Observer Money – Page 126

21 Jul

Nuclear power key to carbon emission targets

info_e12wt4csObserver Money

CHAMWE KAIRA The Australian based mining company, Deep Yellow, which is exploring for uranium in Namibia said this week that nuclear power will be key to achieving global carbon emission targets. CEO John Borshoff said this week that a growing number of governments pivot energy strategy are going towards nuclear energy. Deep Yellow has two projects in Namibia, Tumas and Omahola. Borshoff said in terms of uranium production, demand is outstripping supply with existing producers and proposed new mines unable to respond in time and at current prices to meet demand requirements. He added that uranium price will need significant…

21 Jul

Paladin secures six offtake contracts

info_e12wt4csObserver MoneyPaladin CEO, Paladin secures six offtake contracts

CHAMWE KAIRA Paladin Energy, which is in the process of restarting the Langer Heinrich uranium mine in the Erongo Region has secured cornerstone offtakes with foundation customers and has six offtake contracts executed with top tier counterparties in the US, Europe and China. Paladin CEO, Ian Purdy said the contract book for 2024 is now closed. “These contracts range in type and duration and provide base-escalated, fixed-price and market related pricing mechanisms. Along with the market-related contract in place with China National Nuclear Corporation (CNNC,) Paladin will retain significant upside exposure to the strengthening uranium market fundamentals. The company is…

21 Jul

Oil, hydrogen projects increase business visitors

info_e12wt4csObserver MoneyGreen Hydrogen Commissioner, hydrogen projects increase business visitors, Oil

CHAMWE KAIRA The current oil exploration and green hydrogen projects in the country are increasing the number of business visitors to Namibia. Recent figures show that tourists that entered Namibia for business purposes increased their share of the market to 17.3%, while leisure tourist constituted 80.4% of the market and 1.38% of visitors came for conferences in June. Presidential economic adviser and Green Hydrogen Commissioner, Office of the President of Namibia, James Mnyupe in an interview early this month disclosed that Namibian Synthetic Fuel Industry Strategy estimated that more than 184 000 direct jobs could be created by 2040, up…

21 Jul

Rebuild passenger confidence in checked baggage

info_e12wt4csObserver MoneyRebuild passenger confidence in checked baggage, SITA Baggage IT

Recently, I was on a flight that was severely delayed with most passengers trying to bring their luggage into the cabin. There was simply no space on board. The flight ended up leaving more than an hour late. No doubt fears of their bags being misplaced or long delays waiting at the baggage carousel were weighing heavily on most passengers’ minds. They no longer felt confident checking their baggage. What are the numbers telling us? Data from the latest SITA Baggage IT Insights report confirms a spike in baggage mishandling emerging from the pandemic. The latest data from IATA shows…

20 Jul

ReconAfrica announces completion of $7.5m share offering

info_e12wt4csObserver MoneyReconAfrica announces completion of $7.5m share offering

Martin Endjala Reconnaissance Energy Africa Ltd (ReconAfrica) has announced its previously announced overnight marketed Offering units of the Company for gross proceeds of $7.5 million (Approximately N$133 950 000) including the full exercise of the over-allotment option for $975 000(Approximately N$17 413 500) on the Toronto Stock Exchange Venture (TSXV) share listing. The company’s Chief Executive Officer, Scot Evans made the announcement and said the offering was completed by way of a short form prospectus filed in all of the provinces of Canada, except Québec, and the Units were sold outside of Canada on a private placement basis. He said…

20 Jul

Namra rakes in over N$18 billion in revenue

info_e12wt4csFeatured, Observer MoneyNamra rakes in over N$18 billion in revenue

Hertta-Maria Amutenja During the first quarter of the current financial year, the Namibia Revenue Agency (NamRA) collected N$18.9 billion in revenue. According to Namra Commissioner Sam Shivute, this amounts to 28 percent of the N$67 billion annual target set for the financial year beginning on 1 April 2023 and ending on 31 March 2024. Last year the agency surpassed its revenue-collection target for the 2022/23 financial year by N$4 billion. The revenue collector was required to bring in N$53 billion however it exceeded its target and collected a total of N$57 billion. “Our achievements thus far would not have been…

19 Jul

Mining Expo to shine a spotlight on oil and gas

info_e12wt4csFeatured, Observer MoneyGreen Hydrogen, Mining Expo to shine a spotlight on oil and gas

Martin Endjala The highly anticipated Mining Expo 2023 will be focusing on the discovery of oil and gas as well as the Green Hydrogen in the country and how the mining industry can capitalize on these new developments while showcasing Namibia’s vibrant mining sector. The exhibition is slated for 30-31 August this year at the Windhoek Showgrounds where 86 exhibitors already confirmed their attendance. Exhibitors have already booked a total of 140 booths and stands and the number is expected to rise by the end of the week. The main highlights will be oil and gas, according to the extractive…

19 Jul

Mining sector generates N$ 38 billion in 2022

info_e12wt4csObserver MoneyMining sector generates N$ 38 billion in 2022

Martin Endjala The mining industry is estimated to have generated N$38 billion last year from the sales of minerals in terms of local content which relates to supply and demands by sourcing goods and services from local suppliers. Of this, 44 percent of the total industry revenue or N$16.8 billion was spent on sourcing goods and services from local suppliers and from the sale of minerals. The Namibian Chamber of Mines believes that the number has the potential to exceed 50 percent or N$17 billion by ploughing back into the country’s economy. This was revealed yesterday by the Chief Executive…

17 Jul

Vehicle sales are steadily increasing

info_e12wt4csObserver MoneyVehicle sales are steadily increasing

Martin Endjala Amid financial constraints, the sale of vehicles in Namibia is on a year-on-year upward trajectory. Vehicle sales increased from 872 units in June 2022 to 1,320 in June 2023 which represents an increase of 51.4 percent. According to a Simonis Storm Securities report, in prior months, sales were declining since March 2023, with June’s sales being the first monthly increase in sales since then. Light commercial vehicles drove sales in June 2023, increasing by 74.7 percent from a low base of 375 units to 657 units. At the same time, passenger vehicles accounted for 44 percent of sales…

17 Jul

Recon Africa gets the green light for more drilling

info_e12wt4csFeatured, Observer MoneyRecon Africa gets the green light for more drilling

Niël Terblanché Although there is increased pressure to shift away from fossil fuels and to move towards low-carbon energy sources such as hydropower, solar and wind, this energy transition must be done in a way that shall be fair and affordable for developing countries like Namibia. The Ministry of Environment, Forestry and Tourism recently issued an Environmental Clearance Certificate (ECC) to Recon Africa to drill more exploration and appraisal wells in the Kavango Basin to search for oil and gas resources. The project situated in the Kavango West Region of Namibia was the cause of huge controversy amongst environmental activists…