Page 157 – News Stand

28 Nov

GIPF members gain from N$118 million in tax refund

info_e12wt4csNational News

Niël Terblanché The Government Institutions Pension Fund (GIPF) on Thursday announced the disbursement of over N$118 million in tax refunds. According to Martin Inkumbi, the chief executive officer of the fund, the payments at the end of this month aim to benefit 24 173 qualifying annuitants, including pensioners, spousal and child beneficiaries. Inkumbi stated that the refunds are the result of recalculations based on revised tax tables. He added that these recalculations compare the tax members paid throughout the year with what they would owe under the updated structure. “The difference has enabled refunds ranging from less than N$1 to…

28 Nov

Fibre upgrade enables Ganab Station to operate more efficiently

info_e12wt4csNational News

Niél Terblanché Deep Yellow Limited, through its subsidiary Reptile Mineral Resources and Exploration (RMR), has upgraded the internet connectivity at the Ganab Station in an effort to advance conservation efforts in the Namib-Naukluft National Park (NNNP). According to RMR, the initiative is a demonstration of the company's commitment to environmental stewardship and sustainable development in Namibia. The N$53,338.90 investment which was handed over on Tuesday, involved installing a fibre optic Speedlink over a 63-kilometre stretch, elevating internet speeds to 25MB/s - 12 times faster than the previous satellite-based system. According to RMR, the enhancement facilitates seamless video communication and significantly…

28 Nov

ReconAfrica appoints new directors

info_e12wt4csObserver Money

CHAMWE KAIRA Reconnaissance Energy Africa (ReconAfrica) Ltd has announced an operational update with respect to its exploration activities on Petroleum Exploration Licence 073, onshore Namibia, the appointment of directors and the filing of its financial results for the quarter ended 30 September. The highlights included the Spud the Naingopo exploration well in the Damara Fold Belt on 7 July, 2024. The well is currently drilling at a depth of 4 000 metres. The company entered into a definitive agreement with BW Energy Limited, for a 20% working interest in Petroleum Exploration Licence 073, including a US$22 million (US$16 million) equity…

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,…

28 Nov

Festive season to boost hospitality sector

info_e12wt4csNational News

The festive season promises a significant boost to Namibia’s hospitality sector, with domestic and SADC visitors expected to drive demand, particularly in the northern and coastal regions, which remain key holiday destinations. This anticipated surge presents an opportunity to enhance economic performance through targeted promotional campaigns and service improvements in these high-traffic areas. NWR ’s initiatives, such as the Namleisure card and upcoming Black Friday specials, are well-aligned with the need to foster domestic and regional tourism. By addressing affordability and accessibility, these efforts are likely to stimulate greater interest in exploring Namibia’s diverse landscapes and cultural offerings. South African…