Observer Money

CHAMWE KAIRA The Bank of Namibia’s stock of international reserves decreased by 1.2% month-on-month to N$55,6 billion as at end of May. The decrease stemmed from higher foreign government payments, as well as an increase in customer foreign currency outflows. The foreign reserves translated into 3.9 months of import cover, continuing to remain above the international benchmark of three months and adequate to support the Namibia Dollar and the South African Rand currency peg. Notably, the import cover excluding imports of oil exploration and appraisal activities stood at 4,4 months at the end of May, relative to 4.7 months recorded…

CHAMWE KAIRA Gib Mining Namibia (Pty) Ltd, the Australian based mining company intends to conduct exploration activities for uranium on Exclusive Prospecting Licence (EPL) 9924 and EPL 10131 situated east of Swakopmund, and south of the existing Langer Heinrich Uranium Mine within the Namib Naukluft National Park in the Erongo Region. The company announced that the exploration activities planned during phase one entail ground radiometric surveys, airborne radiometric, electromagnetic surveys and some grab sampling for geochemical analysis. The company said after the targets have been delineated, and deemed worthy of follow up, ground-based surveys entailing drilling and rehabilitation of the…

CHAMWE KAIRA Stampriet Aquifer Uranium Mining Association (SAUMA) has said the recent Stampriet Transboundary Aquifer System, meeting held in Mariental on 17 June was very divided into pros and cons. According SAUMA, Minister of Agriculture, Water and Land Reform, Calle Schlettwein was very concerned about the pollution of the drinking water aquifer by high-grade uranium-bearing solutions. The uranium orebody is in the drinking-water aquifer, according to SAUMA. Headspring Investments (HSI), which holds eight active Exclusive Exploration Licenses (EPLs) and eight active Environmental Clearance Certificates (ECCs) for the EPLs is planning to develop a uranium mine in the area. Responding to…

CHAMWE KAIRA Andrada Mining Limited, the technology metals mining company with a portfolio of mining and exploration assets in Namibia has executed a legally binding agreement to restructure Uis Tin Mining Company (UTMC), the operational Namibian entity that holds the company's licences (ML133, ML134 and ML129) to ensure a more efficient corporate structure going forward, subject to certain conditions. The company is seeking to increase its ownership interest in UTMC, from 85% to 100% through the acquisition of the 15% interest currently held by the Small Miners of Uis (SMU). “We believe that this transaction reflects the strong and collaborative…

CHAMWE KAIRA Deep Yellow has appointed Nedbank Limited as mandated lead arranger and sole book runner to coordinate the project financing for the Tumas Project. Nedbank has a strong track record in uranium project financing and will form a banking syndicate and will oversee the due diligence and documentation process. “Nedbank has an extensive track record in financing mining projects across Africa, including uranium, and previously worked with the current Deep Yellow management team in leading project financings for a uranium project in Namibia and a second African project. It is this strong working relationship and Nedbank’s extensive experience which…

The Communications Regulatory Authority of Namibia (CRAN), CEO Emilia Nghikembua talks about investments in the communication sector, Starlink submitting an application for licences, the Universal Service Fund and CRAN's position on streaming services. Observer Money (OM): It was reported by CRAN that investments in the Namibian telecommunications sector reached N$267 million during the first quarter of 2024, marking a substantial increase from the N$137 million recorded in the fourth quarter of 2023. What do you expect for the rest of the year? Emilia Nghikembua (EN): The Authority expects continuous growth in ICT investment throughout the remainder of the year. This…

CHAMWE KAIRA The Walvis Bay Corridor Group anticipates an increase in manganese exports via the Port of Lüderitz, commencing in the third quarter of 2024, CEO Mbahupu Tjivikua disclosed to Observer Money. He noted that indications are that there is a notable growth in cargo volumes, driven by an increasing demand for goods across key markets such as Angola, Botswana, the Democratic Republic of Congo (DRC), Malawi, South Africa, Zambia, and Zimbabwe. Expansion in mining activities, particularly in DRC, Botswana and Zambia, are contributing to the increased demand for transport and logistics services, he noted. The other growth factors are…

CHAMWE KAIRA The proposed upgrades of railway infrastructure under funding from the African Development Bank and the Namibian government is at procurement stage with some activities on the ground. However, no implementation of any activity has yet started, except preparation and compilation of solicitation documents, Robert Kalomho director of railway infrastructure management said when asked about the progress on the project. The funding from both the AFDB and the government totals about N$7,6 billion. The project will see the upgrade of the section between Kranzberg to Otjiwarongo and Kalomho said this will take up to four years to complete. In…

CHAMWE KAIRA Andrada Mining CEO, Anthony Viljoen has said despite the plant outages in April the mine has successfully produced and delivered its first five-tonne consignment of tantalum from its Uis Tin Mine to during the quarter ended 31 May, with the second consignment produced and targeted for shipment in the second quarter. The company’s assets in Namibia include the Uis Tin Mine with significant by-product potential for lithium and tantalum. The other mine is the Lithium Ridge (Nai-Nais), which is a lithium, tin and tantalum operation. The other two assets are Spodumene Hill, a lithium, tin and tantalum mine…

CHAMWE KAIRA Osino Resources Corp has provided an update on the expected conclusion of the regulatory process for the previously announced Yintai transaction in Namibia. Osino and the Namibian Competition Commission continue to engage in the ordinary course of the NCC’s merger review process as the NCC considers the application of the previously announced statutory plan of arrangement under which Yintai Gold will acquire all of the outstanding common shares of Osino for cash consideration of C$1.90 for each Osino Share, the company said. After receiving the third of three Chinese regulatory approvals on May 28, competition law clearance from…