Extract: Proposed Namibia Mining Policy Won't Hit Husab Project
02 Mai 2011 - 1:33AM
Dow Jones News
Australia's Extract Resources Ltd. (EXT.AU) said Monday it's
confident that proposed changes to Namibia's mining policy won't
adversely affect its US$1.48 billion Husab project, one of the
world's largest untapped uranium deposits.
Shares in Perth-based Extract fell sharply last week after
Namibian Mines and Energy Minister Isak Katali said uranium,
copper, gold, zinc and coal have been declared strategic minerals
to allow for exclusive exploration and mining of them by Epangelo
Mining Co.
"Extract continues to have regular and positive consultation
with the government of Namibia in relation to its Husab uranium
project," the company said in a statement to the Australian
Securities Exchange.
It added the permit area that covers the Husab project in
Namibia was recently renewed for a further two years through the
end of April 2013.
Namibian President Hifikepunye Pohamba in his state of the
nation speech Wednesday said he planned to introduce new mining
legislation later in the year that would target strategic
resources. "Legislation will be introduced to ensure that strategic
minerals are exploited with the participation of the public
sector," he said.
The comments come at a time when South Africa, from which
Namibia gained its independence in 1990, is discussing a greater
role for the government in the mining industry and the possible
nationalization of assets. The nationalization debate is being
driven by the youth wing of the governing African National Congress
and has been dismissed by among others Susan Shabangu, minister of
mineral resources.
Extract said it endorsed an Apr. 29 statement from the Chamber
of Mines of Namibia, which expressed concern over Katali's comments
in parliament about the proposed changes to mining policy more than
a week earlier.
The Chamber of Mines of Namibia had been assured by the minister
that any changes wouldn't affect mining licenses already in issue,
Extract said.
However, Katali hasn't yet confirmed this position in a press
conference.
-By David Winning, Dow Jones Newswires; +61-2-82724688;
david.winning@dowjones.com
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