Windhoek Observer – Page 22 – Windhoek Observer

05 Feb

Australian trading halt hits firm behind Opuwo Cobalt Project

Observer Money

Chamwe Kaira Celsius Resources Limited was required this week to request a halt in the trading of its securities on the Australian Securities Exchange after discovering errors in certain cleansing notices issued by the company. The company said the notices incorrectly stated that it was compliant with Chapter 2M of Australia’s Corporations Act 2001. The non-compliance relates to an administrative oversight linked to the resignation of a previous auditor in 2011, when the company was still known as View Resources Limited. Celsius Resources holds a 95% interest in the Opuwo Cobalt Project in northern Namibia. The project is described by…

05 Feb

South Africa joins Afreximbank with US$8bn economic plan

Observer Money

Staff Writer South Africa has formally acceded to the Establishment Agreement of the African Export-Import Bank, marking its official entry into the Bank’s membership. The move follows the South African Parliament’s approval of the accession in 2025 and confirms a strategic partnership between the country and Afreximbank. South Africa becomes the 54th state to join the bank, strengthening cooperation aimed at expanding trade and investment across the continent. To activate the partnership, Afreximbank will roll out major financial support in South Africa. This includes a new US$8 billion country programme aimed at supporting economic growth. The programme focuses on industrial…

05 Feb

Namcor and partners host offshore oil and gas masterclass

Observer Money

Staff Writer Namcor, in partnership with SBM Offshore and the Namibia Youth Energy Forum, hosted an FPSO masterclass at the Namcor Auditorium on Tuesday. The session was facilitated by Thomas Lorin, FPSO Framing Manager at SBM Offshore. It focused on Floating Production, Storage and Offloading units, a key part of offshore oil and gas development. The masterclass covered FPSO design, construction and operations and offered practical insight for industry professionals and young Namibians interested in the energy sector. More than 110 people attended the event, including Namcor staff and members of the youth community. SBM Offshore country manager Matthieu Jeannin…

05 Feb

Orion consortium eyes stake in Glencore’s DRC assets

Observer Money

Staff Writer Glencore plc has entered into a non-binding memorandum of understanding with the US-backed Orion Critical Mineral Consortium for the possible sale of a 40% stake in its Democratic Republic of Congo (DRC) mining assets. The agreement covers Mutanda Mining and Kamoto Copper Company, both located in the Democratic Republic of Congo. The proposed transaction is expected to value the two assets at a combined enterprise value of about US$9 billion. Under the terms of the agreement, Orion CMC would acquire a minority strategic stake, while Glencore would retain operational control. Mutanda Mining and Kamoto Copper Company would continue…

05 Feb

Foschini reports slow sales growth in third quarter

Observer Money

Staff Reporter The Foschini Group Limited has reported modest sales growth for the third quarter of its 2026 financial year, as tough consumer conditions in South Africa continued to limit discretionary spending. In a trading update covering the nine months from 1 April 2025 to 27 December 2025, including the 13 weeks to 27 December 2025, the Group said trading conditions remained difficult despite easing inflation and recent interest rate cuts. The company noted that the third quarter of the prior year benefited from the introduction of South Africa’s two-pot retirement system, which supported consumer spending at the time. Sales…

05 Feb

Southern Sun plans to buy 50% stake in Sandton properties

Observer Money

Staff Writer Southern Sun Limited has announced a proposed transaction to acquire a 50% undivided share in a portfolio of hospitality and leisure properties in Sandton that it currently operates under long-term lease and management agreements. The assets, known as the Sandton Consortium Properties, include Sandton Towers, Garden Court, Sandton City, the Sandton Convention Center and Virgin Active Sandton. The properties are located on Erf 596, Sandown Extension 38, in Gauteng. Virgin Active Sandton is leased to the Virgin Active Group. The Sandton Sun hotel is not part of the transaction and will remain under its current ownership, with Southern…

05 Feb

New law bars officials from oil stakes

Main, National News

Justicia Shipena and Allexer Namundjembo Senior officials who will run the upstream petroleum sector will now be required to declare their assets and business interests under amendments to the Petroleum (Exploration and Production) Act tabled in Parliament this week. The Petroleum (Exploration and Production) Amendment Bill requires the director general and deputy director general of the newly created Upstream Petroleum Unit to submit statements of their assets, liabilities and business interests to the President shortly after appointment and whenever required. This includes any interests linked to petroleum activities. The draft bill aims to enhance transparency and minimise conflicts of interest. …

04 Feb

Opposition wary as President pushes oil law changes

National News

Renthia Kaimbi President Netumbo Nandi-Ndaitwah has called on the National Assembly to urgently consider proposed amendments to laws governing the country’s natural resources. Nandi-Ndaitwah said legislation related to natural resources must be treated with urgency, especially proposals that seek to ensure that the country’s wealth benefits many Namibians and not only a few. “The wealth generated in this country should benefit many of our people, not just a few,” she told parliamentarians as she officially opened the third session of the eighth Parliament yesterday. She said Parliament must ensure that Namibia’s natural resources are used responsibly and sustainably. She stressed…

04 Feb

Technology seen as answer to cancer care gaps

National News

Justicia Shipena Cancer Association of Namibia (CAN) chief executive officer Rolf Hansen says technology and innovative service models must be used to close gaps in cancer care where human capacity is limited. Hansen made the remarks as Namibia joins the rest of the world today to mark World Cancer Day under the theme “United by Unique”. He said access to early screening and diagnosis remains difficult, especially in remote and rural areas, where patients often travel long distances to Windhoek for specialist care. He said technology can help reduce these barriers and shorten delays in treatment. “We acknowledge that receiving…

04 Feb

Walu Fishing has no legal right to quota – MAFWLR

National News

Allexer Namundjembo The Ministry of Agriculture, Fisheries, Water and Land Reform (MAFWLR) says Walu Fishing Company (Pty) Ltd has no legal right to any fishing quota. On Monday, the ministry issued a statement responding to claims made in a social media video. It clarified that the company does not hold fishing rights under the Marine Resources Act and is therefore not legally entitled to receive any fishing quota. The ministry explained that Walu Fishing only participated in the Government Employment Redress Programme during the 2024 and 2025 fishing seasons under a special arrangement aimed at protecting jobs in the horse…