Namibia Says Revised Mining Act to Be Finalized by Year-End

(Bloomberg) -- Namibia will finalize revisions to its mining act by the end of the year, Mines Minister Tom Alweendo told a conference Tuesday in the capital, Windhoek.

The revisions under consideration include policies on environmental and social responsibility and ensuring the “legislation is sufficiently attractive to inspire new investment,” Alweendo said.

The country’s mining sector is currently governed mainly by the Minerals (Prospecting and Mining) Act of 1992, which is under review, and the Diamond Act of 1999.

Earlier this month President Hage Geingob scrapped a clause that proposed all businesses be at least a quarter owned by “racially disadvantaged people.”

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