| Namibia to Invest $910 Million in Energy Projects |
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| Monday,February 16,2009 Posted: 21:43 BJT(43 GMT) |
| From:the Namibian, February 13, 2009, by Agnieszka Flak Article type:Redistributed |
Namibia to Invest $910 Million in Energy Projects
(the Namibian, February 13, 2009, by Agnieszka Flak)
Namibia, a producer of gold, diamonds, uranium and copper, is investing around US$910 million in energy projects as rising demand with mine expansions in the country threatens to outstrip supply.
Namibia faces a short-fall of power and imports electricity from neighbouring South Africa, whose own mining industry was hit by electricity shortages last year.
The country is rolling out the nine billion Namibian dollar (US$910.4 million) investment programme to increase generation capacity, and expand and upgrade the transmission network, according to Fitch ratings agency.
Namibia's Deputy Mines and Energy Minister Bernhardt Esau said the plans include upgrading a thermal power station and building a new coal power plant.
Namibia produces 385 megawatts and maximum consumption at peak would be 520 megawatts, with an average demand at around 420 megawatts, according to industry data.
Namibia，one of three countries in Africa besides Niger and South Africa producing uranium， also plans to build a nuclear plant to supply the domestic market and the region.
Esau said the country had general talks with France's Areva, which is already mining uranium in Namibia, but would launch a tender process to select a company to build the plant.
In2007 the country was the world's six-largest producer of uranium with around 2879 tonnes， accounting for some eight percent of the world's output, according to the World Nuclear Association.
Namibia has said in the past it plans to open four new uranium mines by 2010 that will boost its output to 10 per cent of world production, in response to a boom in uranium exploration last seen during the energy crisis of the 1970s.
Weaker uranium prices and the global credit crisis will cut into uranium supply over the next few years but demand from utilities is expected to remain robust, lending support to the market.
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