Observer Money – Page 120 – Windhoek Observer

24 Nov

Schlumberger to employ 22 on rig plant

Observer Money

Services Pétroliers Schlumberger (SLB), a globally recognised oilfield services giant listed on the stock exchanges in New York, Paris, and London, plans to employ 22 people on its planed Liquid Mud Plant (LMP) at Berth 8, situated within the Port of Walvis Bay. The company is in the early stages of proposing the construction and operation of the plant at Berth 8, situated within the Port of Walvis Bay, managed by the Namibian Ports Authority (Namport). According to a project update that was released this week currently eleven employees are in service of SLB at the Port of Walvis Bay.…

24 Nov

Osino focused on the financing Twin Hills

Observer Money

Chamwe Kaira Osino Resources Corporation remains focused on the financing and pre-construction activities at its Twin Hills, including de-risking the mineral resource estimate and the initial years of production. Osino is currently drilling to convert the first two years of mining from indicated to measured mineral resource category and to confirm and upgrade the Twin Hills Mineral Resource Estimate. “Osino remains focused on the financing and pre-construction activities at Twin Hills, including de-risking the mineral resource estimate and the initial years of production.” Heye Daun, Osino's President and CEO commented said the company is highly encouraged by these excellent assay…

23 Nov

New opportunities to deepen US trade and investment in Namibia open up

Observer MoneyNew opportunities to deepen US trade and investment in Namibia open up

Niël Terblanché New optimism about the future of Namibia's economic engagement with the United States of America has begun to manifest. The American Ambassador to Namibia, Ambassador Randy Berry, recently said that the United States of America is committed to strengthening trade and investment ties with Namibia and other African countries. Ambassador Berry stressed the importance of these partnerships for mutual prosperity and the significance of Africa's youthful population. "The United States is all in on Africa," Ambassador Berry declared, referencing the affirmation made during the U.S.-Africa Leaders’ Summit last December. He emphasized the United States' focus on Africa's future…

22 Nov

Capricorn Group contributes N$500 000 towards COP28

Observer MoneyCapricorn Group contributes N$500 000 towards COP28

Martin Endjala The Capricorn Group, through collaboration between the Capricorn Foundation and Bank Windhoek, donated a total of N$500 000 to the Ministry of Environment, Forestry and Tourism towards Namibia’s participation and pavilion at the Conference of Parties (COP28) conference which will be held from 30 November 2023 in Dubai, United Arab Emirates (UAE). This is the second year that Capricorn Group, Capricorn Foundation, and Bank Windhoek have donated towards Namibia’s participation at COP28. Ruan Bestbier, Capricorn Group Head of Sustainability said the pivotal sponsorship of the Namibian Pavilion at COP28 is more than a financial commitment or supporting a…

21 Nov

Osino invested N$634 million in Twin Hills Gold Mine since 2017

Observer MoneyOsino invested N$634 million in Twin Hills Gold Mine since 2017

Martin Endjala Osino Resources, a British-owned company, has invested a total of N$634 million in its Twin Hills Gold Mine project near Karibib since its inception in 2017. This foreign direct investment has contributed significantly to the economy and has resulted in the creation of roughly 1,000 jobs. This information comes from the mining company's recent announcement of its Sustainable Report for the 2022 financial year. According to the report, the company's procurement spending amounted to N$124 million, with N$27 million paid in wages and N$3 million paid to the government for social security, PAYE, workman's compensation, and training levy.…

21 Nov

Namibia and Ghana embark on a tourism and business initiative

Observer MoneyNamibia and Ghana embark on a tourism and business initiative

Martin Endjala The Namibia Tourism Board (NTB) and the Namibia Investment Promotion and Development Board (NIPDB), in collaboration with their Ghanaian counterparts, have initiated a tourism and business initiative aimed at boosting trade between the two countries. In Namibia, this initiative is scheduled to run from 18 to 25 November with the possibility of extending it into December. Charmaine Matheus, Head of Marketing at NTB, stressed the importance of African countries engaging in trade with each other. She pointed out that the visit by the Ghanaian delegation to tour Namibia serves as a means of mutual understanding and an opportunity…

17 Nov

Bureaucracy affects mining investment

Observer MoneyBureaucracy affects mining investment

Chamwe Kaira Bureaucracy hinders Namibia’s attractiveness as a mining investment destination, prominent businessman, Dr Leake Hangala said this week. “To be honest our mining regime in Namibia is quite attractive compared to other countries, some feel we may have high taxes, here and there,” he told Observer Money this week. Hangala feels the problem in Namibia is bureaucracy. “The problem we have in Namibia is bureaucracy. “The amount of time it takes to get some of the necessary permits and papers. If the government can reduce that as well the issues related to environment impact studies,” he said. He said…

17 Nov

Otavi, Otjiwarongo to glitter less

Observer MoneyOtavi, Otjiwarongo to glitter less

Chamwe Kaira The old saying, ‘Not all the glitters is gold,’ has come true for the towns of Otavi and Otjiwarongo. The towns will face the economic impact of the scaling down of the operations of the B2Gold’s Otjikoto Mine, which is situated between the two towns. The company has started the phased closure of its mine because of its depleted gold resource. Commercial mining started in 2015. Country Manager, John Roos, disclosed that the company last year conducted a detailed social impact assessment study to see what the impact could be. He said the outcome of the study drives…

17 Nov

Feasibility on hydrogen locomotives underway

Energy, Observer MoneyFeasibility on hydrogen locomotives underway

Chamwe Kaira The development of Africa’s first dual-fuel hydrogen-diesel locomotives is at feasibility and concept stage, CEO of Hyphen Technical, Konrad Boshoff said. The consortium led by hydrogen application development company, Hyphen Technical, comprises, TransNamib Holdings Limited, University of Namibia, CMB.TECH and Traxtion. “Funds will be raised through the grant, secured loans from partners and from capital from shareholders of the project company. The total cost of the entire project is €9.17 million including all work packages for the pilot and related research projects.” Cleanergy Solutions Namibia has already broken ground on the site outside Walvis Bay. Boshoff said commissioning…

17 Nov

Namibia Asset’s earning increase up to 25 percent

Observer MoneyNamibia Asset’s earning increase up to 25 percent

Namibia Asset Management expects its earnings to increase between 15 percent and 25 percent for the year ended 30 September, the company announced this week. The company announced that Earnings per share (EPS) and headline earnings per share (HEPS) for the year ended 30 September 2023 are expected to increase between 15 percent and 25 percent (between 1.04 and 1.73 cents per share) when compared to the EPS (6.92 cents) and HEPS (6.92 cents) reported for the year ended 30 September 2022. The company further said fund management earnings per share (FMEPS) for the year ended 30 September are however…