Ministry eyes finalization of mining legislation before end of year
The Ministry of Mines and Energy is currently accelerating the review of the mining legislation and intends to finalize the review before the end of the year, according to an official.
The Minister of Mines and Energy, Tom Alweendo highlighted this on occasion of the two day expo Mining Expo and Conference that kicked off in Windhoek on Wednesday.
According to Alweendo, the ministry is going to continue developing investor favorable legislation that allows it to increase benefits from its mining resources while allowing profitability for investors.
“A factor that is important for the future sustainability of the mining sector is the mining legal framework under which mining activities take place. You cannot sustainably manage an important sector such as mining without an effective mining legislation that regulates the conduct between the State and the investors; between the citizens and the investors,” he said.
Alweendo said mining is a risky business that needs the country to take full advantage of its resources for development, especially in infrastructure.
At the same occasion the minister also called for the extractive industry to invest in the country’s education sector to develop a better skills base.
He encouraged the mining industries to invest in value addition as well as making sure locals benefit from their operations.
“Mining is by far the biggest contributor to our economy, contributing 14% to GDP. Our citizens are keen to know how they benefit from their resources. We need to look at the ownership, value addition and the fact that mining relies on external forces before moving on ways to tap benefits from our mining industry,” he said.
Meanwhile the minister highlighted that in 2018 the sector employed 16221 employees directly and 6681 as contractors.