Observer Money

Walvis Bay Harbour set to benefit significantly from new EU deal

Walvis Bay Harbour set to benefit significantly from new EU deal

Niël Terblanché The European Union (EU) has pledged about N$20 billion Euros in support of an ambitious initiative to enhance the development of Namibia’s main port in Walvis Bay. Namibia’s main harbour is, amongst others, viewed as a crucial gateway to the Walvis Bay – Maputo Corridor. This initiative is part of the EU-Africa Global Gateway Investment Package, which seeks to bolster eleven strategic corridors, including this vital transport link. The momentous partnership was unveiled by the President of Namibia, Hage Geingob, and the President of the European Commission, Ursula von der Leyen, on the eve of the Global Gateway…
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Trade verification system to combat illicit activities

Trade verification system to combat illicit activities

Hertta-Maria Amutenja The Bank of Namibia (BoN) and Namibia Revenue Agency (NamRA), have unveiled the Trade Verification System (TVS) to enhance trade efficiency and combat illicit activities. The central bank and the agency said the digital initiative promises to revolutionise the country's trade processes, offering improvements in efficiency, transparency, and security in trade operations. The system will come into effect next month. BoN Director of Strategic Communications and International Relations Kazembire Zemburuka and Chief NamRa Strategic Communications and Support Engagements Yarukeekuro Ndorokaze, in a joint media statement, explained that the international trade system, in particular, has been exploited by various…
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Consumers get temporary relief as fuel prices remain unchanged

Consumers get temporary relief as fuel prices remain unchanged

Niël Terblanché In a welcome respite for consumers, fuel prices in Namibia will remain unchanged in November. The Ministry of Mines and Energy made the announcement on Friday. The decision comes after a period of steep increases in the prices of consumer goods in the country. The Ministry of Mines and Energy explained the reasons behind this decision, citing significant declines in global oil prices during October. The decline was attributed to a reduction in fuel demand, which outweighed the OPEC+ decision to maintain a reduction in oil production, thus keeping the supply constrained. Diesel, which serves as an indicator…
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Uranium One Group gets an environmental clearance certificate

Uranium One Group gets an environmental clearance certificate

Martin Endjala The Ministry of Environment Forestry and Tourism has issued an Environmental Clearance Certificate (ECC) to Uranium One Group a subsidiary of Rosatom to construct a field laboratory on farm Tripoli where its main field operations are for its headspring iunvestment in Namibia. The company Mining Projects and Executive Director Kirill Egorov-Kirillov, made this announcement last week in Windhoek while providing an update on the mining company’s latest activities. He confirmed that all due processes regarding the Environmental Impact Assessments were followed and that the company has once again illustrated that it is following all of Namibia’s laws, rules…
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Diamond production at 1.7m carats

Diamond production at 1.7m carats

Chamwe Kaira Namibia has so far this year produced 1.7 million carats of rough diamonds compared to 1.5 million carats during the same period last year. The De Beers Group production report for the third Quarter of 2023 showed that the country showed production year to date at 1,761 000 compared to 1,547 000 during the same period last year, an increase of 14 percent. Debmarine Namibia has produced 1,424 000 carats compared to 1,286 000 carats during the same period last year, an increase of 11 percent. On the other hand, Namdeb (land operations) has produced 337 000 carats…
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KPMG lists Namcor, Sonangol as top deal

KPMG lists Namcor, Sonangol as top deal

Chamwe Kaira KPMG, the global professional services network, has identified the US$500 million agreement between Namcor and Sonangol E.P as one of the standout deals in Sub-Saharan Africa for the year 2022. According to a report by KPMG titled "Doing Deals in Sub-Saharan Africa: Key Insights from Dealmakers," this transaction secured its place among the top ten deals of the year. In this deal, the National Petroleum Corporation of Namibia and its joint partners, Sequa Petroleum NV, and Petrolog Group, acquired a 10 percent interest in Sonangol E. P’s Block 15/06, a 40% stake in Block 23, and a 35%…
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December outlook remains outlook

December outlook remains outlook

The economic outlook for December 2023 remains uncertain, Simonis Storm said this week. “Our expectation is for interest rates to persist at elevated levels, with any potential rate cuts not materialising until the second half of 2024,” the firm said. This week, the Bank of Namibia kept its repo rate unchanged at 7.75 percent and the prime rate at 11.5 percent The South African Reserve Bank (SARB) and Federal Reserve Bank (Fed) recently maintained their current interest rates. Simonis said the decision to keep rates unchanged is primarily rooted in the preservation of the currency peg between the Namibian dollar…
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CRAN talking to satellite services investors

CRAN talking to satellite services investors

Communications Regulatory Authority of Namibia (CRAN)’s Executive for Communication and Consumer Relations, Katrina Sikeni, talks to Observer Money about SIM card, fixed internet connection, losing data by subscribers and postal services.Observer Money (OM): Does CRAN foresee active SIM cards continuing to decrease in the third quarter?Katrina Sikeni (KS): Kindly note that the Authority foresees active SIM cards to be relatively stable in the third quarter because, mandatory SIM card registration due date is on 31 December 2023, contributing to a sense of equilibrium within the market.Additionally, Mobile Network Operators (MNOs) have innovatively introduced a diverse range of prepaid offerings, enabling…
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Bannerman expecting mining licence

Bannerman expecting mining licence

Chamwe Kaira Uranium prospector, Bannerman Energy Ltd has said it is expecting to be granted a mining licence by the Ministry of Mines and Energy very soon. The company is developing the Etango project in the Erongo region. The licence is expected to be granted in the last half of this year. This is contained in a report for the period ended 30 September. Bannerman said during the quarter, there was a sharp rise in the uranium oxide spot price and a positive flow-on effect into capital markets. “With this backdrop, the Company continued to advance the Front-End Engineering and…
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Namdeb spent N$8.6m on E-bus project

Namdeb spent N$8.6m on E-bus project

Chamwe Kaira Diamond producer, Namdeb has invested approximately N$8.6 million on Namibia’s first ever battery-electric bus (E-bus) project that recently arrived in Namibia. “Namdeb invested approximately N$8.6 million on this project. This amount includes supporting infrastructure such as the charging stations, training and spares. The cost of a bus is roughly N$3.7 million which is 42% of the total project cost,” said corporate affairs manager, Shangelao Ndadi in response to a query by Observer Money. The company has said the arrival of the bus in Oranjemund aligns to Namdeb’s value of sustainability and the Company’s goal of becoming carbon neutral…
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