Observer Money – Page 141 – Windhoek Observer

01 Aug

Russians plan N$9 billion uranium mine

Observer MoneyRussians plan N$9 billion uranium mine

Staff Writer Russian state-owned atomic energy firm, Rosatom plans to begin mining uranium in Namibia by 2029, with an initial investment of roughly N$9 billion. The firm, through its worldwide mining company Uranium One, intends to finish the prospecting and exploring phase of the Wings project by 2026. Exploration began in 2010, with geological studies completed between 2018 and 2021 establishing the presence of a substantial uranium deposit of the sandstone type with a 25 year support. The project's annual output is estimated to be 3,000 metric tons of uranium and Uranium One will use the In Situ Leaching (ISL)…

28 Jul

Namdia to pay N$300m dividend

Featured, Observer MoneyNamdia to pay N$300m dividend

CHAMWE KAIRA Namib Desert Diamonds (Pty) Ltd or Namdia is expected to pay N$300 million in dividends to the government in the current financial year, the company revealed this during a presentation on Monday. In 2021/22, the company declared a dividend of N$150 million compared to N$40 million the previous year. In the 2019/20 financial year, Namdia declared a profit of N$80 million compared to N$50 million in 2018/2019. The company has been growing its profit after tax from N$61 million in 2016/2017 to N$409 million in 2022/2023 in 2022/2023. The amount of carats sold by the company has increased…

28 Jul

BoN expected to follow SA rate decision

Observer MoneyBoN expected to follow SA rate decision, Lesetja Kganyago, South African Reserve Bank

CHAMWE KAIRA Simonis Storm Securities expects the Bank of Namibia to keep the repo rate unchanged or will hike it by 25 basis points at its next monetary committee meeting on 16 August. Last week, South African Reserve Bank decided to keep the repurchase rate at its current level of 8.25% per year. The Bank of Namibia on 14 June increased the repo rate by 50 basis points to 7.75 percent “Initially we had expected the South African Reserve Bank to hike by 25 basis points, but SARB has aligned their decision with the Fed, and was further supported by…

28 Jul

NamRA’s ‘fishy’ tax assessment disputed…. Fishing industry says it contributes N$1,32 billion in taxes

Featured, Observer Money32 billion in taxes, NamRA’s ‘fishy’ tax assessment disputed…. Fishing industry says it contributes N$1

The Confederation of Namibian Fishing Associations has said according to its estimates the fishing industry contributed N$1,32 billion dollars in taxes and levy contributions to the state coffers in its last assessment of the fishing industry. Namibia Revenue Agency (NamRA) executives expressed concern on what was said to be the minimal contribution of the fishing sector in taxes. Despite its massive size, NamRA officials said the fishing industry’s contribution to tax revenue was one of the lowest of major industries. Figures presented by NamRA Commissioner, Sam Shivute during a meeting with President Hage Geingob showed that compared to other key…

28 Jul

FlyNamibia looking to partner foreign carriers…Plans to link Hosea Kutako with Maun, Gaborone and Durban

Observer MoneyFlyNamibia looking to partner foreign carriers…Plans to link Hosea Kutako with Maun, Gaborone and Durban

Andre Compion, the CEO of FlyNamibia talks to Observer Money about the progress the airline is making on the market. He also talks about the process to join IATA and plans to fly to Maun, Gaborone and Durban. CHAMWE KAIRA (CK): Describe the current business status of FlyNamibia, how is the company performing at the moment? ANDRE COMPION (AC): FlyNamibia is currently performing well. Over the past year, we have dedicated significant efforts to obtain our IOSA certification, which will allow us to become an IATA member. This week, we are excited to be joining the Global Distribution System (GDS),…

28 Jul

Diamonds fetch higher outside De Beers

Observer MoneyDiamonds fetch higher outside De Beers, Namib Desert Diamonds Pty Ltd (Namdia)

CHAMWE KAIRA The government of Namibia will be in a position to negotiate for an improved sales agreement with De Beers using Namib Desert Diamonds Pty Ltd (Namdia) price recovery system that saw Namibian diamonds sold outside the De Beers system getting as much as more than 12% compared to De Beers’ diamond prices. Namdia is a wholly owned government diamond trading company that exclusively sells diamonds outside the De Beers system. The company is entitled to 15 percent of diamonds processed by the Namibian Diamond Trading company consisting of 22.6 percent above 2 carats, 76.2 percent below 2 carats…

28 Jul

Uranium earnings surged to N$3.5 billion

Observer Moneystronger uranium export, Uranium earnings surged to N$3.5 billion

Uranium export earnings surged to N$3.5 billion for the first quarter of 2023 from N$1 billion recorded in the same period in 2022. “This could be attributed to a stronger uranium export volume and the depreciation of the domestic currency. The higher export volumes were triggered by a low base effect, as shipping vessels were unavailable during the corresponding quarter of 2022,” said research firm, High Economic Intelligence. Namibia is one of the world’s top producers of uranium ranking second only to Kazakhstan. The country produces around 10% of the world’s global uranium production mainly from its large uranium mines…

27 Jul

EIF assists communities threatened by climate change

Observer MoneyEIF assists communities threatened by climate change, Environmental Investment Fund of Namibia

Martin Endjala The Environmental Investment Fund of Namibia has disbursed grants to the tune of N$88 300 000 under the ‘Building Resilience of Communities across Targeted eight landscapes threatened by climate change through an ecosystems-based adaptation approach’ initiative. The project is funded by the Green Climate Fund and geared towards addressing communities threatened by climate change through an Ecosystem-Based Adaptation Approach in Namibia, particularly in the Kunene and Erongo regions. The community projects are aimed at addressing climate change through ecosystem-based adaptation by recognising the inherent strength and resilience of the natural systems in adapting to changing climatic conditions. The…

26 Jul

Hyphen and Namibian Government launch SED framework

Observer MoneyHyphen and Namibian Government launch SED framework

Martin Endjala As part of the landmark N$180 billion green hydrogen project deal, the Government of the Republic of Namibia (GRN) and Hyphen Hydrogen Energy on Monday launched a socio-economic development framework (SED Framework) in the //Kharas Region. The SED Framework is an integral part of the Feasibility and Implementation Agreement (FIA) which demonstrates the GRN's commitment to incorporating socio-economic development targets for green hydrogen developers in the implementation of Namibia's green hydrogen strategy. Hyphen’s Head of Environment, Social and Governance (ESG), Toni Beukes, said that in partnership with central, regional, and local governments they aim to co-create solutions with…

26 Jul

The business community is a vital component of the mid-term budget

Featured, Observer MoneyThe business community is a vital component of the mid-term budget

Niël Terblanché The Ministry of Finance and Public Enterprises along with the National Planning Commission will conduct a comprehensive mid-term budget review in various regions across the country. According to a statement provided by the finance ministry, the Minister of Finance and Public Enterprises, lipumbu Shiimi, will personally conduct the campaign with members of the National Planning Commission. “This initiative aims to assess the progress made thus far and identify areas where adjustments may be required to ensure effective fiscal management and equitable economic growth,” the statement said. During the visits to the various regions, the finance minister will engage…