Page 687 – News Stand

29 Jun

Appian acquires stake in Rosh Pinah zinc mine

info_e12wt4csObserver Money

CHAMWE KAIRA Appian Capital Advisory LLP, the investment advisor to long-term value-focused private capital funds that invest in mining and mining-related companies, has acquired an 89.96% interest in the producing Rosh Pinah zinc mine, located in the south of the country from Trevali Mining Corporation. Rosh Pinah is an operating underground zinc-lead mine with a 2000 tonnes per day milling operation and Appian plans to restart the Rosh Pinah mine expansion project which will nearly double the mine’s annual ore throughput to 1.3 million tonnes and improve safety and environmental performance. Appian will retain the existing site management team and…

29 Jun

Oryx Properties offering new shares

info_e12wt4csObserver Money

CHAMWE KAIRA Oryx Properties says both existing and new investors have a new opportunity to invest in one of Namibia’s leading property companies. Oryx is embarking on a growth strategy for the next two years and is in the process of acquiring the Dunes Mall in Walvis Bay. As part of the funding strategy, Oryx has embarked on a renounceable rights issue. This will see current investors in Oryx being allocated letters of allocation, allowing them to purchase additional units in Oryx. Further, this means that new investors will be able to purchase rights to invest in Oryx on the…

29 Jun

B2Gold contributes N$19.5 billion to economy

info_e12wt4csObserver MoneyB2Gold contributes N$19.5 billion to economy

CHAMWE KAIRA B2Gold Namibia production records show that in the eight-year period since commercial production was declared (from March 2015 up to 31 December 2022), the company contributed N$19.5 billion to the Namibian economy. Since commercial production was achieved in 2015, the company has spent over N$ 12 billion on localprocurement. Of its total supplier spend, approximately 80% relates to spending on Namibian suppliers of goods and services. B2Gold has operating gold mines in Mali, the Philippines, and Namibia, and a portfolio of exploration and development projects in several countries, including Canada, Mali, Finland, Cote d’Ivoire, and Uzbekistan.B2Gold is a…

29 Jun

Savanna aims to raise N$200m

info_e12wt4csObserver MoneySavanna aims to raise N$200m, Savanna Beef Processors

Chamwe Kaira Savanna Beef Processors, which is in the process of setting up a meat processing plant in the country plans to achieve 100% producers shareholding of the N$200 million issued share capital. “Hence, we are offering producers an additional share capital of N$ 26,5 million shares. The procedures will be announced shortly. This will also strengthen our position with banks and other investors,” thecompany said. With the present N$173,5 million issued share capital from producers, the company is in the process to open the transaction of shares again for shareholders and producers in the near future to hopefully achieve…

29 Jun

Potentially N$13.3 billion lost in tolling deferment

info_e12wt4csObserver MoneyPotentially N$13.3 billion lost in tolling deferment

CHAMWE KAIRA The Road Fund Administration (RFA)’s feasibility study found that 21 roads can fund N$5.8 billion in capital and maintenance expenditure over five years, possibly generating N$7.5 billion in additional revenue to subsidise roadworks across the entire network. This adds up to N$13.3 billion. The RFA has looked at tolling as an additional revenue stream to maintain the N$101 billion national road network. Empirical research shows that tolled roads are better maintained, resulting in more jobs, economic opportunities and lower vehicle operating costs, according to the RFA. According to additional econometric analysis, tolling would add N$1.7 billion to the…

29 Jun

Kunene region spends N$ 33m on infrastructure development

info_e12wt4csFeatured, Observer MoneyKunene region spends N$ 33m on infrastructure development

Martin Endjala The Kunene Region has spent over N$33 million from its initial allocated N$200 million for the 2022/23 financial year, due to funds that were virement on given projects such as N$175 million towards the construction of the new 412 kilometre-long Swakopmund-Henties Bay-Kamanjab road. Kunene Regional Governor, Marius Sheya said in his State of the Region address yesterday in Opuwo that it is no secret that public infrastructure development stimulates prosperity and promotes economic inclusion through the provision of accessibility, inclusion, and safety. Infrastructure development shapes social and economic outcomes that promote a socially fair and cohesive society, he…

29 Jun

LPM will beat up Uutoni – Seibeb

info_e12wt4csMainHenny Seibeb, LPM will beat up Uutoni - Seibeb

Stefanus Nashama Chaos and mayhem were the order of the day in the National Assembly on Monday, after a heated exchange of words ensued between Landless People’s Movement (LPM) Member of Parliament, Henny Seibeb and other parliamentarians, after the former threatened to beat up the Minister of Urban and Rural Development, Erastus Uutoni, on his official visit to the Karasburg Town Council that is scheduled for today. Seibeb said that LPM will beat up Uutoni, much to the dismay of some parliamentarians including Swapo members Hilma Nicanor who came to the defense of Uutoni. Uutoni was however not present in…

29 Jun

ACC arrests Education officials over tender involving N$ 3m

info_e12wt4csNational NewsACC arrests Education officials over tender involving N$ 3m

Martin Endjala The Anti-Corruption Commission has confirmed the arrest of two government employees and one local businessman in court for alleged corruption. The suspects, two of them employees at the Ministry of Education, Arts and Culture were arrested last Wednesday. The trio is accused of conducting a string of corrupt activities dating back to 2018. The MoEAC employees are the 53-year-old Cornelius Willemse, a Stock Control Officer, the 54-year-old Veronica Goagoses, a Control Administrative Officer, and the 56-year-old, Desmond Kays a businessman. The Anti- graft watchdog said the suspects corruptly connived to defraud the Ministry of nearly N$3 million that…

29 Jun

Zimbabwean Judge sworn in as Supreme Court Justice

info_e12wt4csNational NewsRita Makarau, Zimbabwean Judge sworn in as Supreme Court Justice

Hertta-Maria Amutenja Despite the backlash by opposition parties in appointing Zimbabwean Judge Rita Makarau as an acting Judge of the Supreme Court of Namibia, Makarau was sworn into her position yesterday. Makarau was sworn in by Chief Justice Peter Shivute and will serve from April 2023 to March 2024. Shortly after the announcement of Makarau’s appointment in March, opposition parties such as the Independent Patriots for Change (IPC), the Popular Democratic Movement (PDM), and the Namibia Economic Freedom Fighters (NEFF) questioned the appointment. She was appointed alongside Judge Hannelie Prinsloo and Judge Esi Schimming-Chase to serve as Acting Judges of…

29 Jun

Home Affairs finally responds to same-sex marriage ruling

info_e12wt4csNational NewsEtienne Maritz, Home Affairs finally responds to same-sex marriage ruling

Martin Endjala The Ministry of Home Affairs, Immigration, Safety and Security says that it will implement the immigration act as per the Supreme Court Judgement on the treatment of same-sex marriages validly concluded between Namibians and foreign nationals outside Namibia. The Ministry’s Executive Director, Etienne Maritz said, in a much anticipated statement that the government and the Ministry of Home Affairs, Immigration, Safety and Security have taken note of the judgment and acknowledge the independence of the Courts and finality of Supreme Court decisions and in circumstances, the Ministry will comply with the judgment accordingly. In a telephonic interview with…