Namibia says will not grab stakes in existing resource firms

1st June 2023

By: Reuters


Font size: - +

Namibia is not considering taking minority stakes in mining and petroleum producers already operating in the country, the ministry of mines and energy said on Thursday, clarifying earlier comments by the mining minister.

Minister of Mines and Energy Tom Alweendo was quoted as telling lawmakers on Monday that Namibia would target stakes in resource companies to reap more value from its mineral wealth.

"The government has no intention of seizing any stake from existing mineral or petroleum licence holders and remains committed to uphold the sanctity of contracts," the ministry said in a statement.

The ministry, however, did not rule out the government taking minority stakes when granting licences to resource firms in the future.

"The state as the supreme owner of these natural resources, may demand certain minimum stake through public enterprises ... in any mineral or petroleum licences that may be issued in future," the ministry said.

Namibia is one of the biggest uranium producers in the world. It is also a major diamond producer and has significant hard rock lithium deposits.

Edited by Reuters


The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?