Minerals Development Fund of Namibia Act, 1996
Act 19 of 1996
- Published in Government Gazette 1386 on 15 August 1996
- Assented to on 26 July 1996
- Commenced on 15 August 1996
- [This is the version of this document from 1 November 2006 and includes any amendments published up to 1 December 2023.]
- [Amended by Public Enterprises Governance Act, 2006 (Act 2 of 2006) on 1 November 2006]
1. DefinitionsIn this Act, unless the context indicates otherwise -“Board” means the Minerals Development Fund Control Board established by section 4;“Fund” means the Minerals Development Fund of Namibia established by section 2;“mineral” means a mineral as defined in section 1(1) of the Minerals Act and includes -(a)a high value mineral, as so defined;(b)a precious stone; and(c)soil, sand, clay, gravel or stone referred to in paragraph (c) of the definition of “mineral” in subsection (1) of section 1 of the Minerals Act, whether or not the provisions of the Minerals Act apply to such soil, sand, clay, gravel or stone by virtue of a notice issued under subsection (2) of the said section 1;“mining sector” means any holder of a mineral licence or mining claim, as defined in section 1 of the Minerals Act, actually involved in reconnaissance or prospecting, mining or processing of a mineral;“Minister” means the Minister of Mines and Energy;“Ministry” means the Ministry of Mines and Energy;“Permanent Secretary” means the Permanent Secretary: Mines and Energy;“Sysmin Agreement” means the Financing Agreement entitled “Support programme to the mining sector of Namibia” entered into between the European Economic Community and the Government of Namibia and concluded on 17 March 1993 in terms of which -(a)the European Economic Commuity has granted to the Republic of Namibia an amount of 40 000 000 ECU to be partly lent, in terms of loan agreements prepared in the Ministry, to the mining sector in accordance with a portfolio of projects specified in that Agreement;[The word “Community” in the phrase “European Economic Community” is misspelt in the Government Gazette, as reproduced above](b)repayments on money so lent, including interest thereon, shall in terms of such loan agreements be paid into a revolving fund maintained by the Government of Namibia;“the Minerals Act” means the Minerals (Prospecting and Mining) Act, 1992 (Act 33 of 1992).
2. Establishment of Minerals Development Fund of Namibia
3. Objects of Fund
4. Management of FundThe Fund shall be managed by a board to be known as the Minerals Development Fund Control Board, which shall exercise the powers and perform the duties and functions conferred or imposed upon the Board by this Act.
5. General powers of BoardFor the purposes of achieving the objects of the Fund, the Board shall have power -
6. Constitution of Board and periods of office and conditions of service of members
7. Vacation of offices by members of Board
8. Chairperson and vice-chairperson of Board
9. Oath by members of Board
10. Preservation of secrecy
11. Duty of members of Board to declare interest in contracts of Fund
12. Performance of administrative work of Board and administration of Fund
14. Establishment of co-ordinating unit
15. Applications for, and implementation and administration of, loans or grants
16. Meetings and decisions of Board
17. Rules by BoardThe Board may make rules, not inconsistent with the provisions of this Act, in relation to
18. Banking account
19. Financial year, bookkeeping and auditing of books and accounts
20. Annual report
21. IndemnityA member of the Board or any staff member or person referred to in section 12 or 14 shall not be liable in respect of anything done bona fide under this Act.
22. Submission of matters by Board to Minister for decision
24. Liquidation of FundThe Fund shall not be wound up except by or under the authority of an Act of Parliament.
25. Short titleThis Act shall be called the Minerals Development Fund of Namibia Act, 1996.
History of this document
01 November 2006 this version
15 August 1996
26 July 1996
Cited documents 1
Documents citing this one 4
- Namibia Government Gazette dated 2013-05-31 number 5213
- Namibia Government Gazette dated 2016-03-04 number 5965
- Namibia Government Gazette dated 2018-09-10 number 6708