Observer Money – Page 114

31 Aug

Namibian uranium to drive energy transition

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Uranium extracted and processed at the Langer Heinrich Mine (LHM) in Namibia’s Erongo Region will be harnessed to supply nuclear power plants, propelling the global shift towards a sustainable, carbon-free energy future. The mine is slated to recommence operations in the coming year. Paladin Energy, the owner of LHM, has stated that at peak output, the mine will annually yield sufficient uranium fuel to sustain over ten 1,000 MWe (Megawatt Electrical) nuclear power plants. Over the mine’s operational lifespan, attaining equivalent power through coal-fired electricity would result in an annual average of 58 million tonnes of carbon dioxide emissions. This…

31 Aug

Husab mine foresees a lifespan of 20 Years

info_e12wt4csObserver MoneyHusab mine foresees a lifespan of 20 Years

Situated in the Erongo Region, the Husab mine stands as the second-largest uranium mine, boasting a staggering investment of US$5 billion, and it holds the potential to remain operational for over two decades. During the first half of the current year, uranium production at Swakop Uranium’s Husab Mine surged by 10% compared to the budgeted commitment. Tallying at 2426 tonnes, the uranium production for the first half of 2023 marked a remarkable 45% upturn from the same period in 2022. This significant enhancement in uranium production can be attributed to the robust performance in mining and milling witnessed so far…

31 Aug

Mining to focus on sustainable supply

info_e12wt4csObserver MoneyMining Expo and Conference, Mining to focus on sustainable supply

The 10th Mining Expo and Conference that will take place this week will be the platform that brings Namibia’s mining sector closer to the heart of the nation, its people, the Chamber of Mines of Namibia said. The Expo and Conference Scheduled to take place on the 30th and 31st of August, reflecting the industry’s commitment to openly engage all stakeholders. RMB is the anchor sponsor for the event, the with the secondary sponsors, Continental Lithium Africa and Andrada Mining. The theme for this year’s conference, “Namibia’s Role in the Sustainable Supply of Minerals to Support the Global Energy Transition,”…

29 Aug

Ongwediva Trade Fair attracts 418 exhibitors

info_e12wt4csObserver MoneyDeputy Minister of Industrialisation and Trade, Ongwediva Trade Fair attracts 418 exhibitors, Verna Sinimbo

Stefanus Nashama The 2023 Ongwediva Annual Trade Fair (OATF) which has officially opened over the weekend, has attracted 418 local and international exhibitors. The Deputy Minister of Industrialisation and Trade, Verna Sinimbo, who spoke on behalf of President Hage Geingob during the official opening, said the 418 local and international exhibitors reflect a fair number of active economic sectors in the country. This includes the informal sector that also contributes to the country’s Gross Domestic Product (GDP), she said. The theme for this year’s trade fair is “Embracing a sustainable economy, linking smart markets”. Sinombo noted that the event creates…

25 Aug

NBWPF embarks on nationwide roadshow

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Martin Endjala The Namibia Building Workers Pension Fund (NBWPF) has announced the commencement of its nationwide roadshow aimed at providing workers with essential information about good personal financial management practices. The campaign started on Monday, 21 August 2023, and will continue until 4 September 2023. The roadshow will cover all regions, including 19 towns and villages as part of its commitment to ensuring that all building and construction workers in Namibia have access to essential information that will help them with their pension fund and retirement planning. The roadshow aims to reach out to as many employees in the building…

25 Aug

No Plans for Ports in Oranjemund and Elizabeth Bay

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Chamwe Kaira The Namibian Ports Authority, also known as Namport, has confirmed that there are no intentions to construct ports in Oranjemund or Elizabeth Bay. The reason cited is the sufficient and planned capacity available in Namibia’s existing two ports. This announcement came from Namport’s CEO, Andrew Kanime, during the Oil and Gas Conference held in Windhoek. Kanime stressed that both the Port of Walvis Bay and Port of Luderitz will continue to play roles in serving the oil and gas industry, although their involvement may vary in intensity. He reassured that Namport has well-defined plans to support the needs…

25 Aug

DBN’s invests nearly N$20 billion in the economic sector

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Chamwe Kaira The Development Bank of Namibia (DBN) has allocated a substantial sum of N$19.4 billion as part of its transformative lending strategy aimed at addressing persistent economic challenges since its establishment in 2014. This revelation was brought to light by Hellen Amupolo, DBN’s Head of Investments, during a presentation on financing in the oil and gas sector titled ‘The Role of a DFI.’ The presentation took place at a recent oil and gas conference held in Windhoek. Amupolo highlighted that N$845 million has been committed to renewable energy projects, resulting in a combined capacity of 63 MW. In terms…

25 Aug

Hangana planning to export abalone to China

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Chamwe Kaira Hangana Seafood Ltd, the company that entered the abalone farming industry in Lüderitz five years ago, has revealed a significant growth in their livestock. From 15 tons in 2018, their abalone production has surged to 90 tons in 2023. Abalone, a marine snail belonging to the Haliotidae family, has been at the center of their farming efforts. Herman Theron, the company’s managing director, shared that their expansion was hindered by various global events, such as the trade disputes between the USA and China, the Hong Kong protests, and the subsequent Covid-19 pandemic. These factors collectively limited their market…

25 Aug

Sovereign Wealth Fund stands at N$374 million

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Chamwe Kaira The Sovereign Wealth Fund was launched with an initial balance of around N$270 million in May 2022, has on the back of positive investment returns, increased its value to N$374 million. Bank of Namibia’s director of strategic communications and international relations, Kazembire Zemburuka told Observer Money that the Sovereign Wealth Fund Bill is currently in draft format and deliberations are underway to set funding rules from various revenue sources, along with withdrawal rules. “Meanwhile, the agreement that was signed to oversee the Fund between the Ministry of Finance and Public Enterprises and the Bank, remains applicable. An amount…

25 Aug

Prospering on a new frontier

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With Namibia’s energy sector and its overall economy on the cusp of unprecedented transformation given massive offshore oil and gas discoveries, now is the time for much-needed regulatory and other reforms, says energy law expert Shakwa Nyambe of SNC Incorporated. “There are some key gaps, particularly in the later stages of the lifecycle of oil and gas projects, after exploration,” commented Nyambe, who previously worked as a legal counsel at the National Petroleum Corporation of Namibia. “We may need separate regulations for development and production, and we need to do that now, because once we reach production it may be…