Namibia won't scare off investors with equity unrealistic demands – Amutse

Industries, Mines and Energy Minister Modestu Amutse says the country cannot simply demand majority ownership of mining and petroleum projects without considering the realities facing investors risking billions of dollars.

Speaking on Network Television's The Agenda on Sunday, Amutse said while the government's ambition is to maximise Namibia's share of its natural resources, negotiations must produce a commercially viable outcome that benefits both the country and investors.

"Our interest is to have as much percentage as possible," Amutse said. "Ideally, we would want a 50-50 participation. But exploration is gambling. Investors are putting billions of dollars on the table without knowing whether they will find commercially viable resources. As a government, you have to manage that risk."

He warned that demanding excessive ownership at the outset could drive investors elsewhere.

"Companies would not invest with you if your policies make investment impossible. They would rather invest in neighbouring countries with more competitive policies. A good leader always makes comparisons with what is happening globally and balances national interests with the realities of the market."

The remarks represent a more measured position than proposals advanced last year under former minister Natangwe Ithete, who announced the government was pursuing mechanisms to require 51% Namibian ownership in all new mining ventures.

Addressing the 2025 Mining Expo in Windhoek, Ithete described majority local ownership as central to achieving equitable development, saying Namibia's mineral wealth had to deliver tangible benefits for all citizens.

The proposal, however, sparked immediate concern throughout the mining industry, with investors warning that it created uncertainty over Namibia's investment climate.

The Chamber of Mines of Namibia later revealed that some Namibia-linked mining companies listed on the Australian Securities Exchange were temporarily suspended following the announcement as markets reacted to fears over policy direction.

The uncertainty prompted the chamber to seek clarity from President Netumbo Nandi-Ndaitwah after unsuccessful engagements with Ithete.

According to former chamber chief executive Veston Malango, the President assured industry leaders during a September 2025 meeting that the proposed 51% ownership requirement was not formal government policy, helping to calm investor concerns.

Amutse's comments now provide the clearest indication yet that the government intends to pursue negotiated ownership structures rather than imposing fixed equity requirements across the sector.

The minister said the government already safeguards Namibia's interests through provisions in existing legislation and through the participation of the National Petroleum Corporation of Namibia (Namcor), which holds equity in petroleum licences under free-carry arrangements.

He explained that legislation also provides for government ownership to increase over time rather than immediately.

"After a certain period of operation, a percentage of that interest is transferred to the government until the government ultimately owns 100%," Amutse said.

Turning to Namibia's emerging oil industry, the minister said the country could be only months away from one of its most important investment milestones.

He revealed that negotiations with international oil companies have entered a decisive phase and expressed confidence that final investment decisions (FIDs) could be concluded within the next month or two if agreement is reached on commercial terms.

"We are negotiating our terms and their terms so that we create a win-win situation because, at the end of the day, we are talking business," he said.

If those negotiations conclude successfully, Amutse said Namibia remains on track to produce its first commercial oil by around 2029.

He pointed to optimism from operators including ReconAfrica and TotalEnergies, whose Venus discovery remains one of the country's most significant offshore finds despite technical challenges associated with ultra-deep-water production.



"Hopefully, if we find each other, within a month or two we should see the Final Investment Decision. If that happens, then by 2029 or thereabouts we should see the first drop of oil entering the market," he said.

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