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Improved mining output in ’22 and ’23 will be the primary driver of Namibia’s economic growth recovery. Mineral production data from the Ministry of Mines and Energy for 1H ’22 shows that this recovery is well underway, although largely for diamonds. The improved production across some commodities will not only drive economic growth, but will also improve revenues for the state. We thus expect non-tax revenues, largely from diamond royalties, to show a strong performance for FY ‘22/23.