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The Bank of Namibia has said its GDP growth projections, which extend to 2026, do not anticipate the production of oil mines or the commencement of oil production within this period, and as such, Shell's US$400 million write-down of an offshore oil discovery in Namibia does not impact these projections. These sentiments were expressed by Kazembire Zemburuka, Director of Strategic Communications and International Relations. Zemburuka was responding to questions by Observer Money on the recent announcement by Shell to write down $400m related to an oil discovery made in Petroleum Exploration License (PEL) 39.  Observer Money (OM): How does the…

CHAMWE KAIRA Paratus Namibia Holdings Limited has announced changes to the board of directors with effect from 23 January. Hans-Bruno Gerdes has retired as an independent non-executive director of the company. Gerdes was the chairman of the board of directors of the company and a member of the remuneration and nominations committee and audit, risk and compliance committee. “The board would like to extend its appreciation to Mr Gerdes for his commitment and service to the company over the years,” the company said. The company further announced that Heinrich Jansen van Vuuren has been appointed as a non-executive director of…

JAIRUS KAPENDA As Namibia embraces the digital age, the proliferation of electronic devices has become a double-edged sword. While technology offers unprecedented opportunities for connectivity and innovation, it also generates a growing problem, electronic waste (e-waste). E-waste refers to discarded electrical and electronic devices that are no longer in use or have reached the end of their life cycle. This includes items such as old computers, mobile phones, televisions, refrigerators, and other consumer electronics. As part of its mandate, CRAN recognises the importance of addressing the growing challenge of e-waste. The Authority has taken a proactive approach to educate the…

CHAMWE KAIRA  Reconnaissance Energy Africa Ltd has announced that, further to its announcements on 16 July and 30 July, it has completed the farm-down agreement with BW Energy Limited.  The sale of a 20% working interest in Petroleum Exploration Licence 73 (PEL 73), in northeast Namibia, has been approved by the Namibian Ministry of Mines and Energy and Namcor Exploration and Production.  The working interests in PEL 73 are now ReconAfrica, the operator, with a 70% working interest, while BW Energy has a 20% working interest and NAMCOR has a 10% working interest.  Brian Reinsborough, President and CEO, commented: “We…

CHAMWE KAIRA  Mobile Telecommunications Limited (MTC) Ltd is expected to hold its Annual General Meeting in Windhoek on 28 February, the company said in a stock exchange notice. The AGM is expected to consider and if thought fit, to pass a number of ordinary resolutions. These include considering and adopting the audited financial statements of the company and the group and the reports of the directors and auditors for the year ended 30 September 2024. The meeting is also expected to pass the resolution to confirm the final ordinary dividend of 49.27 cents per ordinary share. Also on the agenda…

CHAMWE KAIRA  Bannerman Energy Ltd has confirmed that it has secured supply contracts to cover construction water and power requirements for its Etango uranium project in the Erongo region. In a quarterly update for the period ending 31 December 2024, the company announced that negotiations for life-of-mine operational water and power supply contracts have progressed as required and are now at an advanced stage. Regarding water supply, the company said operational water for Etango will be sourced from NamWater and supplied from desalinated sources to the base reservoir in Swakopmund. From there, the planned permanent Etango water supply infrastructure consists…

CHAMWE KAIRA  B2Gold Corp has announced an offering of convertible senior unsecured notes due in 2030, with an aggregate principal amount of US$350 million.  The company expects to grant initial purchasers an option for 15 days to acquire up to an additional US$52.5 million in notes. According to B2Gold, the net proceeds from the offering will be used to fund working capital requirements and for general corporate purposes.  Initially, the funds will be used to pay down the outstanding balance on the company’s revolving credit facility. Future draws on the facility will then be used to support working capital and…

CHAMWE KAIRA  Namibia’s automotive market is set for a strong recovery in 2025, driven by improving economic conditions and strategic vehicle launches. A report by Simonis Storm Securities projects that a more accommodative monetary policy and rising consumer confidence will accelerate vehicle sales across both passenger and commercial segments. Toyota is well-positioned to strengthen its market dominance, leveraging upcoming next-generation Hilux and Fortuner models, which will integrate improvements in fuel efficiency, technology, and safety features. The refreshed Corolla Cross, featuring advanced hybrid technology, reflects Toyota’s ability to align with evolving consumer preferences for fuel-efficient and cost-effective mobility solutions, the report…