The minerals are (not) ours!

At least 11 of the 15 major mining companies operating locally are 80% or more foreign-owned - a stark contrast to the government’s target under the Sixth National Development Plan (NDP6), which aims to increase Namibian equity in mining ventures to 60% by 2030.The mining sector, which contributes over 13% to GDP, has been earmarked in NDP6 (2025–2030) as a key driver of economic transformation, job creation, and industrial development. The plan underscores the need to transition from primary extraction to value addition, beneficiation, and increased local participation.Yet, local equity ownership remains alarmingly low - and the roadmap to reverse this trend is unclear. While NDP6 lays out ambitious goals, it does not provide concrete mechanisms to ensure Namibians gain meaningful stakes in the sector without jeopardising investor confidence.Who owns what?At Rössing Uranium, Namibia’s second-largest uranium mine, the government owns just 3%, while the Islamic Republic of Iran - via the Iran Foreign Investment Company - holds 15.29%. Although the Namibian state maintains 51% voting rights through Epangelo Mining, this does not translate into financial control.At Husab Mine, the country’s largest uranium producer and China’s biggest single investment in Africa, Epangelo holds a 10% stake. The remaining 90% is controlled by Chinese investors.Kombat Copper Mine, operated by Trigon Mining Namibia, is 20% locally owned - shared between Epangelo and businessman Knowledge Katti’s Texel Mining. The rest belongs to Canadian shareholders.In the diamond sector, Namdeb Holdings - parent to both Namdeb and Debmarine - is the gold standard of local-foreign partnerships, with ownership split evenly between the Namibian government and De Beers.At the Etango uranium project, 95% of the equity is held by Australian company Bannerman Mining Resources. The remaining 5% was donated to the One Economy Foundation, founded by former first lady Monica Geingos.Rosh Pinah Zinc Mine in the south is 89.96% owned by UK-based Appian Capital Advisory LLP. Similarly, B2Gold's Otjikoto Mine is 90% Canadian-owned.Langer Heinrich, the country’s third-largest uranium producer, has no local ownership. Australia’s Paladin Energy holds 75%, with China’s CNNC Overseas Uranium Holdings holding the rest.At Uis Tin Mine, operated by Andrada Mining in Erongo, ownership is 100% South African. Trekkopje mine is fully French-owned by Orano, while Ongopolo Mining is 93.47% controlled by Consolidated Copper Corp, a company domiciled in the Seychelles. The Namibian state holds 6.53% through the Minerals Development Fund.The Tsumeb copper smelter, owned by Sinomine, is 98% Chinese-controlled, with 2% reserved for employees through a trust. At Navachab Mine near Karibib, Qatari and Polish investors hold 92.5%, with Epangelo owning the remaining 7.5%.Elizabeth Bay Mine, now operated by Sperrgebiet Diamond Mining, has 22% Namibian ownership following a majority sale to foreign investors.Only a handful of operations - Walvis Bay Salt & Chemicals, Sakawe Mining Corporation, and Lodestone’s Dordabis Iron Ore Mine - remain fully Namibian-owned.The equity-employment disconnectAccording to the NDP6 policy document, the mining sector’s high GDP contribution is at odds with its low employment absorption rate of just 2.6%, largely due to its capital-intensive nature. This has prompted the government to focus on strategies that promote skills development, value addition, and inclusive participation.“The intent is to transform the country into an upper-middle-income economy through high-quality growth and a diversified economy where manufacturing and services constitute a greater share,” the plan states.Among the key targets for 2030 under NDP6’s economic pillar is an ambitious drive to raise the national employment rate from the current 64% to 75%. The plan also aims to increase the contribution of secondary industries to GDP - from 15.6% to 25% - as part of a broader push to diversify the economy beyond raw mineral exports. In addition, the government seeks to boost Gross National Income (GNI) per capita from US$4,280 to US$6,900, thereby improving the overall standard of living and moving Namibia closer to upper-middle-income status.To achieve this, the government plans to increase sectoral productivity, especially in mineral-rich sectors, and “leverage green industrialisation” by using Namibia’s minerals in clean technology manufacturing - such as batteries and renewable energy components.Political pressure mountsThe lack of substantial local ownership is not just an economic concern - it is becoming a political issue as well.According to Fitch Solutions, a political risk consultancy, “a particularly poor electoral performance in November 2024 could also increase political pressure on Swapo to promote more local beneficiation in the mining industry and the nascent oil sector, including requirements for local employment and investment in local processing.”Swapo, Namibia’s ruling party since independence, secured only 53% of the national vote in the last election - its worst performance since the country’s first democratic poll in 1989.

The minerals are (not) ours!

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Namibian Sun 2026-01-29

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The minerals are (not) ours!

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Namibian Sun 2026-01-29

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