New MUN fund to protect mineworkers

09 December 2019 | Labour

The Mineworkers Union of Namibia (MUN) has announced its intention to establish a Just Transition Plan aimed at protecting mineworkers from the dire consequences of job losses during shifts in the economy.

In a statement last week, the union explained that this move is a long-term strategic plan that will be catalysed by the Namibia Miners Investment Trust (NAMMIT) transferring its 25% stake in the Namibian Mineworkers Investment to a special-purpose vehicle, held directly by the mineworkers who are members and ex-members of MUN. The statement states that the union will invest in a Venture Capital Fund (VCF) and will primarily invest in high growth companies tackling climate change and fourth industrial revolution (4IR) solutions.

“MUN will be the anchor partner in the fund and will be welcoming other limited partners such as pension funds, insurance funds, and sovereign wealth funds to invest. The fund will be managed by the Growth Catalyst Fund. In addition to the sale of shares to members, a loyalty and rewards company will be established for the benefit of members, ex members and their beneficiaries in order to leverage the members buying power,” the statement reads.

The union is convinced that this flagship project will contribute to the fast tracking of Namibia's national development commitments as well as ensure a just transition for employees impacted by climate change and the fourth industrial revolution. “To demonstrate its commitment to the Just Transition Plan, MUN through a strategic partnership with Monasa Advisory & Associates and the Growth Catalyst Fund together with Uhuru Energy, will be the first African workers' union to invest in the first smart agriculture farming module (SAFM) in Africa. SAFMs are innovative farming practices which use a combination of modern technologies to produce multiple outputs with different revenue streams. Some of the SAFMs outputs already have multiple off take agreements in principle, for export markets, and for local consumption which provides import substitution potential for Namibia. This will also improve the balance of payments and alleviate undue reliance on imports.”

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