{"id":422422,"date":"2011-05-11T13:39:43","date_gmt":"2011-05-11T13:39:43","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/11\/katali-lays-into-foreign-miners\/"},"modified":"2011-05-11T13:39:43","modified_gmt":"2011-05-11T13:39:43","slug":"katali-lays-into-foreign-miners","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/11\/katali-lays-into-foreign-miners\/","title":{"rendered":"Katali Lays Into Foreign Miners"},"content":{"rendered":"
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\"The<\/a><\/p>\n

Jo-Mare Duddy<\/p>\n

11 May 2011<\/p>\n

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Namibia has become an “Eldorado of speculators and other quick-fix, would-be mineral explorers and mining developers”, Mines and Energy Minister Isak Katali said last night, adding that legislation will be changed “as soon as possible” to empower state-owned Epangelo Mining Company to share in the country’s strategic mineral riches.<\/p>\n

Although mining is one of the major contributors to the economy, its “contribution to government revenue is not commensurate with its share to the gross domestic product”, Katali said. Mostly, the country has to be content with royalties, he said.<\/p>\n

“That means that Namibia benefits from its natural endowment mainly through rent-seeking. This situation is untenable,” the Minister said.<\/p>\n

Katali called a press conference mainly to address the concerns of the Chamber of Mines of Namibia following the announcement in his budget speech recently that Cabinet has endorsed that uranium, gold, copper, coal, diamonds and rare earth metals be declared strategic minerals and that Epangelo has the exclusive exploration and mining rights of these.<\/p>\n

Vetson Malango, general manager of the chamber who attended the conference, told The Namibian afterwards that the Minister had responded in writing to all the concerns raised by the sector via the chamber last week.<\/p>\n

“I am relieved and happy that the Minister has kept his promise,” Malango said, adding that he will now “digest” Katali’s responses.<\/p>\n

In his media statement, Katali said since Namibia’s mining sector is “dominated by foreign multinational corporations a disturbing phenomenon has developed whereby ownership of the Namibian resources is sold through licences internationally on the back of the Namibian Government through speculative activities without Government deriving any benefits through sales taxes, value added taxes , or stamp duties”.<\/p>\n

The Minister lashed out at “alarmist reports of nationalisation”, saying they were “red herrings” Such reports are based on “African stereotypes”, he said.<\/p>\n

Pointing out a recent international report stating that the shares of Extract Resources, developer of the giant Husab uranium mine, rose sharply in anticipation of state-owned China Guangdong Nuclear Power Holding Corporation (CGNPC) taking over majority shareholder Kalahari Minerals, Katali said: “What is the difference between a Chinese state-owned company and a Namibian state-owned company?<\/p>\n

“International investment perception is still crowded by racial stereotypes!”<\/p>\n

The changes sought in the Minerals (Prospecting and Mining) Act won’t affect existing exploration and mining licenses, the Minister reiterated again.<\/p>\n

“There are however individuals and companies that have been granted mining licences for which no development has taken place for a very long time,” Katali.<\/p>\n

To speed the development of such projects, “it will be in the interest of both Government and [the] licence holder to look at a joint development agreement without negatively impacting the rights of the existing holder, but in the interest of the development of the resource”, he said.<\/p>\n

<\/p>\n

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\nKatali Lays Into Foreign Miners<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Jo-Mare Duddy 11 May 2011 Namibia has become an “Eldorado of speculators and other quick-fix, would-be mineral explorers and mining developers”, Mines and Energy Minister Isak Katali said last night, adding that legislation will be changed “as soon as possible” to empower state-owned Epangelo Mining Company to share in the country’s strategic mineral riches. 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