Namibia’s Plan to Get a Piece of the Mining Action

Namibia is thinking about getting a piece of the action in mining and petroleum companies to make more money from its mineral riches. The mining minister, Tom Alweendo, told lawmakers that the government wants to own a bit of all the mining and petroleum companies without having to pay for it. This news made the shares of Aussie miners drop, especially Paladin Energy Ltd, which produces uranium in Namibia. Bannerman Energy and Deep Yellow also took a hit. The government hasn’t said how much it wants, but they’re being careful not to scare off investors. Last year, TotalEnergies and Shell found oil and gas off the coast of Namibia. Looks like Namibia wants a bigger slice of the pie!

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