Observer Money – Page 111 – Windhoek Observer

27 Apr

Chamber of Mines pushes forward with new safety standards for mines

Observer Money

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 The review of these regulations is nearly complete, and the updated rules will replace the outdated Safety Ordinance No. 20 of 1968.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…

27 Apr

Fuel prices remain steady despite global market shifts

Observer Money

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…

24 Apr

Paladin hit with class action

Observer Money

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…

24 Apr

ReconAfrica eyes oil exploration in Angola

Observer Money

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…

24 Apr

Long uranium supply chain broken

Observer Money

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…

24 Apr

Water supply to Windhoek restored

Observer Money

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…

24 Apr

Upstream prospects increase with light crude oil discovery in the Orange Basin

Observer Money

Niël Terblanché The National Petroleum Corporation of Namibia (NAMCOR), in collaboration with its joint venture partners, has confirmed the discovery of light crude oil at the Capricornus 1-X exploration well, located offshore in Block 2914 within the Orange Basin. The operator of Petroleum Exploration Licence 85 (PEL 85), Rhino Resources, announced the conclusion of a drilling campaign conducted with the Noble Venturer drillship. The well, which was spudded on 17 February and reached total depth on 2 April, encountered 38 metres of net hydrocarbon pay within its primary Lower Cretaceous target. Notably, no water contact was observed in the reservoir,…

24 Apr

MacAlbert Hengari resigns from ANIREP

Observer Money

CHAMWE KAIRA Alpha Namibia Industries Renewable Power (ANIREP) Limited has announced that in accordance with the Namibia Securities Exchange listings requirements, it informed shareholders of the resignation of Dr MacAlbert Hengari from the board of ANIREP Limited. This follows his appointment to the cabinet as Minister of Agriculture, Fisheries, Water and Land Reform. The board expressed sincere gratitude to Hengari for his dedicated service since March 2018. Hengari was appointed chairperson of the board in September 2020 and has led with diligence and unwavering commitment throughout his tenure. ANIREP extended its best wishes to Hengari as he undertakes to contribute…

24 Apr

SA announces reversal of VAT increase

Observer Money

The South African Minister of Finance will shortly introduce the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates Bill), which proposes to maintain the Value-Added Tax (VAT) rate at 15% from 1 May 2025, instead of the proposed increase to VAT announced in the Budget in March. The decision to forgo the increase follows extensive consultations with political parties, and careful consideration of the recommendations of the parliamentary committees. By not increasing VAT, estimated revenue will fall short by around R75 billion over the medium term. As a result, the Minister of Finance has written to the…

24 Apr

PPS banks on new products, solutions

Observer Money

CHAMWE KAIRA The strategy of PPS Insurance Namibia continues to be the introduction of new products, services and solutions. “That is why our Namibian members benefitted from the introduction of a retirement annuity product in 2024,” said Izak Smit, PPS Group CEO. The company is the provider of financial solutions exclusively for graduate professionals. “We are pleased with our performance, which was supported by our robust strategy. Our priority as a company operating under the ethos of mutuality is to support our members by paying all valid claims. Thereafter, we share our success with our members by allocating operational and…