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23 Feb

Tsumeb Smelter is unique asset

info_e12wt4csObserver Money

This week, Alina Garises, communications manager at Dundee Precious Metals talks about the possible sale of the Tsumeb Smelter and impact it could have on the country’s economy. Observer Money (OM): What impact will the sale of Tsumeb Smelter have on the current employees; does this mean they will lose jobs? Alina Garises (AG): It is currently business as usual at the smelter. Decisions on future employment will belong to a new owner but we are extremely impressed by the quality and commitment of our Namibian workforce. While we cannot speak for a new owner, we believe that the reductions…

23 Feb

Tsumeb Smelter put on the market

info_e12wt4csObserver Money

CHAMWE KAIRA Following the announcement Dundee Precious Metals Tsumeb has decided to undertake a strategic review of its Tsumeb operation, including a potential sale, the Windhoek Observer looked at the possible impact this move would have on the Namibian economy and the local impact on the town of Tsumeb. Dundee said given that the smelter is no longer expected to process any Chelopech concentrate from its subsidiary in Bulgaria, commencing in 2024 and as a result, it is no longer seen as strategic to DPM's asset portfolio. Statistics from the Chamber of Mines of Namibia showed that local procurement spend…

23 Feb

Trans-Zambezi Railway important for iron project

info_e12wt4csObserver Money

CHAMWE KAIRA The proposed Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo is very important for Tsodilo Resources Limited, which is developing the Xaudum Iron Project in Botswana close to the Namibian border. The company’s chairman and CEO, James Bruchs, said the railway line is very important for the rail shipment, once the Xaudum Iron Project is off the ground. In September, the Namibian Cabinet has approved the final feasibility study for the Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo. The extension of the Grootfontein-Katima Mulilo will connect Namibia, Zambia and Botswana, through Ngoma up to Kasane, and link up with Zimbabwe and Zambia, up…

23 Feb

FNB profit drop up to 5%

info_e12wt4csObserver Money

FirstRand Namibia Limited has advised shareholders that the group's profit after tax for the period ended 31 December 2023 is expected to be 0% to 5% lower than the comparative period partly due to higher impairments, with pre-provision profit improving between 3% to 8% with strong underlying performance from operations. The group's reviewed financial results will be released on 29 February 2024, said Nelago Makemba company secretary. By comparison, FNB Namibia’s earnings for the six months ended 31 December 2022 increased by 38% to N$813 million, a performance the company said was a testament to the quality of its operating…

23 Feb

Beer, wine, cigarettes prices up

info_e12wt4csObserver Money

CHAMWE KAIRA Consumers can expect prices of alcohol products and cigarettes to go up in line with the Southern African Customs Union (SACU) excise duties when Minister of Finance, Ipumbu Shiimi tables the 2024 budget next week. This week, South African Minister of Finance, Enoch Godongwana said for alcohol products excise duties, above-inflation increases of between 6.7% and 7.2% for 2024/25 are proposed. This means a can of beer increased by 14 cents, a can of a cider and alcoholic fruit beverage went up by 14 cents, a bottle of wine will cost an extra 28 cents, a bottle of…

23 Feb

Geingob cared deeply for the elderly – Nujoma

info_e12wt4csFeatured, OpinionsGeingob cared deeply for the elderly - Nujoma

Hertta-Maria Amutenja As Minister Utoni Nujoma paid tribute to former President Hage Geingob, he reflected on the late President’s commitment to addressing socio-economic disparities and his lasting impact on the Namibian Nation. “President Geingob cared deeply about the elderly and working poor,” Nujoma affirmed, setting the tone for a poignant tribute that unveils the compassionate side of the late President. Nuujoma recalled pivotal moments during Geingob’s presidency, such as the compassionate decision to raise the old age grant, demonstrating a commitment to the well-being of the nation’s senior citizens. In addition, Nujoma highlighted the late President’s dedication to improving the…

23 Feb

No final decision on grey-listing ……… Namibia’s financial sector has assets exceeding US$5 billion

info_e12wt4csObserver Money

CHAMWE KAIRA The Financial Action Task Force (FATF) has not made a final decision on whether the country has successfully implemented sufficient reforms to avoid being grey-listed, Bryan Eiseb, director of the Financial Intelligence Centre (FIC), said this week. Media speculation this week said Namibia will be blacklisted by FATF. “The final has not been made yet,” said Eiseb. Early this week, Minister of Finance, Ipumbu Shiimi said Since December 2022, Namibia has been diligently working towards meeting international standards set forth by the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) and FATF. He said a comprehensive mutual evaluation…

23 Feb

In Memoriam: Big G’s enduring legacy in every aspect of this, that, and the other

info_e12wt4csFeaturedand the other, In Memoriam: Big G’s enduring legacy in every aspect of this, that

In a peculiar twist of destiny, two leaders with opposing ideologies find themselves entwined in a profound lesson of life. It is with deep regret that I convey my profound sense of loss for President Geingob, a cherished elder brother, esteemed friend, formidable adversary, parliamentary peer, and leader of our esteemed Republic. It is safe to say that I am profoundly moved by the colossal void left by the departure of this statesman, a paragon of both intellect and refinement. On August 26, 2002, a serendipitous encounter occurred at the Heroes Acre, where Paramount Chief Riruako and I found ourselves…

23 Feb

Dundee will not resubmit Osino offer

info_e12wt4csObserver Money

Dundee Precious Metals (DPM) Inc. this week acknowledged receipt of notice from Osino Resources Corp that a foreign-based mining company has made a binding proposal to acquire all of the issued and outstanding common shares of Osino for a purchase price of Canadian Dollars (C$)1.90 per share payable in cash. Osino has further advised DPM that its board of directors has determined that the new proposal constitutes a superior proposal as defined in the arrangement agreement between DPM and Osino dated 17 December 2023. Pursuant to the terms of the Arrangement Agreement, DPM had previously agreed to acquire all of…

23 Feb

A Walk Down Memory Lane: The Hage I Remember

info_e12wt4csFeaturedA Walk Down Memory Lane: The Hage I Remember

Henning Melber My first personal encounter with Hage happened in the early 1980s. At the time I was a member of the Namibia Project at Bremen University. My task was – with Nangolo Mbumba, then Deputy Secretary for Education and Culture, as my local counterpart – to conceptualise and draft a textbook for schools in the Swapo refugee camps (published later as Our Namibia – A Social Studies Textbook also by Zed Press and at Independence in a Japanese translation). The preparations included a visit to Nyango and stays at the UN Institute for Namibia in Lusaka. Hage as the…