Observer Money – Page 139

25 Sep

Nambrew, Heineken, Distell concoction

info_e12wt4csObserver MoneyHeineken, Nambrew

CHAMWE KAIRA The biggest ‘beer concoction’ in Namibian history has been ‘mixed.’ The Competition Commission of South Africa and the Namibian Competition Commission have both approved the Heineken takeover of Namibian Breweries and certain Distell operations. Sipho Ngwema, Head of Communications at the Competition Commission of South Africa says the commission has recommended that the Competition Tribunal approves with conditions the proposed transaction whereby the Heineken Group through Sunside Acquisitions Proprietary Limited (Newco) acquires a controlling interest in Namibian Breweries Investment Holdings Limited (NIH) and the flavoured alcoholic beverages (FABs), wine, and spirits operations of Distell Group Holdings Limited. The…

25 Sep

Namdeb predicts 7.8 million carats, N$159bn revenue

info_e12wt4csObserver MoneyN$159bn revenue, Namdeb Brand Manager, Namdeb predicts 7.8 million carats, Shangelao Ndadi

CHAMWE KAIRA Namibia Diamond Corporation (Namdeb) under the new long term plan expects to produce 7.8 million carats over a 20-year period with a revenue of N$159 billion benefit to Namibia. “Production will be ramped up over the next two and a half years to approximately 160% of the current capacity. This means a significant capital investment of approximately N$1.8 billion and similarly, a significant increase in operational cost. The long term plan therefore results in 7.8 million carats being produced which amounts to revenue of N$159 billion benefit to Namibia. This requires approximately N$2 billion capital investment over the…

25 Sep

Mineral exploration reached N$806m in 2021

info_e12wt4csObserver MoneyAntler’s Erongo Gold Project, Mineral exploration reached N$806m in 2021

Staff Writer The money spent on exploration of minerals in the country increased to N$806 million in 2021 from N$548 million the previous year, figures released by the Chamber of Mines of Namibia revealed. This indicates that Namibia has continued to be an attractive investment destination for mining companies. GoldThe exploration projects include the Antler’s Erongo Gold Project is located in central Namibia, about 130 km northwest of Windhoek, near the towns of Usakos, Karibib and Omaruru. The project covers areas of the Navachab- Damara Belt, which is prospective for gold, and overlies similar lithologies and structures to the known…

16 Sep

5 Regulated Forex Brokers in Namibia

info_e12wt4csObserver MoneyHF Markets, IC Markets, Regulated Forex Brokers in Namibia, XM

To date, the Namibia Financial Institutions Supervisory Authority (NAMFISA) has made no effort to compel offshore Forex brokers to get local regulation. Traders new to the Forex market should select a broker from our recommended list because of the measures taken by these firms to safeguard client funds from loss. 1. HF Markets Overview You can choose from six different trading accounts at HF Markets, a broker that offers the MetaTrader platform. HF Markets makes use of a more robust version of MetaTrader, however it only offers a limited selection of items for trading, but it is one of the…

07 Sep

NamPower looks to wind power

info_e12wt4csObserver Money40MW near Rosh Pinah, NamPower looks to wind power, Procurement and Construction (EPC)

CHAMWE KAIRA NamPower, which plans to establish a wind power plant with a capacity of up to 40MW near Rosh Pinah, expects to shortlist applicants from the prequalification stage in October. The shortlisted firms will then be invited to bid for the Engineering, Procurement and Construction (EPC) of the plant in October. All things being equal, construction of the plant is expected to commence in June 2023, with an estimated duration of 18 months, NamPower Managing Director, Simson Kahenge Haulofu told Observer Money. “The time of completion of the project is thus anticipated to be in December 2024,” he says.…

07 Sep

NWR sees return to profitability in 2024

info_e12wt4csObserver MoneyNWR sees return to profitability in 2024, Pohamba Shifeta, UNECA

CHAMWE KAIRA The Namibia Wildlife Resorts expects to return to profitability in 2024 after being badly affected by the Covid 19 pandemic, which saw a drop in visitors to the country and to its resorts. Just before the pandemic, NWR reduced its losses from N$171m in 2020 to N$97m in 2021 that is 44% or N$77 million. “We just came back from a difficult phase that almost wiped us out of business. We still expect 2022 to be a hard year for us. We foresee changes only from 2024 onwards,” said Nelson Ashipala, manager of corporate communications. Pressed on the…

07 Sep

Hyphen tables financing options for hydrogen

info_e12wt4csObserver MoneyGreen Hydrogen, Hyphen tables financing options for hydrogen, Tsau //Khaeb National Park

CHAMWE KAIRA Hyphen Hydrogen Energy is looking at all financing options for its green hydrogen project in southern Namibia. The company says it is making positive progress on its discussions with the government as it moves towards signature of the implementation agreement before the end of the year on its US$10 billion Namibian green hydrogen project. Hyphen is a Namibian registered green hydrogen development company, specifically formed to develop green hydrogen projects in Namibia for international, regional and domestic supply. Hyphen successfully bid on and has been awarded preferred bidder status on 4000 square kilometers of land within the Tsau…

07 Sep

Russian mine to propel Namibia to uranium big league

info_e12wt4csObserver MoneyRussian mine to propel Namibia to uranium big league, Russian owned uranium mine in the Omaheke Region, Uranium One is a state-owned company of Rosatom

CHAMWE KAIRA The planned establishment of a Russian owned uranium mine in the Omaheke Region could further propel Namibia to grow its contribution to the world’s uranium output. Russia’s Uranium One Group aims to invest up to N$8,5 billion in the Namibian economy. The money will not be raised on the local market. “Uranium One is a state-owned company of Rosatom, thus as a state-owned company it will not be necessary to raise the funds as is the case in a private enterprise,” the company said in response to questions from the Windhoek Observer. The company said the money to…

10 Aug

CRAN about SIM registration positives

info_e12wt4csObserver MoneyCRAN about SIM registration positives, Namibia identified by Communications Regulatory Authority of Namibia (CRAN), SIM card registration

CHAMWE KAIRA Critical sectors at risk of cybercrimes in Namibia identified by Communications Regulatory Authority of Namibia (CRAN) include energy, communications, data centres, finance, transport, water and government administration. CRAN is in the middle of enforcing a mandatory SIM Card Registration in the country and has cited cybercrimes as one of the many reasons why SIM cards must be registered. CRAN CEO, Emilia Nghikembua points out that the use of mobile phones delivers significant economic and social benefits and plays a key role in enabling digital inclusion and delivering social benefits. But on the other hand, she argues that mobile…

10 Aug

Central bank to provide FinTech guidance

info_e12wt4csObserver MoneyCentral bank to provide FinTech guidance, Director of Strategic Communications and International Relations, Kazembire Zemburuka

Chamwe Kaira The Bank of Namibia has come up with a regulatory framework to provide guidance on how the bank will treat financial technology (FinTech) innovations that are not covered under the bank’s existing regulations. “The regulatory framework provides a step-by-step analytical framework to identify whether an innovation qualifies as a FinTech innovation followed by a phased approach to understand, evaluate and test the innovation before the regulatory outcome on the innovation can be determined,” says Kazembire Zemburuka, Director of Strategic Communications and International Relations. The Fintech Africa Summit held in March concluded that the impact of financial technology (FinTech)…