Blog – Page 530 – Windhoek Observer

08 Mar

Dundee Precious Metals sold for N$910 million

National NewsDundee Precious Metals sold for N$910 million

Martin Endjala Dundee Precious Metals (DPM) has announced that it has entered into a definitive share purchase agreement for the sale of its Tsumeb Smelter in Namibia for N$910 million to a Chinese company, the Sinomine Resource Group. The sale includes all its associated assets and liabilities, through the disposition of all of the issued and outstanding shares it indirectly holds in Dundee Precious Metals Tsumeb Holding (Pty). “We are pleased to announce the sale of the Tsumeb smelter, which is consistent with our strategic objective of focusing on our gold mining assets and simplifying our portfolio going forward. We…

08 Mar

Letshego borrowing reaches N$3.1 Billion

Observer MoneyLetshego borrowing reaches N$3.1 Billion

Local borrowing by Letshego Holdings (Namibia) increased to N$ 3.1 billion in the year ended 31 December 2023 as the company undertook to finance growth and decrease reliance on parent funding. The company said in its financial results that it has been progressively implementing its digitalisation strategy in line with our ambition to grow market share. These sentiments were expressed by Chief Executive Officer, Ester Kali and Chairperson, Mansueta-Maria Nakale. Further, customer deposit mobilization continued in 2023 with growth from N$536 million at the end of 2022 to N$828 million at the end of 2023. The group remains optimistic about…

08 Mar

Underdog Namibia Faces Tough Challenge in Debut Futsal Appearance

SportsUnderdog Namibia Faces Tough Challenge in Debut Futsal Appearance

In a surprising turn of events, Namibia and Mauritania have been drawn against powerhouse teams Egypt and Libya in Group B of the CAF Futsal Championships. This marks the first time Namibia and Mauritania have been pitted against such formidable opponents. The draw, which took place in Morocco on March 7, 2024, Namibia, making its debut appearance in the Futsal Championships, faces an uphill battle as they prepare to take on three-time champions Egypt and one-time winners Libya. Namibia’s opening match on April 11, 2024, in Rabat will be a crucial test for the fledgling team. With limited experience on…

08 Mar

Just Saying with Matts Haikali

Opinions, SportsJust Saying with Matts Haikali

Am just saying The recent announcement of a budgetary increase in the sport ministry budget is a welcome development that brings a glimmer of hope to the sporting community in our nation. Am just saying, for years, the sports sector has been neglected, with glaring disparities and challenges that demand urgent attention. However, the increase in budget allocation signifies a potential shift in the administration of sports and holds the promise of addressing long-standing issues within the sector. Am just saying, one of the most promising aspects of this budgetary increase is the acknowledgment of the need for a revamped…

08 Mar

Celebrating 40 Years of Volleyball Excellence with the DOC Tournament

Sports

In a celebration of four decades of volleyball, the Namibia Volleyball Federation (NVF) is gearing up to host the 40th anniversary of the esteemed DOC Tournament. Scheduled to take place at the MTC Dome in Swakopmund on March 30th and 31st, 2024, this event marks a pivotal milestone in Namibian volleyball history. Named in honor of Dr. Juergen Munz, affectionately known as Doc, a distinguished dentist and pioneer of Namibian volleyball during the 1970s and 1980s, the DOC Tournament holds a special place as a historical cornerstone in the country’s sporting landscape. Bank Windhoek, the principal sponsor for the past…

08 Mar

With capitalism shall there one day ever be no more hunger, shacks in Namibia?

Opinions

THERE are two unpalatable truths that must sooner rather than later dawn on the leaders of the South. As much as the world economic order is no longer based on and determined by the East and West polarity, the cold war as was then, the world is still very much based on the rich and poor, with the South, richly endowed naturally as it may be, still being poor and destined to given the status quo of the world economic order of so-called equality. While the North, that has been siphoning off the natural resources of the South, continuing to…

08 Mar

Namibia Dairies taking steps to conserve water

Observer Money

The City of Windhoek recently said the current estimates indicate that the Central Area of Namibia (CAN) will not have an adequate water supply to bridge the next two rainy seasons. Observer Money asked Namibia Dairies how it plans to cope with the situation. Observer Money (OM): What has Namibia Dairies done since the last drought to conserve water? Namibia Dairies (ND): Considering the challenges posed by recurrent drought conditions in our region, Namibia Dairies, a subsidiary of the Ohlthaver & List (O&L) group, has been unwavering in our commitment to water conservation. This dedication is not only a reflection…

08 Mar

Namibia had positive impact on Santam earnings

Observer Money

South Africa remains Santam Limited most significant contributor to Gross Written Premium (GWP) at 84% (2022: 85%), with GWP from this market increasing in line with inflation by 5% to R31.5 billion (2022: R30 billion). GWP from outside South Africa, written on the Santam Ltd and Santam Namibia Ltd licences, made up 16% (2022: 15%) of total GWP and grew by 7% to N$5.8 billion (2022: N$5.5 billion). Santam said growth in the proportion of business written outside of South Africa was hampered by the cancelled business at Santam Re. Santam said it once again demonstrated its resilience, achieving strong…

08 Mar

Guarantees to public enterprises reach N$9.3 billion

Observer Money

Government guarantees extended to public enterprises are expected to increase slightly to N$9.3 billion in the 2024/25 financial year compared to the revised estimate of N$9.1 billion in the 2023/24 financial year. Of these guarantees, N$2.2 billion was issued to domestic financial institutions while N$7.1 billion is issued to foreign lenders. For the subsequent years of the Medium Term Expenditure Framework (MTEF), total government guarantees are expected to rise to N$9.8 billion. The newly issued guarantees in the 2023/24 financial year were in support of entities such as Meatco and Namcor for business rescue and recapitalisation, and the Namibia Student…

08 Mar

Extra 110MW for power grid

Observer Money

CHAMWE KAIRA Namibia’s electricity’s supply is expected to have an additional 110MW locally generated supply by 2025. “This will be supported by more than three renewable energy power project expected to come-on stream by the end of 2025 with a combined power supply of around 110MW,” budget documents showed. The water and electricity sector is set to grow in 2024 and 2025. There are some developments around the solar powered storage-battery system pilot project to cater for the intensity of the UV rays in Namibia, as the current battery systems are not suitable to the Namibian climate as well as…