Legal Framework
Namibia’s mining industry is regulated by the Diamond Act, 1999; the Minerals (Prospecting and Mining) Act, 1992; and the Minerals Development Fund of Namibia Act of 1996. The petroleum sector is governed by the Petroleum (Exploration and Production) Act, 1991; the Petroleum (Taxation) Act, 1991; the Petroleum (Exploration and Production) Amendment Act, 1993; the Petroleum Laws Amendment Act, 1998; the Model Petroleum Agreement, 1998; and the Petroleum Products and Energy Amendment Act, 2000.
In 2006, the Government confirmed a royalty schedule that originally had been introduced in 2004. A 3% royalty was levied on the market value of base, precious, and rare metals and nonnuclear mineral fuels. A 2% royalty was levied on industrial minerals and nuclear mineral fuels.
Read more about this topic: Mining In Namibia
Famous quotes containing the words legal and/or framework:
“I have spent all my life under a Communist regime, and I will tell you that a society without any objective legal scale is a terrible one indeed. But a society with no other scale but the legal one is not quite worthy of man either.”
—Alexander Solzhenitsyn (b. 1918)
“Most young black females learn to be suspicious and critical of feminist thinking long before they have any clear understanding of its theory and politics.... Without rigorously engaging feminist thought, they insist that racial separatism works best. This attitude is dangerous. It not only erases the reality of common female experience as a basis for academic study; it also constructs a framework in which differences cannot be examined comparatively.”
—bell hooks (b. c. 1955)