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CHAMWE KAIRA Namibia produced 561 000 carats of diamonds in the second quarter of this year compared to 633 000 carats in the first quarter. Diamonds are the country’s main foreign exchange earner. The figures were contained in the Anglo American production report for the second quarter ended 30 June 2024. Anglo American owns De Beers, which is a partner of the Namibian government in Namdeb and Debmarine Namibia. Production takes place in Oranjemund and on the seabed of the Atlantic Ocean. De Beers said production in Namibia decreased by 8%, reflecting planned vessel maintenance at Debmarine Namibia but said…

CHAMWE KAIRA Deep Yellow, the Australian company that is developing the Tumas uranium project told investors in a recent project update that Eastern European countries are embracing nuclear as ‘no other option, thereby improving the outlook of the uranium price on the international market. The company said the other factors that will increase the prices are the French company, Orano leaving Niger and the US Senate approving the bill to ban Russian uranium imports. Deep Yellow has also stated that windfarms are proving uneconomic with government auctions failing to attract investment. It gave an example of Europe’s largest onshore wind…

CHAMWE KAIRA Local companies listed on the Namibian Stock Exchange and the Johannesburg Stock Exchange have announced a number of changes to their boards of directors. Letshego Holdings Namibia Limited has appointed Jerome Mutumba as independent non-executive director effective 15 July 2024. Mutumba is a seasoned business executive and strategist with nearly 21 years of senior management experience across the financial and commercial sectors, including central banking, mining, and development finance. As a well-rounded corporate executive and business management strategist by training, Mutumba possesses authoritative expertise in all relevant areas of business management and has held high-level strategic responsibilities at…

De Beers will expand its flexibility for this month’s sight as the miner responds to the market downturn by limiting supply rather than lowering prices. The company will allow sightholders to remove certain goods from allocations of rough diamonds and request larger buybacks than usual, it told clients last week. The July sight comes amid rising inventories and falling prices in the polished sector, especially in India. De Beers’ customers expect the company to maintain rough-price levels to avoid flooding the market and having a further negative impact on polished. De Beers’ sales policies have been in the spotlight in…

Simonis Storm Securities has said despite the minor decline in new construction project proposals, the increased number of approved building plans indicates a higher approval rate, which could be attributed to a more efficient approval process or greater confidence among developers. More importantly, the substantial rise in completed building plans reflects a significant boost in construction activity and project completions, the firm said in a report. The report said Windhoek's focus on property expansions indicates a mature market with an emphasis on enhancing existing structures. “This trend suggests that homeowners and developers see more value in upgrading and expanding current…