Namibian mining tax hike will discourage investment, says industry body

Namibia’s Chamber of Mines wants the government to reconsider plans to impose a further 17% tax on exploration and mining firms in the southern African producer of diamonds and uranium, saying it would discourage investors.

Namibia said on Friday it would increase mining corporate tax to 44% for miners other than diamond producers.

“It is important… that any legislation that is implemented will not reverse the commercial viability of existing projects, or prevent investment in new exploration and mining projects,” the Chamber of Mines said in a statement.

Foreign firms are exploring in the southwest African country for gold, lead, zinc and iron ore.

Rio Tinto and Australian miner Paladin Energy are the current uranium producers in Namibia. (Reuters)

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