Observer Money

Julia Heita  Oryx Properties Limited has received an upgraded national scale credit rating from Global Credit Ratings (GCR), moving to BBB+(NA)/A2(NA) with a stable outlook. The new rating reflects the company’s financial position and growth strategy. Chief Executive Officer Ben Jooste welcomed the news, saying the upgrade confirms the company’s efforts in expanding its portfolio and maintaining solid financial controls. “This ratings upgrade reflects our successful expansion strategy, improved portfolio quality and sound financial management,” said Jooste. Jooste said Oryx Properties has grown its property portfolio to N$4.2 billion while maintaining conservative gearing and strengthening its performance metrics. “The vacancy…

Hertta-Maria Amutenja  Debmarine Namibia has opened its first permanent exhibition at the Lüderitz Maritime Museum.  The exhibition marks the company’s entry into public educational spaces focused on Namibia’s marine diamond industry. The launch follows the official opening of the museum by former president Nangolo Mbumba in September 2024.  The museum is housed in the old Lüderitz Power Station and forms part of the second phase of the Lüderitz Waterfront Development Company (LWDC) initiative. Speaking at the event, Debmarine Namibia Chief Executive Officer Willy Mertens said the exhibition aims to support education and promote awareness of the country’s marine resources.  He…

Julia Heita Namibia’s premier mobile telecommunications company, MTC, has reaffirmed its commitment to national development by investing in education to prepare future innovators and leaders. Speaking at MTC’s 30th anniversary celebration in Windhoek on Monday, the managing director, Licky Erastus, said the next phase of the company’s work will prioritise sustainable investments in education, arts and culture, sports, health, and entrepreneurship. “As we journey towards the next 30 years in MTC’s history and that of our country, we must prioritise education so that we prepare a generation of innovators, a generation of servant leaders, a generation that will not tolerate…

Hertta-Maria Amutenja Namibia’s cybersecurity resilience continues to rely on international threat intelligence systems as the country develops its own regulatory and incident response frameworks, the Communications Regulatory Authority of Namibia (CRAN) has said. Responding to questions from the Windhoek Observer regarding the possible impact of global disruptions, such as the uncertainty surrounding MITRE’s CVE program in the United States, CRAN said Namibia’s approach to managing cybersecurity threats is supported by systems like the Common Vulnerabilities and Exposures (CVE) database. "CRAN, through the Namibia Cyber Security Incident Response Team (NAM-CSIRT), enforces regulations to ensure cybersecurity resilience and consumer protection and encourages…

Staff Writer  The Chamber of Mines of Namibia has reported progress on the Mine Health and Safety Regulations. This was announced by Zebra Kasete, President of the Chamber of Mines of Namibia, in his 2024 mining review report released recently. The review of these regulations is nearly complete, and the updated rules will replace the outdated Safety Ordinance No. 20 of 1968.  These new regulations are set to be gazetted and enforced under the new Minerals Act in 2025. According to Kasete, the Chamber’s Health and Safety Committee, working in partnership with the Chief Inspector of Mines, has finalised all…

Niël Terblanché Fuel prices in Namibia will remain unchanged for the month of May. The Ministry of Industries, Mines and Energy announced that the decision to keep prices at the same level as April comes despite a recent decline in global oil prices, as a weaker Namibian Dollar offset potential savings for consumers. In a statement issued on Thursday, the ministry confirmed that domestic pump prices would hold steady following a review of global fuel market trends and input costs for April. Petrol 95 will remain at N$20.08 per litre, while 50ppm diesel will continue to retail at N$20.62 per…

CHAMWE KAIRA Paladin Energy, the owner of the Langer Heinrich uranium mine in the Erongo Region, confirmed this week that it been served with a class action proceeding in the Supreme Court of Victoria in Australia. The class action alleges that Paladin made misleading representations and contravened its Australian Stock Exchange (ASX) continuous disclosure obligations between 27 June 2024 and 11 November 2024. Paladin said it intends to strongly defend this claim. Paladin is also dual listed on the Namibian Stock Exchange. “The statement is in order. They have to respond to the allegations in normal course of business and…

CHAMWE KAIRA Canadian firm, Reconnaissance Energy Africa (ReconAfrica) has announced an agreement for a joint exploration project in Angola with the Agência Nacional de Petróleo, Gás e Biocombustíveis or National Oil, Gas and Biofuels Agency (ANPG).  ReconAfrica said it has entered into a Memorandum of Understanding (MOU) with ANPG for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. ANPG is Angola’s national concessionaire and regulator.  The agreement is a strategic addition to the company’s asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. It…

CHAMWE KAIRA Deep Yellow managing director and CEO, John Borshoff has said the uranium market is at an extraordinary stage in the uranium supply sector. He said the market has a situation where the long-term uranium market is essentially broken. This is due to more than a decade of sector inactivity, persistently depressed uranium prices, and utility offtake contracting practices which are yet to support the development of greenfields uranium production, Borshoff said. He said although the Tumas project in the Erongo Region is economic at current long-term uranium prices, these prices do not reflect or support the enormous amount…

Niël Terblanché NamWater confirmed that repair work on the burst section of the Von Bach–Windhoek transfer pipeline was completed in the early hours of Thursday morning. According to Lot Ndamanomhata, the spokesperson of NamWater, the repair was finalised around 05:00, after which a controlled refilling of the pipeline commenced. "The outflow from Booster 2 to the Windhoek Terminal Reservoir has now been steadily ramped up to 600 cubic metres per hour, with an outlet pressure of 63 metres," he said in a statement. He added that this cautious approach, the utility added, is necessary to maintain system stability and avoid…