Windhoek Observer – Page 443 – Windhoek Observer

19 Dec

Mahangu and maize farmers to benefit from seed subsidies

National News

Mallex Shipanga The Namibian Agronomic Board (NAB) is subsidising farmers who grow mahangu and white maize seeds during the 2025/2026 growing season. “More than 1400 mahangu and white maize grain producers are expected to benefit,” said NAB public relations officer Liseli Mwilima. The subsidies fall under the NAB’s “National Drought Support Programme for Surplus and Commercial Producers,” to assist farmers in recovering from the 2023/2024 drought. The programme provides subsidies through a refund claim system on pearl millet and white maize seeds as well as fertilisers for rain-fed production. Mwilima explained why the “National Drought Support Programme for Surplus and…

19 Dec

Economy to continue positive trend

Observer Money

CHAMWE KAIRA FNB Namibia has said looking ahead, the group expects GDP growth to continue its positive trend observed over the last 14 quarters. FNB Namibia economist Helena Mboti said the group expects improvements in the agriculture, electricity, and water sectors as weather conditions improve. “We also anticipate a modest uptick in oil and gas activity in the fourth quarter with even greater momentum in 2025, alongside continued strong production in uranium, gold, and metal ores. This could lead to a quicker-than-expected recovery in the mining sector, potentially occurring in the fourth quarter of 2024,” she said. She pointed out…

19 Dec

NamWater’s water supply costs increase

Observer Money

CHAMWE KAIRA NamWater said it supplied water at an average cost of N$14,56 per cubic meter (m³) in the 2024 financial year compared (2023: N$14.51/m³). NamWater said in its 2023/2024 integrated annual report that the slow cost increase from the previous year is a result of prudent cost management against steep inflationary pressure on the cost base. Effective financial management practices were applied to ensure the viability of the business, the company said. NamWater said operating expenses increased compared to the prior year, resulting in the overall profit before tax reduction of 55% from N$220,6 million in the 2023 financial…

19 Dec

Trustco delays results submission

Observer Money

CHAMWE KAIRA Trustco Group Holdings Limited has announced the late submission of its annual statements for the financial period ending 31 August. The company advised that the annual financial statements for 2024 would not be published by 31 December. “Shareholders of Trustco are advised that Trustco's annual financial statements for the financial year ending for the period 31 August 2024 were earmarked to be reviewed by 30 November 2024 and completed by 31 December 2024,” the company said. The company advised shareholders that the annual financial statements would not be published by 31 December 2024 due to a number of…

19 Dec

Namibia’s foreign assets increase to N$288 billion

Observer Money

CHAMWE KAIRA The market value of Namibia’s foreign assets rose over in the third quarter ending in September due to an increase observed in portfolio investment, other investment, and reserve assets. At the end of the third quarter, Namibia’s foreign assets stood at N$288 billion, reflecting a 13,8% increase on an annual basis and a 0,9% increase on a quarterly basis, the Bank of Namibia said in its December quarterly bulletin. The market value of portfolio investment rose by 18,4% to N$174,8 billion on an annual basis, due to an increase in portfolio investment outflows in the form of equity…

19 Dec

Value of downloads, streaming keep rising

Observer Money

CHAMWE KAIRA The cloud services, software and applications remain the largest category of digitally delivered services expenditure, with a value of N$165.1 million in 2023. The Bank of Namibia said in its December quarterly bulletin that this translates into a share of 27% of total digitally delivered services. “This indicates the use of storage space from major suppliers of cloud services such as Google, Microsoft, Amazon Web Services, and Apple, as well as the purchase of applications such as ZOOM that picked up due to the remote working following the pandemic, as well as the use of various software. Most…

19 Dec

Etango construction makes significant progress

Observer Money

CHAMWE KAIRA Bannerman Energy Ltd, the mining company listed on the Australian Stock Exchange and the Namibia Stock Exchange, has announced significant recent progress in the construction at its Etango uranium project in the Erongo Region. Bannerman said the key outcomes include key bulk earthworks and construction power contracts on schedule, with the first blast completed on the primary crusher site. The company said the construction of the water supply and ancillary storage dam was completed, delivering seamless continuity for bulk earthworks in progress. The manufacture of high-pressure grinding rolls (HPGR) tertiary crushers, a critical long lead item, is running…

18 Dec

Xinfeng in hot water over illegal mining operations

Main

Ester Mbathera Xinfeng Investments is facing criminal investigations after being caught red-handed mining illegally in the Uis area of the Erongo region, on 16 November. The mines ministry has also ordered the company, which recently commissioned its N$600 million processing plant, to cease all operations at EPL 8397. Residents and conservancies in the Uis area protested against Xinfeng’s alleged illegal mining. The EPL in question, located at Ringmen Investment (Pty) Ltd, was granted to Orange River Exploration and Mining CC for the exploration of dimension stones, base and rare metals, industrial minerals, and precious metals. Orange River is a joint…

18 Dec

TelecomLeaks: Billing errors cost company N$69.3 million

National News

Ester Mbathera An internal audit by Telecom Namibia in 2021 red-flagged their weaknesses, listing their troubled billing system, lack of controls and record keeping, costing the company N$69.3 million. The head of internal audit and risk management, Kgomotso Hochobeb, wrote to the Telecom chief executive officer (CEO), Stanley Shanapinda, requesting urgent management intervention in these weaknesses. This audit is part of leaked information from Telecom Namibia valued at N$5.4 billion (U$300 million) by hackers Hunters International. It exposed over 626 gigabytes of sensitive data of over 493 000 individuals, ministries, state-owned enterprises and private businesses. The leaked trove includes copies…

18 Dec

15 Political parties join the electoral material inspection

National News

Allexer Namundjembo Fifteen political parties, including the Independent Patriots for Change (IPC) and Landless People’s Movement (LPM), accepted an invitation from the Electoral Commission of Namibia (ECN) to inspect electoral materials. The inspection process started yesterday and will end today (19 December). The process has been criticised over the limited time allocated. Ivan Skrywer, the LPM representative to the ECN, raised concerns about the feasibility of the inspection within the two-day timeframe mandated by the court. Speaking during the inspection at the ECN offices, Skrywer voiced his dissatisfaction with the court’s decision, which he argued did not reflect the seriousness…