Observer Money – Page 124 – Windhoek Observer

30 Oct

Uranium One Group gets an environmental clearance certificate

Energy, Observer Money

Martin Endjala The Ministry of Environment Forestry and Tourism has issued an Environmental Clearance Certificate (ECC) to Uranium One Group a subsidiary of Rosatom to construct a field laboratory on farm Tripoli where its main field operations are for its headspring iunvestment in Namibia. The company Mining Projects and Executive Director Kirill Egorov-Kirillov, made this announcement last week in Windhoek while providing an update on the mining company’s latest activities. He confirmed that all due processes regarding the Environmental Impact Assessments were followed and that the company has once again illustrated that it is following all of Namibia’s laws, rules…

27 Oct

Diamond production at 1.7m carats

Observer MoneyDiamond production at 1.7m carats

Chamwe Kaira Namibia has so far this year produced 1.7 million carats of rough diamonds compared to 1.5 million carats during the same period last year. The De Beers Group production report for the third Quarter of 2023 showed that the country showed production year to date at 1,761 000 compared to 1,547 000 during the same period last year, an increase of 14 percent. Debmarine Namibia has produced 1,424 000 carats compared to 1,286 000 carats during the same period last year, an increase of 11 percent. On the other hand, Namdeb (land operations) has produced 337 000 carats…

27 Oct

KPMG lists Namcor, Sonangol as top deal

Observer MoneyKPMG lists Namcor, Sonangol as top deal

Chamwe Kaira KPMG, the global professional services network, has identified the US$500 million agreement between Namcor and Sonangol E.P as one of the standout deals in Sub-Saharan Africa for the year 2022. According to a report by KPMG titled "Doing Deals in Sub-Saharan Africa: Key Insights from Dealmakers," this transaction secured its place among the top ten deals of the year. In this deal, the National Petroleum Corporation of Namibia and its joint partners, Sequa Petroleum NV, and Petrolog Group, acquired a 10 percent interest in Sonangol E. P’s Block 15/06, a 40% stake in Block 23, and a 35%…

27 Oct

December outlook remains outlook

Observer Money

The economic outlook for December 2023 remains uncertain, Simonis Storm said this week. “Our expectation is for interest rates to persist at elevated levels, with any potential rate cuts not materialising until the second half of 2024,” the firm said. This week, the Bank of Namibia kept its repo rate unchanged at 7.75 percent and the prime rate at 11.5 percent The South African Reserve Bank (SARB) and Federal Reserve Bank (Fed) recently maintained their current interest rates. Simonis said the decision to keep rates unchanged is primarily rooted in the preservation of the currency peg between the Namibian dollar…

27 Oct

CRAN talking to satellite services investors

Observer MoneyCRAN talking to satellite services investors

Communications Regulatory Authority of Namibia (CRAN)’s Executive for Communication and Consumer Relations, Katrina Sikeni, talks to Observer Money about SIM card, fixed internet connection, losing data by subscribers and postal services.Observer Money (OM): Does CRAN foresee active SIM cards continuing to decrease in the third quarter?Katrina Sikeni (KS): Kindly note that the Authority foresees active SIM cards to be relatively stable in the third quarter because, mandatory SIM card registration due date is on 31 December 2023, contributing to a sense of equilibrium within the market.Additionally, Mobile Network Operators (MNOs) have innovatively introduced a diverse range of prepaid offerings, enabling…

27 Oct

Bannerman expecting mining licence

Observer MoneyBannerman expecting mining licence

Chamwe Kaira Uranium prospector, Bannerman Energy Ltd has said it is expecting to be granted a mining licence by the Ministry of Mines and Energy very soon. The company is developing the Etango project in the Erongo region. The licence is expected to be granted in the last half of this year. This is contained in a report for the period ended 30 September. Bannerman said during the quarter, there was a sharp rise in the uranium oxide spot price and a positive flow-on effect into capital markets. “With this backdrop, the Company continued to advance the Front-End Engineering and…

27 Oct

Namdeb spent N$8.6m on E-bus project

Observer Money

Chamwe Kaira Diamond producer, Namdeb has invested approximately N$8.6 million on Namibia’s first ever battery-electric bus (E-bus) project that recently arrived in Namibia. “Namdeb invested approximately N$8.6 million on this project. This amount includes supporting infrastructure such as the charging stations, training and spares. The cost of a bus is roughly N$3.7 million which is 42% of the total project cost,” said corporate affairs manager, Shangelao Ndadi in response to a query by Observer Money. The company has said the arrival of the bus in Oranjemund aligns to Namdeb’s value of sustainability and the Company’s goal of becoming carbon neutral…

27 Oct

Northern regions have 400 000 cattle

Observer MoneyNorthern regions have 400 000 cattle

Chamwe Kaira The northern regions of the country have an estimated cattle population of 400 000 cattle; Meat Corporation of Namibia statistics in the 2022/2023 annual report have shown. The statistics further showed that areas south of the Veterinary Cordon Fence have a cattle population of 800 000, giving the country an estimated cattle population of 1.2 million cattle. Meatco states that cattle produced within the southern regions can be exported to international markets, supporting the Namibian Government’s development aims and policies, while maximising returns to the producers, all while building and maintaining credible premium brand status for Namibian beef.…

26 Oct

Credit uptake remains low despite unchanged repo rate

Observer Money

Martin Endjala Despite the repo rate holding steady at 7.75 percent, corporate credit uptake remains weak due to the private sector's reluctance to borrow under the current unfavourable economic conditions, where both economic activity and interest rates fail to stimulate credit demand for businesses. Economist and Independent Bank Researcher, Josef Sheehama provided this insight in response to the Bank of Namibia's announcement yesterday regarding the maintained repo rate at 7.75 percent. "Due to market volatility, private sectors are adopting a watch-and-see attitude instead of applying for facilities to invest in businesses. They are postponing business expansion and opting to restructure…

25 Oct

Hyphen Namibia secures over N$135 million grant from DBSA

Observer MoneyHyphen Namibia secures over N$135 million grant from DBSA

Martin EndjalaGreen Hydrogen Commissioner James Mnyupe, has recently announced that Hyphen Namibia has successfully secured N$135.5 million in grant and debt funding from the Development Bank of South Africa (DBSA) via KfW, the German state-owned development bank. This funding Mnyupe said, facilitated through the Southern Africa Development Community Project Preparation and Development Facility, demonstrates the pivotal role of the Southern African region in the global green hydrogen race. “As Hyphen expands its operations in Namibia, it is dedicated to promoting economic integration and green energy solutions, with a strong emphasis on local employment and sustainable growth, “said Mnyupe. In terms…