NAMIBIANS holding mineral licenses will no longer be allowed to transfer all their rights to foreign companies or entities.
The Ministry of Mines and Energy in a statement said that from the beginning of April this year, Namibian mineral license holders must retain a 15% interest in the license or transfer that interest to local companies or entities.
In the mines ministry’s notice, it states that Minster Tom Alweendo, under section 47(2)(a) of the Minerals (Prospecting and Mining) Act 1992 (Act No. 33 of 1992), determined 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.
The new condition was introduced because the legislation as it stands now, does not prohibit Namibian mineral license holders to transfer 100% of their rights to foreign companies or entities without permission from the Ministry of Mines and Energy.