Observer Money – Page 37

28 Nov

ANIREP takes over HopSol Africa

info_e12wt4csObserver Money

CHAMWE KAIRA The board of directors of Alpha Namibia Industries Renewable Power Limited (ANIREP) have announced that the company has entered into an agreement to acquire an additional equity stake in HopSol Africa (Proprietary) Limited, increasing its ownership in the entity to 100%. HopSol Africa, a leading Engineering, Procurement, and Construction (EPC) company specialising in renewable energy projects, has been a pivotal partner in advancing ANIREP’s vertically integrated renewable energy strategy. The company said this acquisition underscores ANIREP’s commitment to strengthening its position in Namibia’s renewable energy sector and enhancing its operational capacity to deliver sustainable and innovative energy solutions.…

28 Nov

Sulphuric acid storage plans ready for review

info_e12wt4csObserver Money

CHAMWE KAIRA The draft Environmental Impact Assessment (EIA) Scoping Report and the Environmental Management Plan (EMP) for the Cooperative Bulk Handling Terminal (Pty) Ltd (CBHT), in the port of Walvis Bay has been finalised and is ready for the public review, documents have shown. CBHT will offer services to Bannerman Resource’s Etango uranium project. The project includes a proposed sulphuric acid storage and handling facilities in the Port of Walvis Bay. The Etango uranium project is located on the Mining Licence 250 (ML 250), which was granted by the Ministry of Mines and Energy on 14 December 2023. The Etango…

28 Nov

Oceana’s horse mackerel catch drop

info_e12wt4csObserver Money

CHAMWE KAIRA The Oceana Group has said in results for the year ended 30 September that horse mackerel operating costs in Namibia increased by 18.3% due to the combination of lower catch rates, down 13.7%, increased fuel costs from the use of more expensive intermediate fuel oil and higher quota usage fees. The total sales volumes of horse mackerel decreased by 14.6% to 38 711 tons in 2023, from 45 327 tons previously. According to Oceana, there was a sustained firm consumer demand for horse mackerel, with average Rand prices slightly easing from the high level of the previous year.…

28 Nov

Walvis Bay to acquire extra handling equipment

info_e12wt4csObserver Money

Namport recently finalized the transfer of container handling operations at the new container terminal in the Walvis Bay harbour to Terminal Investment Namibia (TiN). The terminal, which boasts an annual throughput capacity of 750,000 Twenty-Foot Equivalent Units (TEUs), is now managed under a 25-year concession agreement. Observer Money sat down with Namport to discuss the implications of this deal with TiN and the competitive pressures posed by emerging railway and port projects across the SADC region. Observer Money (OM): We have seen new railway and port projects in SADC-Malawi-Mozambique, Malawi, Mozambique, Zambia, DRC, Angola-Zambia and Botswana, Zimbabwe and Mozambique and…

28 Nov

Safeguard yourself against festive season risks

info_e12wt4csObserver Money

JOHANNES HESEKIEL The holiday season is a time of joy and togetherness, often spent in the company of close family and friends. However, this period also sees an increase in certain risks, such as theft and car accidents. To protect yourself, your loved ones, and your belongings, it is essential to keep proactive measures and stay vigilant during this vulnerable time. How to Avoid Theft Incidents of theft and burglary are more likely to increase during the holidays. This is because many people go on holidays, making it easier for criminals to target their vacant houses. Here are some tips…

28 Nov

Eskom gets stable rating

info_e12wt4csObserver Money

CHAMWE KAIRA S&P Global Ratings has revised Eskom Holdings SOC Ltd.'s outlook from 'B' foreign and local currency long-term ratings to positive from stable. The company affirmed its 'B' issue ratings on the group's senior secured and senior unsecured debt and its 'BB-' foreign currency issue ratings on the government-guaranteed debt. S&P Global Ratings has raised its long-term South Africa national scale credit rating to 'zaBBB+' from 'zaBBB' and affirmed its short-term national scale rating of 'zaA-2'. Currently, Namibia imports most of its electricity from South Africa and other countries in the region. A special arrangement between NamPower and Eskom,…

21 Nov

HyIron Oshivela project injects over N$90 million into local economy

info_e12wt4csObserver Money

Erasmus Shalihaaxwe The HyIron Oshivela project has contributed over N$90 million to Namibia’s economy in just one year, according to the minister in the presidency, Christine //Hoebes. Speaking at the project’s reveal event this week, the minister highlighted how the project is benefiting local communities, with more than 17% of its value staying within Namibia. Located 100 kilometres east of Swakopmund, the HyIron Oshivela project is set to be the first industrial production of iron with net-zero emissions, using advanced HyIron technology. ‘’Today marks a pivotal moment as HyIron reveals and sets in place a 12MW electrolyzer—potentially the largest modern…

21 Nov

Andrada spent N$481m on suppliers

info_e12wt4csObserver Money

CHAMWE KAIRA Andrada Mining Limited spent N$481 million on Namibian suppliers, representing 95% of total procurement expenditure, the company said in its sustainability report for the financial year ended 29 February. Andrada is listed on the London Stock Exchange (AIM) and has mining assets in Namibia. Andrada strives to produce critical raw materials from a large resource portfolio of critical metals, including lithium, tin, tungsten, copper and tantalum. These metals are important enablers of the green energy transition and essential for components of electric vehicles, solar panels and wind turbines. The report said during the financial year, it produced 910…

21 Nov

Momentum earn good returns in Namibia

info_e12wt4csObserver Money

CHAMWE KAIRA The Momentum Group’s Africa’s earnings largely benefited from a lower claims ratio and favourable investment income on the back of good returns on shareholder assets, predominantly in Namibia, the group said in an operating update for the three months ended 30 September. The group claimed that rising costs partially offset this result. Africa’s mortality experience remained in line with expectations for most countries, the group said. The present value of new business premiums (PVNBP) improved by 25% to N$870 million, largely following higher retail sales in Namibia and Botswana and higher corporate sales in Lesotho, the operating update…

21 Nov

NAM assets increase to N$20 billion

info_e12wt4csObserver Money

CHAMWE KAIRA Namibia Asset Management (NAM) has announced that assets under management (AuM) increased by 19.5% to N$20.2 billion (September 2023: N$16.9 billion) for the year ending 30 September 2024. “The operating environment has been volatile and challenging for several years. During this time, NAM’s long-term investment approach and track record, together with prudent expense management, have delivered value to clients and shareholders. We remain excited by the return prospects available to active managers,” the company said. Looking ahead, NAM said it remains confident and has positioned the company for continued success in a demanding landscape. “We believe that investors…