Mines minister Iithete\'s 51% ownership plan sparks fears

A bold policy proposal requiring 51% local ownership in new mining ventures threatens to undermine Namibia’s appeal as a prime investment destination, the Chamber of Mines of Namibia has cautioned. The warning follows comments by mines minister Natangue Iithete in August, who advocated for the policy shift to boost local participation in the sector.

The Chamber highlighted that Namibia’s mining sector enjoys a broadly positive outlook, driven by robust global demand for key commodities. “Sustained high gold prices continue to bolster profitability and fiscal contributions, while uranium’s pivotal role in the global energy transition fuels optimism,” the Chamber said.

Projects such as Bannerman Energy’s Etango-8 uranium development, Reptile Mineral Resources’ Tumas uranium project, and Osino’s Twin Hills gold project underscore the sector’s growth potential, supported by favourable commodity prices. However, the proposed 51% local ownership mandate has sparked significant investor unease. “Policy uncertainty, particularly around mandatory local equity stakes, risks eroding Namibia’s hard-earned reputation as one of Africa’s most attractive mining jurisdictions,” the Chamber said.

The Chamber emphasised that regulatory stability is crucial to sustaining investor confidence and capitalising on the strong fundamentals of gold, uranium, and battery minerals. “Without a predictable policy framework, Namibia could jeopardise its ability to translate these opportunities into lasting economic growth,” it added.