Observer Money

CHAMWE KAIRA Standard Bank Namibia Holdings reported to shareholders this week that profit after tax for the period ended 30 June is expected to be substantially higher, by between 35% and 40%, than what was reported for the comparative period. “Therefore, earnings and headline earnings per share for the period ended 30 June 2024 are expected to be substantially higher, by between 35% and 40% (between 95 and 98 cents per share), than what was reported for the comparative period (70 cents),” the company said in a trading statement. The bank advised shareholders that the financial data upon which this…

CHAMWE KAIRA Botswana is planning several rail links with its neighbours including one with Namibia. Botswana already with Mozambique and Zimbabwe have expressed interest to invest in a multimodal regional port and transport infrastructure project that aims to mutually benefit the countries and the region as a whole, Botswana’s Ministry of Transport and Works told Observer Money. Botswana is also developing the Trans-Kalahari Railway (TKR) line project with Namibia. The project aims to construct a railway line from Walvis Bay to the coalfields at Mmamabula in Botswana, complete with rolling stock locomotives and wagons and maintenance facilities. The project will…

CHAMWE KAIRA Members of the Chamber of Mines of Namibia achieved a zero-fatality rate for a third consecutive year in 2023. Notably, the single fatalities recorded in 2021 and 2022 were associated with non-chamber member quarrying operations that mine dimension stone. The efforts were mobilised by the chambers health and safety committee in collaboration with the chief inspector of mines to enhance safety protocols at quarrying operations. The chamber said in its 2023 annual report that these concerted actions have not only improved the safety standards within those operations, but have also had a positive ripple effect across the entire…

CHAMWE KAIRA Andrada Mining Limited has announced that it has completed the N$175 million Bank Windhoek Limited funding agreement. The critical raw materials producer with a portfolio of mining and exploration assets in Namibia, confirmed that its subsidiary, Uis Tin Mining Company had concluded the funding agreements with Bank Windhoek Limited. “These facilities replace UTMC's current banking facilities with immediate effect. The proceeds will be allocated primarily to retirement of existing facilities, growth initiatives, and working capital. The funding has been concluded following the fulfilment of conditions precedent, including receipt of all required consents and documentation.” Anthony Viljoen, Chief Executive…

CHAMWE KAIRA The year on year inflation rate stood at 4.6% in July in the Khomas Region compared to 4.7% registered during July last year. The slowdown in the annual inflation rate emanated mainly from the slow increases registered in the price levels of ‘food and non-alcoholic beverages’ (from 10.4% to 4.8%); education (from 4.5% to 0.6%); and ‘miscellaneous goods and services’ (from 4.4% to 1.6%). For the compilation of inflation, the Namibian Statistics Agency has grouped the country into three zones. Zone 1 is made up of (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi).…

CASPER LABUSCHAGNE Mark Twain famously said: During the gold rush it’s a good time to be in the pick and shovel business”. The mining, minerals and metals sector has certainly on moved on from just picks and shovels, and with that, countries like Namibia which is quickly becoming the next destination for the proverbial gold rush. According to Chamber of Mines in Namibia, mining accounted for 14.4% of the country’s GDP 2023, an increase from 9% in 2021 and 11.9 % in 2022. The sector therefore plays a fundamental role in Namibia’s job and wealth creation, showing consistency steady growth.…

Airlink, Southern Africa’s premier airline, is expanding its network to include direct Cape Town-Gaborone flights from 1 April 2025. Flights on the route will operate on Tuesdays, Thursdays and Saturdays departing Cape Town International Airport at 10.50 and arriving at Gaborone’s Sir Seretse Khama International Airport at 13.00. The return service leaves Gaborone at 13.45 and lands in Cape Town at 16.00. “As Botswana’s capital, Gaborone is an important regional destination for business with the city being home to thriving minerals, resources, automotive and tech sector companies and it hosts the Southern African Development Community headquarters. It is also an…

Martin Endjala Only applicants who have completed the minimum exploration work program and shown they have the financial and technical resources to carry out their programs will receive Exclusive Prospecting Licences (EPLs). The minister of mines and energy, Tom Alweendo, made this statement at the official opening of the 2024 Mining Expo and Conference in Windhoek on Wednesday. “This is necessary lest we delay mineral discoveries and consequently deprive the Namibian people of their deserved economic benefits,” he said. According to Alweendo, the ministry found that the majority of applicants who previously received EPLs lacked the necessary skills to carry…

CHAMWE KAIRA The Bank of Namibia’s stock of international reserves increased by 3.7% month-on-month to N$57.6 billion at the end of June. The monthly increase in international reserves was on the back of higher net commercial bank inflows, supported by Customer Foreign Currency (CFC) placements, as well as revaluation gains due to price changes in the market. The foreign reserves translated into 3.8 months of import cover, exceeding the international benchmark of three months. “This level of reserves is considered adequate to support the Namibia Dollar and the South African Rand currency peg. Notably, the import cover excluding imports of…