WINDHOEK, July 6 (Xinhua) -- Namibia's diamond mining is projected to maintain a high growth level during 2018 before contracting in 2019 due to depletion of onshore diamond deposits, according to an economic outlook from the country's central bank, Bank of Namibia (BoN), released on Friday.
According to the July outlook, diamond mining is projected to grow by 10.9 percent in 2018.
"This sector is then expected to contract by 5.3 percent in 2019 due to lower production from onshore mines during that year. In this regard, the Elizabeth Bay mine near Luderitz is expected to close down because it has not generated any profits in recent years," BoN added.
Furthermore the central bank said that DebMarine Namibia is expected to increase output significantly in the medium term, keeping the growth outlook for diamond mining positive from 2021 going forward.
Meanwhile looking at the other minerals mined in the south-western African country, BoN said that growth in uranium mining is projected to moderate during 2018 before accelerating in 2019 as output from Chinese owned-Husab mine increases.
Meanwhile, BoN said that growth in the metal ores sector is expected to moderate during 2018 and 2019 and to turn negative in the medium term.
