The Namibia East China Minerals Exploration and Development company has discovered huge deposits of iron ore in the southern African country.
The Namibian News Agency (NAMPA) quoted the Chinese miner as saying that the deposit contained 2.37 billion tonnes of iron ore and had a lifespan of about 100 years.
Namibia’s deputy industry minister Tjekero Tweya said he would visit China to continue with negotiations on the development of the iron ore.
Until now, Namibia had been mainly known for its huge diamonds and uranium deposits.
The Kimberley Process said that Namibia produced 1.25 million carats last year and exported 1.4 million carats at an average price of $572.93 per carat helping it realise $800 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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