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Namibia's mining performance slacks

Windhoek - Namibia's mining sector performed weaker during the third quarter of 2014, as production of diamonds, uranium and zinc concentrate decreased, the country's reserve bank said Thursday.

"The unsatisfactory performance in mineral production was attributed mainly to bad weather conditions that affected offshore diamond production during the review period," the Bank of Namibia said in its quarterly review for the third term.

"Moreover, lower grades mined during the review period affected zinc concentrate production while uranium production remains significantly lower amidst lower international prices," the report noted.

The decline in uranium production was partly blamed on "technical challenges".

"Production decreased by 5.9% compared to the second quarter of 2014 to 914 tonnes, the lowest quarterly production in years," according to the bank.

The declining trend in uranium production since the fourth quarter of 2013 was a major concern as uranium mining was one of the major contributors to Namibia's gross domestic product (GDP).

Uranium prices averaged R358 per pound during the third quarter of 2014 compared to the average of R413 per pound during the third quarter of 2013, although an improvement of 3.7% was observed on a quarterly basis.

Diamond production decreased by 12.3% on a quarterly and annual basis to 446 637 carats during the third quarter of 2014.

The decline was partly due to bad weather that affected marine operations in July and August, and industrial action which started during the third quarter of 2014.

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