Antinuclear

Australian uranium mining shares tumble as Namibia wakes up to foreigners’ exploitation

 comments Minister of Mines and Energy Isak Katali made in parliament last week about the Namibian people deserving to benefit more from the country’s resources have set some investors’ nerves on edge.

Extract Resources shares drop onNamibia government plan, Apr 28,2011 MELBOURNE (Reuters)…http://af.reuters.com/article/investingNews/idAFJOE73R06E20110428

Namibia nationalisation anxiety knocks uranium miners TORONTO (miningweekly.com) 29 April 11,  – Uranium miner Paladin Energy moved to calm investors after its shares tumbled 7,4% on the TSX over reports that Namibia’s state-owned mining company wanted to claim all uranium mining rights, as well as other “strategic” materials…

….. comments Minister of Mines and Energy Isak Katali made in parliament last week about the Namibian people deserving to benefit more from the country’s resources have set some investors’ nerves on edge.

Concerns are likely heightened by the ongoing rhetoric regarding mines nationalisation out ofSouth Africa, from which Namibia claimed its independence 21 years ago.

Though the calls have mainly come from ANC Youth League president Julius Malema, and have been slammed by high-ranking officials including Mineral Resources MinisterSusan Shabangu, mining companies still worry.

Namibia, following South Africa’s example, is also establishing a state-owned mining company……. the government may look to use its mining company to take paid-for minority stakes in new mines build in Namibia.

Namibia is the world’s fourth-largest producer of uranium oxide, representing some 10% of global yellowcake production, according to the US Department of State….http://www.miningweekly.com/article/namibia-nationalisation-anxiety-knocks-uranium-miners-2011-04-28

April 29, 2011 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, politics international, uranium