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(Nov 19, 2008) It was reported on November 6, 2008, that Erikki Nghimtina, the Minister of Mines and Energy of Namibia, has proposed an amendment to the Minerals Act of 1992 that seeks to boost state revenues through new royalties on mining companies for minerals mined in Namibia. According to Nghimtina, the amendment will put an end to the sale and export of mineral resources without royalties and remove restrictions on maximum royalties to be charged. The amendment also endows the Minister of Mines and Energy with the power to impose unrestricted windfall royalties, based on market fluctuations and profitability of mining operations, on holders of mining claims or licenses. (Law to Slap Levy on All Minerals Mined, THE NAMIBIAN, Nov. 10, 2008, available at http://allafrica.com/stories/200811100290.html.)
|Author:||Hanibal Goitom More by this author|
|Topic:||Natural resources More on this topic|
|Jurisdiction:||Namibia More about this jurisdiction|
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Last updated: 11/19/2008