Namibian mining sector edgy over the implementation of empowerment law

 Namibian mining sector edgy over the implementation of empowerment law

Namibian mining sector edgy over the implementation of empowerment law.

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WINDHOEK-Namibia chamber of mines, a representative board of mining companies in the country is edgy over the delay in finalising the New Equitable Economic Empowerment Bill (NEEEF) which is set to push for improved local participation of the previously disadvantaged population in key sectors of the economy.

The Bill is part of President Hage Geingob’s Government’s policy in dealing with unequal distribution of national resources as well as open up the economy to broader participation by all citizens.

Chamber of Mines Namibia, President, and Zebra Kaseta said “The chamber is gravely concerned with the delays in finalising the legislation and the subsequent perpetuation of uncertainty as illustrated by Namibia’s poor performance in the Fraser Institute rankings in recent years. The chamber is prepared to work with Government in this regard as demonstrated in our resolve to be proactive with the transformation agenda through the mining Charter.”

Kaseta also commended the Namibian Government’s decision to grant the country’s largest diamond Producer Namdeb a tax relief last year at the height of the Covid 19 pandemic to allow it ample time to recover.

He said the move has gone a long way in breathing life into the diamond production industry which is Namibia’s economic backbone and major forex earner.

According to Kaseta who was addressing role players in the Namibian mining sector including investors, government, and financiers, the Namibian mining industry also remained the country’s top foreign currency earner.

The Namibian Chamber of mines boss also said the mining industry continues to be the largest contributor to government through royalties and corporate tax adding that the strong performance in the industry was spearheaded by the high demand for diamonds as well as major investments in the uranium sector which has improved direct exports to China and other parts of the world.

He said while most companies in the Namibian mining industry have managed to steer through the difficult times, Covid 19 inflicted serious revenue losses in the industry.

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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