Namibia allays fears it intends to grab minority holdings in existing resource entities
Namibia is not considering taking minority holdings in existing mining and petroleum firms, the ministry of mines and energy has said.
Mines and Energy Minister Tom Alweendo had previously told parliament that Namibia would target stakes in resource firms to maximise the value of its mineral endowment.
"The government has no intention of seizing any stake from existing mineral or petroleum licence holders and remains committed to upholding the sanctity of contracts," Reuters quoted the ministry as saying in a statement.
However, the ministry did not rule out the possibility of the government having minority ownership in future licences granted to resource businesses.
"The state as the supreme owner of these natural resources, may demand a certain minimum stake through public enterprises ... in any mineral or petroleum licences that may be issued in future," the ministry said.
Namibia is a major diamond producer and has considerable hard rock lithium deposits as well as uranium.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Namibia is not considering taking minority holdings in existing mining and petroleum firms, the ministry of mines and energy has said.
Mines and Energy Minister Tom Alweendo had previously told parliament that Namibia would target stakes in resource firms to maximise the value of its mineral endowment.
"The government has no intention of seizing any stake from existing mineral or petroleum licence holders and remains committed to upholding the sanctity of contracts," Reuters quoted the ministry as saying in a statement.
However, the ministry did not rule out the possibility of the government having minority ownership in future licences granted to resource businesses.
"The state as the supreme owner of these natural resources, may demand a certain minimum stake through public enterprises ... in any mineral or petroleum licences that may be issued in future," the ministry said.
Namibia is a major diamond producer and has considerable hard rock lithium deposits as well as uranium.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
