Martin Endjala
The Parliamentary Standing Committee on Natural Resources says that there is a need for Namibians to benefit from the accrued shares from the mine sectors and thus they are dismayed to have learned that Namibia does not have shares in a number of mines in the country. The committee has since called for the urgent identification of such mines, to be aligned with the rest.
Mining companies in which Namibia has no shares are seen as a good example to renegotiate better shares for Namibia, given that the mining sector is the main economic driver for Namibia and much needs to be done to ensure that it benefits Namibians.
This was said by the committee’s member, Maria Kamutali during a consultative engagement with the mine sectors (Dundee Smelter) last week.
“There is a need for all Namibians to benefit from the mineral resources of the country, the government should have a substantial share in mines,” she said.
The Parliamentary Standing Committee on Natural Resources has questioned government ownership in the mining and energy sector. The Committee questioned how the government is benefiting from the country’s mineral resources, especially from some mining companies where there are barely any shares for the government.
It is therefore the committee’s view that Namibians should be at the level of involvement at the mining level where they can benefit from the country’s mineral resources and be empowered to participate in exploration activities.
Kamutali further said that the Natural Resources Committee is firmly dismayed by the ten percent government share that the government benefit from very few mining companies and the low level of local ownership.
The Committee is, therefore, probing Mining Companies’ compliance with Environmental Regulations in the aspects of mining companies’ obedience toward Corporate Responsibilities in respective regions of operation.
The extension of local ownership in the mines and the environmental impact of mining and mitigating measures, as well as the effect of heavy mining equipment and transportation of harmful chemicals on national roads.
Meanwhile, President Hage Geingob during his state of the nation address said that in May 2022, the launch of the Welwitschia Fund, the first Sovereign Wealth Fund which aims to enhance national resilience and promote intergenerational prosperity, through the redistribution of benefits from our natural resource endowments, received N$300 million in seed capital from the Government and the Bank of Namibia.
Furthermore, the Fund will be managed by the Bank of Namibia while legislation to govern its operation, including thecapitalization of the Fund, is being put in place.
This is a milestone that all Namibians should be proud of.
The President also reaffirmed government’s commitment to the reform of Public Enterprises, including the commissioning of the Centralized Ownership Model and the establishment of a Holding Company structure.
Hence, the Namibian Public Enterprises Board Recruitment Guidelines have augmented the process of appointment of qualified and experienced Board Members without political interference.
