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Erasmus Shalihaaxwe The HyIron Oshivela project has contributed over N$90 million to Namibia’s economy in just one year, according to the minister in the presidency, Christine //Hoebes. Speaking at the project’s reveal event this week, the minister highlighted how the project is benefiting local communities, with more than 17% of its value staying within Namibia. Located 100 kilometres east of Swakopmund, the HyIron Oshivela project is set to be the first industrial production of iron with net-zero emissions, using advanced HyIron technology. ‘’Today marks a pivotal moment as HyIron reveals and sets in place a 12MW electrolyzer—potentially the largest modern…

CHAMWE KAIRA Andrada Mining Limited spent N$481 million on Namibian suppliers, representing 95% of total procurement expenditure, the company said in its sustainability report for the financial year ended 29 February. Andrada is listed on the London Stock Exchange (AIM) and has mining assets in Namibia. Andrada strives to produce critical raw materials from a large resource portfolio of critical metals, including lithium, tin, tungsten, copper and tantalum. These metals are important enablers of the green energy transition and essential for components of electric vehicles, solar panels and wind turbines. The report said during the financial year, it produced 910…

CHAMWE KAIRA The Momentum Group’s Africa’s earnings largely benefited from a lower claims ratio and favourable investment income on the back of good returns on shareholder assets, predominantly in Namibia, the group said in an operating update for the three months ended 30 September. The group claimed that rising costs partially offset this result. Africa’s mortality experience remained in line with expectations for most countries, the group said. The present value of new business premiums (PVNBP) improved by 25% to N$870 million, largely following higher retail sales in Namibia and Botswana and higher corporate sales in Lesotho, the operating update…

CHAMWE KAIRA Namibia Asset Management (NAM) has announced that assets under management (AuM) increased by 19.5% to N$20.2 billion (September 2023: N$16.9 billion) for the year ending 30 September 2024. “The operating environment has been volatile and challenging for several years. During this time, NAM’s long-term investment approach and track record, together with prudent expense management, have delivered value to clients and shareholders. We remain excited by the return prospects available to active managers,” the company said. Looking ahead, NAM said it remains confident and has positioned the company for continued success in a demanding landscape. “We believe that investors…

October demonstrated an impressive upturn in total new vehicle sales, reaching 1 145 units. This represents a 24.6% year on year increase from 919 units in October 2023 and a notable 15.9% month on month rise from September 2024. Historically, October vehicle sales have typically fallen below the 1 000-unit threshold; however, this year's outperformance is primarily attributable to pre-year-end tax-related purchases. This surge suggests heightened activity among both businesses and individuals seeking to optimize tax benefits before fiscal year closure. Commercial vehicle sales remained the primary driver of the market, accounting for 55% of total vehicle sales, with 631…

CHAMWE KAIRA The South African government has noted and welcomed S&P’s decision to revise South Africa’s outlook to positive from stable and affirm the sovereign’s long-term foreign and local currency debt ratings at ‘BB-’ and ‘BB,’ respectively, the government said in a statement on the Johannesburg Stock Exchange. According to S&P, the positive outlook reflects the agency’s view that increased political stability following the May 2024 general elections and impetus for reform could boost private investment and GDP growth. S&P expects that South African GDP growth will increase to 1.4% over 2025–2027 from 1% in 2024 as electricity load-shedding has…