Observer Money – Page 33

27 Oct

Otjimbele grape project aims to fill gaps in Namibia

info_e12wt4csObserver MoneyAsparagus Agro-Processing Project, Carlos Lertxundi Aretxaga

Martin Endjala The Otjimbele grape project in the Omusati region is planning on growing crops that are not readily available in the local market as part of its long-term strategy. The project will grow watermelon, maize, wheat, spanspek, sweet potato, and butternut to substitute imports and meet local market demands. The founder and chief executive officer of the project, Carlos Lertxundi Aretxaga, last week told the media that this is part of a N$120 million investment to revitalise the former Asparagus Agro-Processing Project. “Namibia is a net importer of some of these products. So what we want to do is…

27 Oct

Green hydrogen revolution driven by strong partnerships

info_e12wt4csEnergy, Observer MoneyGreen Industrialisation Blueprint

Niël Terblanché Namibia’s ambition to lead Africa’s energy transition, aligning with its Green Industrialisation Blueprint has taken another step forward with the visit by Lei Zhang, founder of Envision last week. Collaboration with Envision, a global leader in renewable energy established in China, will boost Namibia on its journey towards becoming a key player in green industrialisation. Zhang met with government officials to explore opportunities to position the country as a major hub for green hydrogen production. During his visit, Zhang engaged with key figures such as Obeth Kandjoze, chair of the Green Hydrogen Council, and Lucia Iipumbu, minister of…

24 Oct

Diamond production down 14%

info_e12wt4csObserver MoneyDebmarine Namibia, Namdeb, Namibia Trading Diamond Company

CHAMWE KAIRA Production in Namibia decreased by 14% to 500 000 carats, reflecting intentional action to lower production at Debmarine Namibia, partially offset by planned higher grade mining and better recoveries at Namdeb, the Anglo American production report for the third quarter ended 30 September revealed. Anglo American owns De Beers, which in turn is a 50-50 partner with the government in Debmarine Namibia, Namdeb Holdings and Namibia Trading Diamond Company (NDTC). De Beers said overall rough diamond production in Namibia, Botswana, South Africa and Canada decreased by 25% to 5.6 million carats, reflecting a production response to the prolonged…

24 Oct

Agra expects profit to drop 23%

info_e12wt4csObserver MoneyNamibia Stock Exchange, Namibian agricultural sector

CHAMWE KAIRA Agra Limited has advised shareholders that the company’s profit after tax, basic earnings per share and headline earnings per share for the year ended 31 July 2024 is expected to decrease by between 17% and 23% compared to the previous financial period. Agra said the results reflect a period that was challenging in unprecedented ways but also demonstrate the strength and resilience of both the company and the Namibian agricultural sector. “The severe and ongoing drought has tested Agra’s operations, stakeholders, and the very foundation of agriculture in Namibia. Yet, through these trials, Agra has emerged not just…

24 Oct

Economy will offer construction opportunities

info_e12wt4csObserver MoneyBank of Namibia, Simonis Storm

CHAMWE KAIRA Economic research firm Simonis Storm has said while it remains cautious about the overall recovery of the construction sector, it is excited about the opportunities ahead. The recent 25-basis point rate cut by the Bank of Namibia is a welcome step toward creating a more favorable environment for property financing, particularly in the residential sector, the firm said. “Although the current challenges in both corporate and household mortgage lending suggest that deeper structural issues persist, we expect that further rate cuts are on the horizon, offering additional relief and support for the sector,” the firm said. Simonis said…

24 Oct

Otto Shikongo to chair FNB board

info_e12wt4csObserver MoneyFirstRand Namibia Ltd, Namibian Stock Exchange

CHAMWE KAIRA FirstRand Namibia Ltd. and First National Bank of Namibia have announced the appointment of former Debmarine Namibia chief executive officer Otto Shikongo as chairman of its boards effective 17 October. FNB said the appointment of Shikongo as board chairperson is in compliance with paragraph 3.59(c) of the listing requirements of the Namibian Stock Exchange. “The company’s shareholders are hereby advised that Otto Nakasole Shikongo, an independent non-executive director and deputy chairperson of the company, is appointed as chairperson of the boards of FirstRand Namibia Ltd. and First National Bank of Namibia effective 17 October ,” the notice said.…

24 Oct

Uranium supply chain face uncertainties

info_e12wt4csObserver MoneyDeep Yellow, John Borshoff, Tumas uranium projec

CHAMWE KAIRA Uranium supply uncertainties escalated in the quarter ending 30 September as Kazakhstan’s state uranium production company, Kazatomprom, announced substantial reductions in planned output for 2025. According to Deep Yellow chief executive officer John Borshoff, Kazatomprom revised its production guidance for 2025 to reflect a downgrade of about 15 million pounds due to a variety of production-related issues, including the limited availability of sulphuric acid needed for the in-situ recovery process. Deep Yellow is developing the Tumas uranium project in the Erongo Region. Furthermore, Kazakhstan announced a significant increase in future delivery commitments to the Chinese nuclear utility group,…

24 Oct

Namibian diamonds to be traced

info_e12wt4csObserver MoneyDe Beers Group, tracing natural diamonds, Tracr platform

CHAMWE KAIRA De Beers Group has announced that it will provide country of origin data for all newly registered rough diamonds over 1.25 carats sourced from De Beers on the Tracr platform. Tracr is the world’s leading digital platform for tracing natural diamonds from source to scale. The company announced that starting in 2025, it will extend this to rough diamonds larger than 1 carat, which is equivalent to approximately 0.5 carats in polished form, thus aligning with the size threshold for new diamond import requirements for G7 countries. For the first time, this will enable diamond jewelry consumers at…

24 Oct

Oil markets entering period of volatility

info_e12wt4csObserver MoneyOPEC, world’s largest oil consumers

Oil prices have been highly volatile in recent months, influenced by a convergence of factors, most notably excess global production and subdued demand from China, one of the world’s largest oil consumers. This has exerted considerable downward pressure on prices. At the same time, geopolitical tensions, particularly escalating conflict between Iran and Israel, have emerged as critical determinants of price movements. Should these tensions intensify, the market faces the potential for significant supply disruptions, which could push prices sharply higher. The outlook for oil prices in 2024 is marked by significant volatility, driven by a confluence of geopolitical tensions, economic…

24 Oct

Tourism continue to show resilience

info_e12wt4csObserver MoneyBank of Namibia

CHAMWE KAIRA Namibia's tourism sector continued to demonstrate resilience in September, with a diverse mix of regional and international visitors contributing to the positive outlook, a study has shown. European tourists remained the largest group, increasing their share to 71.8% from 67.3% in September 2023. This growth highlights Namibia’s ongoing appeal as a premier destination for European travellers, reinforcing the need for tailored marketing strategies and services to cater to this key demographic, as Simonis Storm said in a report. Leisure travel continued to dominate the sector, presenting opportunities for further infrastructure development to enhance the visitor experience and sustain…