Observer Money – Page 189 – Windhoek Observer

25 Sep

Mineral exploration reached N$806m in 2021

Observer 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

Observer 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

Observer 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

Observer 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

Observer 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

Observer 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

Observer 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

Observer 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)…

10 Aug

NamRA to enhance compliance and enforcement

Observer MoneyNamRA to enhance compliance and enforcement, Steven Ndorokaze, Taxpayer/Trader Appreciation Day

CHAMWE KAIRA Sixteen months since its inception, the Namibia Revenue Agency’s major highlight has been surpassing the revenue target for the first financial year by N$3.5 billion. The revenue is for the period April 2021 to July 2022. NamRA’s Chief of Strategic Communications and Support Engagements, Steven Ndorokaze says that the recruitment process, which involves absorbing the staff seconded from the Ministry of Finance has gained significant momentum and has added to the agency’s revenue target. “Lot of work was also done to ensure that our systems are compatible with demands of the time, while assessing the various processes to…

10 Aug

Old Mutual looks at impact of Covid 19

Observer MoneyManaging Director of Old Mutual Short-Term Insurance, Market Conduct Policy, Old Mutual looks at impact of Covid 19, Riaan Vermeulen

CHAMWE KAIRA Covid-19 had a major negative impact on businesses in Namibia, including on the short term insurance industry. Riaan Vermeulen, Managing Director of Old Mutual Short-Term Insurance explains to the Windhoek Observer that not all their clients had the relevant cover for Business Interruption caused by Infectious Diseases. “It is therefore impossible to quantify the full impact on our customers though it is safe to say it was severe,” explains Vermeulen. Commenting on the move by Old Mutual to pay out its customers despite the tough economic environment, Vermeulen explains that Old Mutual’s position has always been to accept…