Namibia Introduces Ban On Marine Phosphate Mining
News: The Namibian government has introduced a temporary moratorium on marine phosphate mining following concerns about the country ' s ocean life and fishing industry, Mining.com reports. The government stated that mining companies must wait for environmental studies to be completed before any further operations can take place. The ban , which has been set for 18 months, is expected to affect local companies Namibian Marine Phosphate and Namibia Phosphates .
BMI View: We have downgraded some of our growth forecasts to account for the current economic environment and the sharp crash in uranium prices experienced over 2013. The decline in prices has led to the postponement of several major uranium projects in the country and has pushed back investments. We expect Namibia's mining industry to reach US$1.30bn by 2017.