Namibia is set to increase the minimum threshold for local ownership in mining projects, moving beyond the current 10% requirement, Deputy Prime Minister and Minister Minister of Industries, Mines and Energy, Natangwe Ithete, announced on Monday.
“This means that any mineral rights granted must demonstrate that it is partly owned by Namibians,” Ithete said.
“I am pleased to state that of all the 12 mining licences issued during the last three years, all of them were subjected to the additional condition to ensure local participation, bringing local equity in the mining sector.”
The government, through state-owned enterprises such as the National Petroleum Corporation of Namibia (NAMCOR) and Epangelo Mining, currently maintains a 10% stake in most mining and oil ventures.
However, plans are underway to significantly increase this share.
NAMCOR had already signalled its intention last year to gradually expand its stake in oil and gas partnerships beyond the 10% mark.
Ithete has previously advocated for raising local ownership in mining to as high as 50%.
