Here's a little info on Epangelo Mining,the intended co owner of Swakop Uranium Mine............
IMO it may explain some of the recent weakness in the shareprice.Some are naturally suspicious of any govt involvement and may have decided to take profits now that the govt has registered its interest in participating in Swakop Uranium Mine??
Namibia: Government Planning Mining Charter 22 May 2009
Windhoek — The government is planning to establish a mining charter to enable black Namibians to take up stakes in mining and mining exploration companies, Minister of Mines and Energy Erkki Nghimtina said.
"The mining charter is coming," he said during a dinner of the Chamber of Mines of Namibia.
He said the Skorpion Zinc mine, owned by Anglo American, has already shown interest in the government initiative.
"Skorpion Zinc has told me that they are willing to involve black Namibians in their value adding (zinc refinery) venture," he said.
Nghimtina disclosed that the government has formed a mining exploration company that will explore for minerals in the country as part of its plans to take part in the mining industry.
"Epangelo Mining was thus created as a commercial entity, not different from any government company that we have in Namibia and it will operate on level playing field with all other exploration and mining companies active in Namibia," he said.
http://allafrica.com/stories/200905220661.html --------------------------------------------------------------------------------------------------- From the transcript of Nghimtina's speach.......
......"Let me in the same vein say a few words about the new Government mining company “Epangelo Mining”. It is true that so far Government has had the policy to leave exploration and mining to the private sector. However, at the same time Government was merely a spectator in the game, sitting on the bench and watching a non-renewable resource being taken out of the country without realizing all the benefits that could have come from the mining of this resource. Taking into consideration that in many other countries, governments actually participate in exploration and mining with substantial benefits to their people. “Epangelo Mining” was thus created as a commercial entity, not different from any other government company that we have in Namibia, and it will operate on level playing field with all the other exploration and mining companies active in Namibia.
It is therefore very unfortunate that some people in the exploration and mining fraternity have misread the efforts of Government to improve the benefits that the Namibian people can derive from mining as a step to take over the sector. I have been informed that in some instances panic was stirred to the effect that the negative – and for investments disastrous – term “nationalisation” raised its ugly head. Such rumors are not in the interest of the industry, nor are they in the interest of Government.
Value addition remains the Government’s focal point to transform raw materials into finished products. We started with Diamond cutting and polishing factories, though today the diamonds are hard hit by financial crisis, they are surviving with difficulties but we hope the situation will improve. Only one mining company, namely Scopion Zinc came straight forward to the Ministry to say they are ready to give a potion of their production for value addition if there is any company willing to venture into value addition on zinc. We are looking at other companies to come forward like Scopion Zinc"......
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