{"id":46427,"date":"2023-06-06T20:02:54","date_gmt":"2023-06-06T20:02:54","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts"},"modified":"2023-06-07T15:14:53","modified_gmt":"2023-06-07T15:14:53","slug":"namibia-to-respect-mining-contracts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts","title":{"rendered":"Namibia to respect mining contracts"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Namibian government has no intention to seize any stake from existing mineral or petroleum licence holders and remain committed to uphold the sanctity of contracts.<\/p>\n

Mines ministry spokesperson Andreas Simon stated Namibians are and remain disadvantaged because they may not have the financial and other means to exercise their rights in relation to natural resources, as such the State as supreme owner of these resources may demand a certain minimum stake through public enterprises in any mineral or petroleum licences that may be issued in the future.<\/p>\n

The mining and energy sector has been attracting investors in Namibia after the country recorded three oil offshore discoveries and the ambitions in becoming the green hydrogen hub, that continues in gaining traction.<\/p>\n

Furthermore, the local economy relies heavily on the mining industry, with mining accounting for approximately 11% of the gross domestic product (GDP) and providing more than 50% of foreign exchange earnings.<\/p>\n

Namibia is a world-class producer of rough diamonds, uranium, gold, zinc, acid-grade fluorspar, copper, lead, limestone, cement, salt, and dimension stone and is prospective of lithium, graphite, cobalt and rare earths and other minerals that are now declared critical by many countries globally. New explorations and expansions confirm that the mining sector will continue to play a vital role in the Namibian economy. The spokesperson continued informing stakeholders that the Namibian people have a legitimate expectation of having a share of ownership in the exploration and mining of the country\u2019s natural resources. \u201cCognisant of the fact that many Namibians might not have the individual capacity or the requisite resources to realise these rights or expectations in their individual capacities, it would be just that the government acquire these rights on their behalf. The government will exercise these rights in a balanced way considering the interests of both investors and the Namibian nation,\u201d guaranteed Simon.<\/p>\n

He further assured current and potential investors that Namibia is a country governed by the principles of democracy and a rule of law as enriched in the constitution, which is enforced by an independent judiciary.<\/p>\n

Furthermore, while many Namibians are pushing for<\/p>\n

increased ownership of the country\u2019s natural resources, the Chamber of Mines said it vehemently opposed to the notion.<\/p>\n

The chamber\u2019s outgoing president, Hilifa Mbako, at their annual general meeting in April said increased local ownership will stifle exploration activities.<\/p>\n

Mbako, at the time said the chamber opposes the introduction of a mandatory 15% shareholding ownership retention by Namibians upon transfer or sale of their existing EPLs as announced by the mines ministry on 2 March 2021.<\/p>\n

\u201cThe policy would disincentivise exploration by Namibians and foreign investors. The resulting effective 15% free carry on EPLs, held by Namibian entities, makes them unattractive for investors to carry this burden without proportionate local financial contributions to fund exploration expenditure,\u201d lamented Mbako while delivering the 2022 report at the chamber\u2019s annual general meeting in Windhoek.<\/p>\n

He said investors will shy away from such transactions, resulting in unintended backlash and thereby defeating the very essence of the intended empowerment.<\/p>\n

Further, he noted despite many attempts at consultations and engagements with the minister in 2022, the chamber could not come to a common position on the matter \u2013 and the 15% ownership retention was subsequently accepted by the industry.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The Namibian government has no intention to seize any stake from existing mineral or petroleum licence holders and remain committed to uphold the sanctity of contracts. Mines ministry spokesperson Andreas Simon stated Namibians are and remain disadvantaged because they may not have the financial and other means to exercise their rights in […]<\/p>\n","protected":false},"author":84,"featured_media":46426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-46427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamibia to respect mining contracts - Namibia<\/title>\n<meta name=\"description\" content=\"The Namibian government has no intention to seize any stake from existing mineral or petroleum licence holders and remai ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia to respect mining contracts\" \/>\n<meta property=\"og:description\" content=\"The Namibian government has no intention to seize any stake from existing mineral or petroleum licence holders and remai ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-06T20:02:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-07T15:14:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/06\/sm_1686069328.591406.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia to respect mining contracts\",\"datePublished\":\"2023-06-06T20:02:54+00:00\",\"dateModified\":\"2023-06-07T15:14:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts\"},\"wordCount\":552,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/06\/sm_1686069328.591406.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-to-respect-mining-contracts\",\"name\":\"Namibia to respect mining contracts - 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