Observer Money

Chamwe Kaira Rossing Uranium has continued to keep dividends meant for the Iran Foreign Investment Company in a fixed account for fear of attracting United States sanctions. “As at 31 December 2022, the amount held in the Escrow account was N$331 million,” Rossing Uranium Managing Director told Observer Money on Thursday. Financial statements for the year ended 31 December 2022 revealed that the restricted cash equivalent relates to historic dividends that are payable to the Iran Foreign Investment Company (IFIC), shareholder. The transfer of the funds was initially restricted in terms of the UN Security Council Resolution 1929, which was…

Shakwa Nyambe, the Managing Partner of SNC Incorporated, joins the Executive Committee of the Association of International Energy Negotiators (AIEN) Board of Directors as the new Vice President for Communications. The association is an independent, not-for-profit organisation that supports international energy negotiators around the world, enhancing their effectiveness and professionalism in the international community. Headquartered in Texas, USA, AIEN produces model contracts that are widely used in the international energy industry. Nyambe plans to make significant contributions to AIEN’s communication strategy and reinforce its global reputation. The appointment recognises his exceptional leadership qualities and industry expertise. He previously served the…

CHAMWE KAIRA Rossing Uranium said it made a significant annual contribution to economic development in the Erongo region and to Namibia as a whole in 2022. Rossing’s total spend for goods and services for operations was N$3.42 billion during 2022 (2021: N$3.01 billion). Financial results released this week showed that most of the procurement expenditure was on Namibian-registered suppliers. Rossing’s spend on local suppliers amounted to N$2.54 billion during 2022 (2021: N$2.25 billion), accounting for 74 percent of our total procurement expenditure. “The continued high percentage local spend reflects the company’s confidence to procure locally. N$386 million was spent on…

Chamwe Kaira The Bank of Namibia’s stock of international reserves increased in April to N$51.8 billion relative to the N$48.3 billion at the end of March, the central bank said. This is the highest figure the stocks have reached this year. The increase was on account of higher Southern African Customs Union receipts, diamond sales proceeds and FDI inflows in the manufacturing sector from the sale of Namibia Breweries Limited to Heineken as well as revaluation gains. “The foreign reserves translated into 5.4 months of import cover higher than the 5.1 months of import cover a month ago, remaining above…

Chamwe Kaira Local investors who do not have financial capacity to bid for the leasing of Green Schemes may form joint ventures with foreign investors to bid for the leasing of the Green Schemes. The investors will be required that to access to, or has available, liquid assets, unencumbered real assets, lines of credit, and other financial means sufficient to meet the investment value requirement ranging from N$550 million to N$650 million. “The amounts required are not exaggerated or blindly put there, they’re real costs need to run each green scheme. These amounts vary from one scheme to another,” Ministry…