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Namibian Mineral License Holders To Retain 15% Of Approved Transferred Licenses

An employee watches extraction of mining material and road building work at Mining Area One in the southern coastal mines on the Skeleton Coast near Oranjemund, Namibia, on Tuesday, June 13, 2017. The world’s biggest diamond producer has spent $157 million on a state-of-the-art exploration vessel that will scour 6,000 square kilometers (2,300 square miles) of ocean floor for gems, an area about 65 percent bigger than Long Island. Photographer: Simon Dawson/Bloomberg via Getty Images

 

Namibian mineral license holders intending to transfer mineral licenses to foreign companies or entities as of April 1 can only do so if they retain a 15 percent interest in the license, the Ministry of Mines and Energy announced Wednesday.

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“In terms of the powers vested in the minister 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 April 1, 2021, applications submitted by Namibian license holders for the transfer of mineral licenses, or the cession or assignment of interest in a mineral license may be granted subject to the condition that 15 percent interest in the license must be retained by Namibians,” the ministry said in a statement.

 

The ministry’s spokesperson Andreas Simon told Xinhua that the current legislation did not prohibit license holders to apply to transfer 100 percent of their license.

 

“The amendments have been put so that Namibians can not just transfer 100 percent of the license, but can also retain a percentage in the license,’ he said.

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Written by PH

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