Only 6 of 15 mining companies paid taxes in 2023
As Namibia awaits the release of the 2024 Chamber of Mines annual report, the most recent available figures show the country’s mining sector delivered an impressive N$6.861 billion to government coffers in 2023 – a 55.9% surge from the previous year’s N$4.402 billion.
This dramatic increase was driven largely by soaring corporate taxes, which nearly doubled to N$3.967 billion – up 98.5% from 2022.
The sector’s strong profitability underpinned this growth, clearly demonstrating how state revenues benefit when mines operate at full capacity.
However, of the 15 mining companies operating in Namibia, only six paid corporate tax in 2023, while 11 paid royalties totalling N$3.828 billion. The jump in royalties, along with a 45% increase in export levies, was supported by stronger production, higher global prices for gold and uranium and a weaker exchange rate that boosted local earnings.
B2Gold leads as top taxpayer
B2Gold’s Otjikoto Mine emerged as the country’s single largest mining taxpayer in 2023, contributing a total of N$2.4 billion in direct taxes, royalties, export levies and non-resident shareholder taxes.
This accounted for over 40% of all mining tax contributions and represented 57% of the mine’s N$4.1 billion profit before tax.
Seven mining companies reported profits in 2023.
B2Gold Namibia posted N$2.119 billion, De Beers Marine N$2.4 billion, Dundee Precious Metals N$273.89 million, Navachab N$411.2 million, Rosh Pinah Zinc Corporation N$57 million, Rössing Uranium N$1.34 billion, Samicor Diamond Mining N$5.7 million, and Walvis Bay Salt & Chemicals N$9.9 million.
Conversely, several companies reported losses, including Andrada Mining (N$14.6 million), Langer Heinrich Uranium (N$1.289 billion), Namdeb Diamond Corporation (N$445 million), Orano (N$38.6 million), Swakop Uranium (N$1.62 billion), and Trigon Mining Namibia (N$241 million).
Breakdown of major tax contributors
Among the largest contributors, B2Gold paid N$169.5 million in royalties and N$1.212 billion in corporate tax.
De Beers Marine paid N$1.3 billion in royalties and N$2.2 billion in corporate tax.
Namdeb Holdings contributed N$1.773 billion in royalties and N$112 million in corporate tax.
Rössing Uranium paid N$192.6 million in royalties and N$339.9 million in corporate tax. Walvis Bay Salt & Chemicals contributed N$2.3 million in royalties and N$9.9 million in corporate tax.
Several companies paid royalties but not corporate tax, including Dundee Precious Metals, Swakop Uranium and Trigon Metals. Andrada Mining paid N$9.928 million in royalties but reported no corporate tax. Langer Heinrich Uranium, which was idle, paid neither.
Navachab, Namibia’s oldest gold mine, paid N$112.7 million in royalties without contributing corporate tax. Rosh Pinah Zinc Corporation paid royalties of N$36.7 million but no corporate tax.
Jobs, PAYE and government stakes
The mining sector’s contribution to employment also grew in 2023, with direct jobs rising by 12.6% to 18,189 from 16 147 in 2022. This included 8 950 permanent employees, 803 temporary workers, and 8 436 contractors.
Beyond direct taxes and jobs, mining also generates substantial secondary revenue for the state. In 2023, employees in the sector contributed approximately N$1.186 billion in Pay As You Earn (PAYE) tax, reinforcing the industry’s critical role in Namibia’s economy.
Namibia’s mining tax regime includes a 32% corporate tax rate, with non-diamond mining companies taxed at 37.5%. Royalties are set at 3% for precious, base and rare metals such as gold, copper and zinc, and 2% for industrial minerals like fluorspar. Value-added tax (VAT) stands at 15%, while non-resident shareholders are taxed at 20%.
Among the 15 companies reviewed, government shareholding is found in De Beers Marine (Namdeb Holdings, 100% owned, split equally between government and De Beers Group), Namdeb Diamond Corporation (Namdeb Holdings, government 50%, De Beers 50%), and Rössing Uranium (owned by China National Uranium Corporation 68.62%, Iran Foreign Investment Company 15.29%, Industrial Development Corporation of South Africa 10.22%, and the Namibian government 3.42%).
This dramatic increase was driven largely by soaring corporate taxes, which nearly doubled to N$3.967 billion – up 98.5% from 2022.
The sector’s strong profitability underpinned this growth, clearly demonstrating how state revenues benefit when mines operate at full capacity.
However, of the 15 mining companies operating in Namibia, only six paid corporate tax in 2023, while 11 paid royalties totalling N$3.828 billion. The jump in royalties, along with a 45% increase in export levies, was supported by stronger production, higher global prices for gold and uranium and a weaker exchange rate that boosted local earnings.
B2Gold leads as top taxpayer
B2Gold’s Otjikoto Mine emerged as the country’s single largest mining taxpayer in 2023, contributing a total of N$2.4 billion in direct taxes, royalties, export levies and non-resident shareholder taxes.
This accounted for over 40% of all mining tax contributions and represented 57% of the mine’s N$4.1 billion profit before tax.
Seven mining companies reported profits in 2023.
B2Gold Namibia posted N$2.119 billion, De Beers Marine N$2.4 billion, Dundee Precious Metals N$273.89 million, Navachab N$411.2 million, Rosh Pinah Zinc Corporation N$57 million, Rössing Uranium N$1.34 billion, Samicor Diamond Mining N$5.7 million, and Walvis Bay Salt & Chemicals N$9.9 million.
Conversely, several companies reported losses, including Andrada Mining (N$14.6 million), Langer Heinrich Uranium (N$1.289 billion), Namdeb Diamond Corporation (N$445 million), Orano (N$38.6 million), Swakop Uranium (N$1.62 billion), and Trigon Mining Namibia (N$241 million).
Breakdown of major tax contributors
Among the largest contributors, B2Gold paid N$169.5 million in royalties and N$1.212 billion in corporate tax.
De Beers Marine paid N$1.3 billion in royalties and N$2.2 billion in corporate tax.
Namdeb Holdings contributed N$1.773 billion in royalties and N$112 million in corporate tax.
Rössing Uranium paid N$192.6 million in royalties and N$339.9 million in corporate tax. Walvis Bay Salt & Chemicals contributed N$2.3 million in royalties and N$9.9 million in corporate tax.
Several companies paid royalties but not corporate tax, including Dundee Precious Metals, Swakop Uranium and Trigon Metals. Andrada Mining paid N$9.928 million in royalties but reported no corporate tax. Langer Heinrich Uranium, which was idle, paid neither.
Navachab, Namibia’s oldest gold mine, paid N$112.7 million in royalties without contributing corporate tax. Rosh Pinah Zinc Corporation paid royalties of N$36.7 million but no corporate tax.
Jobs, PAYE and government stakes
The mining sector’s contribution to employment also grew in 2023, with direct jobs rising by 12.6% to 18,189 from 16 147 in 2022. This included 8 950 permanent employees, 803 temporary workers, and 8 436 contractors.
Beyond direct taxes and jobs, mining also generates substantial secondary revenue for the state. In 2023, employees in the sector contributed approximately N$1.186 billion in Pay As You Earn (PAYE) tax, reinforcing the industry’s critical role in Namibia’s economy.
Namibia’s mining tax regime includes a 32% corporate tax rate, with non-diamond mining companies taxed at 37.5%. Royalties are set at 3% for precious, base and rare metals such as gold, copper and zinc, and 2% for industrial minerals like fluorspar. Value-added tax (VAT) stands at 15%, while non-resident shareholders are taxed at 20%.
Among the 15 companies reviewed, government shareholding is found in De Beers Marine (Namdeb Holdings, 100% owned, split equally between government and De Beers Group), Namdeb Diamond Corporation (Namdeb Holdings, government 50%, De Beers 50%), and Rössing Uranium (owned by China National Uranium Corporation 68.62%, Iran Foreign Investment Company 15.29%, Industrial Development Corporation of South Africa 10.22%, and the Namibian government 3.42%).
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