Observer Money – Page 121 – Windhoek Observer

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…

17 Nov

Otjikoto mine different ball game…. Incentives won’t be enough

Observer MoneyOtjikoto mine different ball game…. Incentives won’t be enough

Chamwe Kaira While Namibia has a history of providing mining companies with tax breaks to help them stay afloat and extend the life of mine, the situation with gold producer, B2Gold Namibia is different because the ore body at its Otjikoto mine is depleted. “Unfortunately, our case is a situation where the ore body has been depleted. Even if we had a tax break, free diesel or didn’t have to pay any taxes, we would not continue because we simply because we don’t have any ore left to mine by end of 2025, as we go gradually through our phased…

17 Nov

Oryx to expand portfolio to N$4.5 billion

Observer MoneyOryx to expand portfolio to N$4.5 billion

Chamwe Kaira Oryx Properties plans to expand its property portfolio from N$3bn to N$4.5bn by 2025. In addition, it will considerably diversify their portfolio in relation to existing concentration. Oryx recently partnered with RMB Namibia on landmark acquisition of Dunes Mall acquisition of Dunes Mall in Walvis Bay, in a landmark transaction worth N$630 million. Oryx Properties is the largest property fund in Namibia. This strategic deal sees Oryx expand its retail asset portfolio, with RMB providing debt funding of N$500 million to realise the acquisition and refinance an existing N$100 million loan. RMB said was able to secure the…

17 Nov

Toyota remains popular selling car

Observer Money

Toyota remains the leader in the Namibian automotive industry, accounting for 50 percent of total sales. Volkswagen follows with a meagre 11 percent of the market share, while Ford accounts for 7 percent. Consumer demand for Toyota vehicles outperform the market, mainly due to its reliability and longevity aspects which are cheered by market participants, according to Simonis Storm Securities. Since the start of the year, vehicle sales have fared comparative, even exceeding pre-pandemic levels. Despite the current downward trend, influenced by financial constraints of households, Simonis Storm has maintained a positive outlook for 2024. The tourism sector, fostering a…

17 Nov

Rhino to drill 10 exploration wells

Observer MoneyRhino to drill 10 exploration wells

Rhino Resources Namibia Ltd is applying for an Environmental Clearance Certificate (ECC) to drill up to 10 exploration or appraisal wells within Block 2914A, documents obtained from the company have shown. Rhino and its partners hold an Exploration Right (PEL0085) over Block 2914A, located off the coast of southern Namibia. The block is located approximately 260 km south-southwest of Lüderitz and 140 km west-southwest of Oranjemund at its closest point, in water depths between 200 meters and 1800 meters. Rhino Resources is a private company exploring for energy sources and helium in Africa. In South Africa, Rhino is exploring onshore…

17 Nov

Langer Heinrich to have 17-year life of mine …. Mine to produce 4 percent of global uranium

Observer MoneyLanger Heinrich to have 17-year life of mine …. Mine to produce 4 percent of global uranium

Chamwe Kaira The restart of production at the Langer Heinrich Mine builds on the 10-year production history of the asset. The project has reserve life to support 17 years of operations with annual peak production representing around 4 percent of annual global uranium production. Paladin Energy Ltd’s chairman, Cliff Lawrenson has said its plans are on track to execute the strategy of returning of the Langer Heinrich Mine to production early next year. “The role of nuclear power in providing energy security and combatting global warming is becoming increasingly important. Geopolitical events and increasingly urgent decarbonisation measures are amplifying pressures…

17 Nov

Sky the limit for gold miners

Observer Money

Chamwe Kaira Namibians who have been trained and worked at the B2Gold’ s Otjikoto gold mine can apply their skills elsewhere in the world should they lose their jobs at the mine. Officials of B2Gold Namibia said this week that these skills enabled Namibians to work on the construction of the Fekola Mine in Mali. The mine, which is also owned by B2Gold is located in southwest Mali, on the border between Mali and Senegal, approximately 500 km due west of the capital city, Bamako. The mine was opened in 2017. “When we did the construction of the Fekola mine…

13 Nov

Namibia’s inflation rate increased by 6 percent in October

Observer MoneyNamibia’s inflation rate increased by 6 percent in October

Martin Endjala Namibia’s annual inflation rate stood at six percent for October 2023, this is an increase compared to the 5.4 percent year-on-year (y/y) rate recorded in September 2023. This marks the third consecutive increase since the 4.5 percent y/y deceleration observed in July 2023. According to Simonis Storm Security Economist Halleluya Ndimulunde on Friday, the monthly inflation rate for October 2023 remained stable, with the same rate as the 0.8 percent month-on-month rate reported in September 2023. While the category of food and non-alcoholic beverages continues to be the primary contributor to headline inflation, the transport category took the…

13 Nov

DBSA backs major Green Hydrogen project in Namibia

Observer MoneyDBSA backs major Green Hydrogen project in Namibia

Niël Terblanché The Development Bank of Southern Africa (DBSA) has announced its support for Namibia’s groundbreaking green hydrogen project. The DBSA’s funding will aid in the progression of Hyphen Hydrogen Energy’s ambitious project, which is poised to transform the country’s energy landscape. With a substantial funding facility, the bank is set to partially finance various crucial aspects of the project, including engineering work, environmental assessments, and socioeconomic development strategies. This preparation will pave the way for a final investment decision on the project. Hyphen Hydrogen Energy’s project, estimated at a capital investment of N$200 billion, stands as a significant economic…

10 Nov

Shell pumps N$4.6 billion offshore Namibia

Observer Money

Chamwe Kaira Shell plc, which has already discovered oil offshore Namibia plans to spend N$4.6 billion on drilling two more wells in the next nine months. CEO Wael Sawan told the company’s investors that Namibia has shown potential for a new oil basin. Shell, TotalEnergies and government owned oil company, Namcor have announced a number of discoveries of oil offshore Namibia recently. The discoveries were made in the Oranje Basin that is shared with South Africa. Shell has made four significant discoveries in Namibia to date: Graff, La Rona, Lesedi and Jonker. The oil discovery is expected to create around…