Observer Money

CHAMWE KAIRA Works on Cleanergy Green Hydrogen’s project near Walvis Bay are progressing as planned and depending on the delivery of the electrolyser, the company is still targeting operations to start in the fourth quarter of this year. The project is being undertaken by Cleanergy Solutions Namibia, is a joint venture between the O&L Group and CMB.TECH. Victoria Moller, group assistant manager of corporate relations at Ohlthaver & List Group, further commented on the progress on the hydrogen refueling station adding that the company is currently finishing the interior of the main building. “Furthermore, the installation of the solar park…

CHAMWE KAIRA Namibia produced 561 000 carats of diamonds in the second quarter of this year compared to 633 000 carats in the first quarter. Diamonds are the country’s main foreign exchange earner. The figures were contained in the Anglo American production report for the second quarter ended 30 June 2024. Anglo American owns De Beers, which is a partner of the Namibian government in Namdeb and Debmarine Namibia. Production takes place in Oranjemund and on the seabed of the Atlantic Ocean. De Beers said production in Namibia decreased by 8%, reflecting planned vessel maintenance at Debmarine Namibia but said…

CHAMWE KAIRA Deep Yellow, the Australian company that is developing the Tumas uranium project told investors in a recent project update that Eastern European countries are embracing nuclear as ‘no other option, thereby improving the outlook of the uranium price on the international market. The company said the other factors that will increase the prices are the French company, Orano leaving Niger and the US Senate approving the bill to ban Russian uranium imports. Deep Yellow has also stated that windfarms are proving uneconomic with government auctions failing to attract investment. It gave an example of Europe’s largest onshore wind…

CHAMWE KAIRA Local companies listed on the Namibian Stock Exchange and the Johannesburg Stock Exchange have announced a number of changes to their boards of directors. Letshego Holdings Namibia Limited has appointed Jerome Mutumba as independent non-executive director effective 15 July 2024. Mutumba is a seasoned business executive and strategist with nearly 21 years of senior management experience across the financial and commercial sectors, including central banking, mining, and development finance. As a well-rounded corporate executive and business management strategist by training, Mutumba possesses authoritative expertise in all relevant areas of business management and has held high-level strategic responsibilities at…

De Beers will expand its flexibility for this month’s sight as the miner responds to the market downturn by limiting supply rather than lowering prices. The company will allow sightholders to remove certain goods from allocations of rough diamonds and request larger buybacks than usual, it told clients last week. The July sight comes amid rising inventories and falling prices in the polished sector, especially in India. De Beers’ customers expect the company to maintain rough-price levels to avoid flooding the market and having a further negative impact on polished. De Beers’ sales policies have been in the spotlight in…

Simonis Storm Securities has said despite the minor decline in new construction project proposals, the increased number of approved building plans indicates a higher approval rate, which could be attributed to a more efficient approval process or greater confidence among developers. More importantly, the substantial rise in completed building plans reflects a significant boost in construction activity and project completions, the firm said in a report. The report said Windhoek's focus on property expansions indicates a mature market with an emphasis on enhancing existing structures. “This trend suggests that homeowners and developers see more value in upgrading and expanding current…

CHAMWE KAIRA The Non-Banking Financial Institutions (NBFI) assets amounted to N$419.4 billion at the end of 2023, according to figures given to Observer Money, by the Namibia Financial Institutions Supervisory Authority (Namfisa)’s Chief Executive Officer, Kenneth Matomola. Number of regulated entities as at 31 December 2023, included 78 active pension funds, seven medical aid funds, one active friendly society, 14 long-term insurance companies, 14 short-term insurance companies, 21 special purpose vehicles, 21-unit trust management companies, 31 investment managers, 31 unlisted investment managers, 560 microlenders, one stock exchange, four linked investment services providers, four stockbrokers, including sponsors. Namfisa exists to supervise…

Namibia Financial Institutions Supervisory Authority (Namfisa), Chief Executive Officer, Kenneth Matomola talks about the state of the non-banking financial sector, the state of medical aid industry and new innovations being supported by Namfisa. Observer Money (OM): How would you describe the performance of Non-Banking Financial Institutions (NBFIs) in the first half of 2024? Kenneth Matomola (KM): According to the data collected from the NBFI sector by Namfisa, despite the contractionary monetary policy environment, demand for NBFI products remains strong. The NBFI sector remains financially sound and does not pose any systemic risk to the country’s financial system. Overall, the NBFI…