the discovery of an estimated 11 billion barrels of crude oil off its coast in 2022, discovered by international oil giants TotalEnergies SE and Shell Plc, Namibia is preparing for a pivotal moment in its economic development. A final investment decision regarding the commercial viability of this discovery is expected by the end of 2024. To manage potential oil revenues effectively, the Namibian government has proposed the creation of a sovereign wealth fund. This fund is intended to secure long-term [[economic stability]] and allocate benefits across generations.<ref name=":2" />

Legislation to outline the management, investment strategies, and withdrawal protocols of the fund is currently under development. This approach reflects Namibia's strategic planning to harness its oil resources responsibly while aiming for sustainable economic growth and ensuring that the benefits are widely distributed among its population.<ref name=":2">{{Cite news |last1=Hill |first1=Matthew |last2=Bull |first2=Alister |date=2024-04-16 |title=Namibia Sees Final Investment Decision on Oil Find by End 2024 |url=https://www.bloomberg.com/news/articles/2024-04-16/namibia-sees-final-investment-decision-on-oil-find-by-end-2024 |access-date=2024-04-17 |work=Bloomberg.com |language=en}}</ref>