Overview

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Mining is the biggest contributor to Namibia's economy in terms of revenue. It accounts for 25% of the country's income. Its contribution to the gross domestic product (10.4% in 2009) is also very important and makes it one of the largest economic sectors of the country. 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.

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