Observer Money

Chamwe Kaira Diamond producer, Namdeb’s operations have thus far spent more than N$3.2 billion in the local economy of Namibia in 2022 and capital expenditure of N$1.3 billion is being spent on the ramp up production activities, spokesperson Shangelao Ndadi told Observer Money. Ndadi said the royalty remission that was agreed upon with the government enabled a N$2 billion capital investment over a period of three years (2022 -2025) in the operations resulting in a 20-year life of mine extension (to 2042) for Namdeb’s land-based operations. “This life extension has huge positive implications in terms of long-term contribution to the…

The Petroleum oils import bill increased by N$892 million in August, trade statistics have revealed. This increase was one of the leading causes that lead to the country’s trade balance standing at a deficit of N$4.9 billion compared to N$3.7 billion and N$4.1 billion recorded in July 2023 and August 2022. This was the largest deficit the country has recorded between August 2022 and August 2023. The other increases in imports were vessels imports, which increased by N$428 million, rotating electric plant increased by N$391 million, tubes and pipes of iron and steel increased by N$180 million and precious stones…

Observer Money talks to Alina Garises, communications manager at the Dundee Precious Metals Tsumeb (DPMT) about the company’s financial performance, its smelting forecast and the newly launched General Waste Management Facility. Observer Money (OM): Dundee Precious Metals Tsumeb (DPMT)’s turnover in 2022 was N$2.232 billion and a loss of N$839.4 million. When does DPMT forecast to break through and start making profit? Alina Garises (AG): The smelter is operating in a challenging global market environment. In order to ensure the long-term sustainability of the operation, the company launched a cost optimization and organisational efficiency program called the P300 project, which…

Chamwe Kaira Inflation in the northern regions of Namibia has seen a notable rise, primarily attributed to surging diesel and bread prices. The Namibia Statistics Agency classifies the northern regions, including Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi, as Zone 1 for inflation calculations. This region recorded the highest annual inflation rate of 6.1%, surpassing the other two zones. The Khomas region followed closely with the second-highest annual inflation rate at 5.2%. Meanwhile, Zone 3, which includes Kharas, Erongo, Hardap, and Omaheke regions, reported the lowest annual inflation rate at 4.6%. Analyzing the average retail…

Chamwe Kaira The registration of new businesses, which serves as a leading indicator for future activity in the economy increased by 6.2% during the second quarter of 2023 compared to the same period in 2022, figures released by the Bank of Namibia have shown. The increase was more reflected in the private company (Pty) Ltd category, which rose substantially by 34.1%. The close corporation category, which accounts for about 90% of the total number of new businesses registrations, increased marginally by 3.5%. During the second quarter, employment in the wholesale and retail sector increased slightly by 1.2%, while it decreased…

Simonis Storm anticipate that the trade deficit will continue to widen for the remainder of 2023. Mining and fishing are expected to play a vital role in boosting our export earnings, further driven by the depreciation of the rand, the firm has pointed out. Simonis said a concern however remains for the global demand of raw materials, especially given the resurfacing discussions of a possible economic recession. “On the flip side, our import costs are on the rise. The current weather conditions have shifted into an El Nino pattern, resulting in elevated temperatures and reduced rainfall, which poses a threat…

In its 30th year of existence, leading African upstream oil-and-gas event Africa Oil Week (AOW) has launched a bold new brand and mission, with a broader energy focus in line with the global energy transition and Africa’s evolving role. The event is evolving into a new platform, to be known as AOW: Investing in African Energy. It will provide a single, inclusive forum for investing in African energy, addressing the continent’s immediate energy needs, while driving dialogue to accelerate the clean-energy transition. “This is the perfect time to launch a bold new brand and mission,” says Yemi Ibidunni, Event Director…