Namibia considers taking stakes in mining and petroleum companies – by Kaula Nhongo (Bloomberg News – May 29, 2023)

Namibia is considering taking minority stakes in mining and petroleum production companies amid increasing concerns over local ownership of valuable resources.

“We are making a case that local ownership must start with the state, which holds ownership of our natural resources,” Mines and Energy Minister Tom Alweendo told lawmakers on Monday. “The proposed state ownership should take the form where the state owns a minimum equity percentage in all mining companies and petroleum production, for which it does not have to pay,” he said.

Namibia is one of Africa’s biggest producers of diamonds and largest of uranium. In February, Impact Oil & Gas Ltd. said it will start a multiwell drilling program in the country with TotalEnergies SE, which discovered oil offshore last year.

For the rest of this article:,local%20ownership%20of%20valuable%20resources.