Nam mining licence loophole closed

04 March 2021 | Business

From the beginning of April this year, Namibians who hold mineral licences will no longer be allowed to transfer it to foreign companies or persons without retaining an interest of at least 15% in local hands. Current legislation doesn’t prohibit Namibian licence holders to apply to the mines and energy ministry to transfer 100% of these licences to foreigners. The ministry just released a public notice saying: “In terms of the powers vested in the minister [Tom Alweendo] under section 47(2)(a) of the Minerals (Prospecting and Mining) Act 1992 (Act No. 33 of 1992), the minister hereby determines that as of 1 April 2021, applications submitted by Namibian licence holders for the transfer of mineral licences, or the cession or assignment of interest in a mineral licence may be granted subject to the condition that 15% interest in the licence must be retained by Namibians.” Photo Nampa/AFP

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