Namibia has announced a 17% increase in it's mining tax to...

Namibia has announced a 17% increase in it's mining tax to 44%.

It looks like most miners are meeting with the government to discuss, but tension is mounting and everyone is concerned.

Quote from Vincent Algar, MD of Shaw River Manganese.

Vincent Algar, managing director of Shaw River Manganese, said: "We are saddened by the further damage to the previously excellent mining investment status of Namibia by this targeted tax increase. In the current uncertain global financial circumstances, Namibia should be looking to attract rather than chase away mining companies.

"We would prefer the use of investment incentives for the mining sector along with any tax changes that will inevitably lead to strong tax revenues and jobs growth over time as many new projects come on line in the future. This targeted change in tax serves only as an additional strong negative to mining investment. However, we look forward to engage with the government with our suggestions on incentives for the mining industry,"Algar said.

Tension mounts over mining tax

New tax will curb investment

Gw