‘Don’t get nightmares about Epangelo’

LONDON – Trade and Industry Minister Hage Geingob has assured mining investors that they can ‘sleep peacefully’ and needn’t fear plans to give exclusive exploration and mining rights of strategic minerals to state-owned Epangelo.

‘Sleep peacefully if you have already acquired your mining rights in Namibia. No one will retract them from you,’ Geingob said at a breakfast meeting attended by businessmen from Namibia and the United Kingdom in London yesterday. Namibia is guided by a constitution and laws, he said.Geingob was responding to a question by the vice president of London-based EnerGulf Resources, Yves Neuville, who wanted to know whether the move by the Government to change mining laws will not hurt the mining sector.’What we have to know is that the country is rich, but the people are poor. And we need to change the laws so that the citizens can also enjoy the natural resources, and add value to them. ‘If you have a rich country but the people are poor, what would you do to them?’ Geingob said.’The policy is necessary to afford collective benefits to investors and citizens from the country’s natural resources,’ he said.He assured all investors at home and abroad that the new policy on mining is not in any way intended to have a negative impact on the industry, but is rather meant to ensure that all parties collectively benefit from these natural resources.’Namibia is an investor-friendly country, and will strive to maintain investor confidence at all times,’ he said. Last month, Mines and Energy Minister Isak Katali said existing mining laws would be changed as soon as possible to allow Epangelo exclusive exploration and mining rights of gold, diamonds, uranium, coal and rare earth metals. – Nampa

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