Nghimtina sends warning to mining firms

MINES and Energy Minister, Erkki Nghimtina, has warned against mining companies that are misusing Namibia’s mineral potential by speculating on stock exchanges abroad.

Nghimtina highlighted this during the annual dinner of the Chamber of Mines on Friday. “Some companies misuse the country’s mineral potential, political stability and its worldwide good standing within the mining community to mine and speculate on stock exchanges abroad.”This practice as well as landlocking would clearly tarnish Namibia’s good reputation and therefore cannot be condoned,” he cautioned.He also said that sterilisation of mineral deposits was unacceptable.Nghimtina said some companies keep applying for more exclusive prospecting rights while there was evidence they were not even doing enough work on the ones already granted to them.He said he was also aware that some companies failed to submit reports, as required by law or in compliance with certain conditions of such licenses to the ministry, yet those very companies would apply for more licenses or to renew the rights assigned to them.”I will refuse to grant, through a policy of use it or lose it, any rights to those who are not playing by the rules, and I shall take back, within the confines of the law, the rights of those who are not using them.I shall apply this principle to all irrespectively,” he warned.The minister reminded miners who recently acquired exclusive prospecting licenses (EPLs) that funds committed to a particular work programme on a specific license application must be deposited in a local financial institution.Nghimtina called upon the industry to respect and abide to the provisions of the applicable legislation.Nampa”Some companies misuse the country’s mineral potential, political stability and its worldwide good standing within the mining community to mine and speculate on stock exchanges abroad.”This practice as well as landlocking would clearly tarnish Namibia’s good reputation and therefore cannot be condoned,” he cautioned.He also said that sterilisation of mineral deposits was unacceptable.Nghimtina said some companies keep applying for more exclusive prospecting rights while there was evidence they were not even doing enough work on the ones already granted to them.He said he was also aware that some companies failed to submit reports, as required by law or in compliance with certain conditions of such licenses to the ministry, yet those very companies would apply for more licenses or to renew the rights assigned to them.”I will refuse to grant, through a policy of use it or lose it, any rights to those who are not playing by the rules, and I shall take back, within the confines of the law, the rights of those who are not using them.I shall apply this principle to all irrespectively,” he warned.The minister reminded miners who recently acquired exclusive prospecting licenses (EPLs) that funds committed to a particular work programme on a specific license application must be deposited in a local financial institution.Nghimtina called upon the industry to respect and abide to the provisions of the applicable legislation.Nampa