MELBOURNE (Reuters) – Namibia is considering taking minority stakes in mining and petroleum producers to reap more value from its mineral wealth, the African country’s mining minister told lawmakers, Bloomberg News reported on Tuesday.
“We are making a case that local ownership must start with the state, which holds ownership of our natural resources,” Minister of Mines and Energy Tom Alweendo told lawmakers on Monday, according to Bloomberg.
“The proposed state ownership should take the form where the state owns a minimum equity percentage in all mining companies and petroleum production, for which it does not have to pay,” he said, Bloomberg reported.
Namibia is a major producer of uranium and diamonds.
Shares in Australia’s Paladin Energy Ltd, which produces uranium in Namibia, entered a trading halt on Tuesday after falling as much as 24%.
(Reporting by Melanie Burton; Editing by Tom Hogue)
