Foreign investors can acquire only up to 85% of a mineral licence held by a Namibian licence holders.
"1. Definitions.
(1) In this Act unless the context indicates otherwise -[...]
“mineral licence” means a reconnaissance licence, an exclusive prospecting licence, a mining licence or a mineral deposit retention licence and includes the renewal of any such licence;
[...]
PART VIII -  General provisions relating to mineral licences
46. Persons who may apply for, or for transfer of, mineral licences or for approval to grant, cede or assign interests in such licences or to be joined as joint holders of such licences or interests.
(1) Subject to the provisions of this Act, a mineral licence shall not be granted or transferred or any interest in such mineral licence be granted, ceded or assigned to any person other than -
(a) a company; or (b) a Namibian citizen who has reached the age of 18 years and who, in the opinion of the Minister, is a fit and proper person to hold such licence, and no person other than such person shall be joined as a joint holder of any such mineral licence or interest.
47. Applications for, or for renewal or transfer of, mineral licences, or for approval for grant, cession or assignment of interests in mineral licences, or to be joined as joint holders of such mineral licences or interests.
(1) Subject to the provisions of this Act, an application for –
(a) a mineral licence or the renewal thereof; (b) the amendment of a mineral licence; or (c) the approval of the Minister for the transfer of a mineral licence, or the grant, cession or assignment of any interest in any mineral licence, or to be joined as a joint holder of a mineral licence or such interest, shall be made to the Minister in such form as may be determined in writing by the Commissioner and shall be accompanied by such application fee and such licence fee as may be payable in respect of the licence period or first licence period, as the case may be, of such licence as my be determined under section 123.
(2) Subject to the provisions of this Act, the Minister -
(a) may grant on such terms and conditions as may be determined in writing by him or her, or refuse to grant, an application referred to in subsection (1); or
(b) shall grant an application for the transfer of a mineral licence referred to in paragraph (c) of subsection (1) where such mineral licence is to be transferred from a company which is the holder of such mineral licence to a company which is controlling, controlled by or under common control with such holder, if the Minister is on reasonable grounds satisfied that such holder is not contravening or failing to comply with the terms and conditions of such licence or any other mineral licence held by it or any provision of this Act.[...]" (MINERALS (PROSPECTING AND MINING) ACT No 33 of 1992, as amended)
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“In terms of the powers vested in the minister under section 47(2) (a) of the Minerals (Prospecting and Mining) Act 1992 (Act No. 33 of 1992), the minister hereby determines that as of April 1, 2021, applications submitted by Namibian license holders for the transfer of mineral licenses, or the cession or assignment of interest in a mineral license may be granted subject to the condition that 15 percent interest in the license must be retained by Namibians,”" (Public Notice, Ministry of Mines and Energy, 2 March 2021)
MINERALS (PROSPECTING AND MINING) ACT No 33 of 1992, as amended
Public Notice, Ministry of Mines and Energy, 2 March 2021
[<a href="https://namiblii.org/akn/na/act/1992/33/eng@2008-12-29#sec_47">Act</a>],[<a href="https://www.mme.gov.na/files/publications/eb0_Public%20Notice_Effective%201%20April%202021.pdf">Notice</a>]