namibian players get all-clear on nationalisat

Namibian players get all-clear on nationalisation fears

The West Australian
May 11, 2011, 3:36 pm
The West Australian ?

Investors in Namibian-focused uranium players breathed a sigh of relief today with news from the country's government that it would not be moving to take full, or partial ownership of their operations and mining leases.

Investors in Paladin Energy, Extract Resources and Bannerman Resources were spooked late last month on reports that the Namibian government had declared uranium, copper, gold, zinc and coal "strategic minerals", meaning the State-owned mining company Epangelo would hold exclusive exploration and mining rights to them.

But each company reported today that the new policy would not apply to existing operations or exploration and mining leases.

Namibian's Mines and Energy minister Isak Katali also stated the proposed changes should in no way be construed to indicate that the government intended to nationalise the mining industry.

The Minister confirmed that existing mining licence applications would be considered under the existing procedures on their own merit.

Paladin shares closed up three cents at $3.44, Bannerman shares were up 1.5 cents, or 4.05 per cent, to 38.5 cents and Extract shares were off 30 cents, or 3.9 per cent, to $7.40.

http://au.news.yahoo.com/thewest/business/a/-/wa/9358583/namibian-players-get-all-clear-on-nationalisation-fears/