Observer Money – Windhoek Observer

25 Jul

Ten cent coin under pressure

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CHAMWE KAIRA Although several retailers have said there is a shortage of five cent and 10 cent coins in circulation, the Bank of Namibia maintained this week that there is not a shortage of 10 cents. “The bank however discontinued the minting and the issuance of five cents in 2019 which is placing undue pressure on the 10 cent coin denomination. The bank is considering long term strategies to alleviate this pressure,” said Kazembire Zemburuka, Director of Strategic Communications and International Relations at the Bank of Namibia. SBV Namibia, the company which collects banknotes and coins for distribution to shops,…

25 Jul

Otjikoto to increase renewable consumption

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CHAMWE KAIRA B2Gold Namibia is expecting to increase its consumption of renewable energy at its Otjikoto Mine to 30% to 35% when a 10MW renewable power plant is completed in December this year. The plant is being constructed by Sustainable Power Solutions, an Independent Power Producer and in turn B2Gold will buy all the power from the plant. The plant will cost N$200 million. B2Gold Namibia, Country Manager, John Roos said in an interview that the current solar capacity on the mine is a 6.8MW DC plant that delivers about 5.8MW AC to its power plant that contributes to about…

25 Jul

MICC Properties valued at N$1bn

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CHAMWE KAIRA Vukile Property Fund, which has a 36% stake in MICC Properties in Namibia has said its property assets in MICC Properties Namibia is currently valued at N$1 billion. The company controls 269 Independence, Katutura Shopping Centre, and retail centres in Ondangwa, Oshakati and Oshikango. Vukile said in response to questions by Observer Money that over the past 20 years, the average annual value growth in the portfolio (MICC Properties Namibia) was 7.5% per annum. Commenting on Vukile’s future plans in Namibia, the company said given that Vukile’s remaining interest in the Namibian portfolio is considered to be non-core…

25 Jul

Rössing given ‘new lease of life’

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CHAMWE KAIRA Rössing Uranium Limited Managing Director, Johan Coetzee has said Rössing received a new lease on its operational life with the ‘life of mine’ expansion that was approved in February 2023. He added that this strategic milestone grants the mine another 10 years in operation, moving mine closure from 2026 to 2036. “Key expansion projects have been identified and approved by the board of directors to unlock the extended operating life. These projects include the construction of a 18MW solar plant and some fundamental changes in the operating plant to cope with the changing composition of the ore under…

25 Jul

MTC announces new non-executive directors

ObserverObserver MoneyAndrew Kanime, Trophimus Hiwilepo

Mobile Telecommunications Limited (MTC) has appointed Andrew Kanime, Trophimus Hiwilepo and Fabiam George as non-executive directors of MTC with immediate effect. The appointments will be ratified by shareholders at the next annual general meeting of the company. MTC has also announced the appointment of Octivius Kahiya as its new chief commercial officer. With over 20 years’ experience in the telecommunications industry, he has honed his skills through working in culturally diverse and challenging frontier markets. He has worked for top Tier-one global telecommunications companies, including Veon, Etisalat and Airtel, and has in seven countries across three continents, namely Nigeria, South…

25 Jul

Tourism showing green shoots

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Namibia's tourism sector has shown remarkable resilience and growth, buoyed by a diverse blend of regional and international visitors, Simonis Storm Securities has said. Simonis said in a report that with a strong emphasis on holiday and leisure travel and a notable interest from older tourists, there are significant opportunities for targeted marketing and infrastructure improvements to enhance the visitor experience and continue this positive trend. The report said given that a significant portion of Namibia's top ten international tourists come from countries subject to new visa requirements, it is crucial for the industry and the Ministry of Tourism to…

25 Jul

Okorusu to process rare earth elements

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CHAMWE KAIRA Okorusu Fluorspar Pty Ltd, the holder of the mining licences ML90 and ML179, intends to apply for an amendment to the conditions of its current environmental clearance certificate, documents released this week showed. The company is applying to add a rare earth element (REE) processing plant and the cessation of graphite processing at the mine. The company said the other amendments include cessation of processing of graphite ore at the Okorusu mine site, cessation of graphite ore haulage from Okanjande mine site, the construction and operation of a new REE processing plant upon the site of the current…

25 Jul

Maize supply a major challenge

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The Southern African region continues to face climate-related challenges that place its agricultural sector and food supply at risk. The mid-summer drought of 2024 has devastated the regional maize supplies, a staple food crop for the region. So far, the focus has been on the losses farmers are experiencing, but soon, consumer pressures will arise. At the end of February 2024, Zambian President, Hakainde Hichilema, declared a disaster after realising the country had lost over half of its maize harvest because of the drought. Zambia’s maize production in the 2023-24 season is down by over 50% to an estimated harvest…

25 Jul

Paladin Energy’s liquidity close to US$50m

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CHAMWE KAIRA In terms of liquidity, as at 30 June, Paladin Energy, which owns the Langer Heinrich Mine has disclosed that it held cash and cash equivalents of US$48.9 million (excluding restricted cash of US$4.3 million) and US$70 million had been drawn down from the company’s US$150 million debt facility, the company said in a quarterly activities report for the period ending 30 June. Subsequent to quarter end, the company received a cash receipt of US$24.8 million representing a partial advance payment under the terms of the customer offtake agreement, in relation to the shipment on 12 July. The Langer…

18 Jul

NamPower to implement power project in three years

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CHAMWE KAIRA NamPower, which recently secured energy infrastructure expansion funding worth N$2.6 billion from the World Bank, expects to implement the project in the period 2025 to 2028. NamPower said in response to questions by Observer Money that transmission expansion, a component of the Transmission Expansion and Energy Storage (TEES) project, involves constructing a new 400kV transmission line from the Auas Substation outside Windhoek to the Kokerboom Substation outside Keetmanshoop. “Additionally, substation upgrades at both Auas and Kokerboom will be carried out to interface with the new line. The transmission line and associated works are scheduled to commence in early…