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WINDHOEK — Diamond and uranium producer Namibia said on Wednesday that locals who own mineral exploration licenses will no longer be able to sell out to foreigners, in a move aimed at curtailing speculation in the sector.
Mines and Energy Minister Tom Alweendo told Reuters that effective April 1, Namibian mining exploration license holders will be required by law to retain at least a 15% stake.
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Namibia moves to curb mining speculators, boost local ownership Back to video
“For a Namibian to sell their entire stake in an exploration license means they are not interested in mining but just want to make money,” Alweendo said in a telephone interview.