27
May
The latest tensions between the Chamber of Mines of Namibia and the government over proposed local ownership requirements should not surprise anyone. Across the developing world, nations rich in natural resources are increasingly asking a simple but important question: who truly benefits from the wealth beneath the soil? According to the Chamber’s latest industry review, relations became strained after the Ministry of Industries, Mines and Energy proposed a mandatory 51% local ownership threshold for future mining licences. Predictably, concerns were raised within the mining industry about investor confidence, capital flight and the potential chilling effect on foreign direct investment. These…
