Observer – Page 457 – Windhoek Observer

08 Sep

Trans-Kalahari Railway construction scheduled for 2025

ObserverObserver MoneyMmamabula in Botswana, Trans-Kalahari Railway project

Chamwe Kaira The construction of the ambitious Trans-Kalahari Railway project, a collaborative effort between Namibia and Botswana, is poised to commence in January 2025. The project’s price tag is projected to amount to billions of US dollars. Spanning 1500 kilometers, the railway line will stretch from Mmamabula in Botswana to its final destination, Walvis Bay, primarily serving as a conduit for transporting coal and copper from Botswana. In a recent announcement, the two nations disclosed their plans to initiate a call for Expressions of Interest (EOI) from interested parties starting from September 6 to November 8. The Trans-Kalahari Railway is…

08 Sep

Phase one completed at Omaruru lithium project

ObserverObserver MoneyPhase one completed at Omaruru lithium project

Phase one of the Omaruru Lithium Project has been successfully completed, Osino Resources Corporation reported this week. The company said Prospect Resources Limited, the majority owner on the project, will now proceed with phase two of the earn-in agreement. In the fourth quarter of 2022, Osino entered into an Earn-In and Shareholder Agreement with Prospect, granting Prospect the right to acquire a 40% interest in the project upon the completion of phase one and the potential to increase it to 51% upon completion of phase two. Prospect has the opportunity to earn up to an 85% interest in the project,…

08 Sep

Meatco to maximise key premium markets

ObserverObserver MoneyMeatco to maximise key premium markets

Chamwe Kaira Meat producer, Meatco plans to maximize its returns and improve its revenue by focusing on the key premium markets, that is, Norway, Europe, UK, China and USA. Norway remains a strategic premium market from which Meatco derives significant revenue from the allocated quota of 1,200 tonnes for 2023, the company said in the 2022/23 annual report. Meatco said international realisation for the period under review increased by 15% to N$121.60/kg versus prior year (2023: N$106.50/kg). Meatco obtained a 33.33% interest in GPS Norway AS on 19 May 2014. GPS Norway AS is a Norwegian registered company with the…

08 Sep

Gold digger pursing local investors

ObserverObserver MoneyGold digger pursing local investors, Twin Hills Gold Project i

Chamwe Kaira Osino Resources, the Canadian gold exploration and development company that is focused on developing its wholly owned, Twin Hills Gold Project in central Namibia recently dual listed on the Namibian Stock Exchange.The company views Namibia is a good investment destination and has stated that its core projects are favourably located north and north-west of Windhoek and that by virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity.Osino has further said Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable…

08 Sep

Exports to African markets reach N$4.9 billion

ObserverObserver MoneyExports to African markets reach N$4.9 billion

Namibia’s exports to African markets reached N$4.9 billion in July. The figure was contained in the Namibia Merchandise Trade Statistics Bulletin for July released by the Namibia Statistics Agency. In terms of imports, the country sourced goods from Africa worth N$4.7 billion in July of which N$ 4.6 million was sourced from Mauritius. In its monthly focus, the report looked at Namibia’s trade with Mauritius. Namibia exported goods worth N$186.5 million during the period 2015 to 2022, while on the demand side, imported goods amounting to N$604.9 million over the same period were sourced from Mauritius. The export basket to…

08 Sep

NedNamibia expects GDP to reach 3% in 2023 and 3.4% in 2024

ObserverObserver MoneyNedNamibia expects GDP to reach 3% in 2023 and 3.4% in 2024

Chamwe Kaira NedNamibia Holdings (NNH) Group, the mother company of Nedbank Namibia expect the South African economy will expand by a lacklustre 0.3% in 2023, firming to only 1% in 2024. Namibia will fare better, but we still forecast economic growth to dip from 4.6% in 2022 to 3% in 2023 and 3.4% in 2024. This was revealed in interim results for the six months ended 30 June 2023. The results showed that headline earnings increased to N$241 million from N$ 118 million in June 2022. This increase was mainly attributed to the upward trend in the endowment benefits experienced…

08 Sep

Green hydrogen, oil holds promise for Lüderitz

ObserverObserver Moneyf Rossing Uranium Mine in Swakopmund, Green Hydrogen, oil holds promise for Lüderitz

Chamwe Kaira Green hydrogen and the discovery of oil are instilling hope in Lüderitz, as these industries promise significant development. The realisation of these ambitious projects hinges on substantial support from the central government, particularly in terms of crucial infrastructure and town expansion. Lüderitz is set to host a remarkable N$10 billion green hydrogen industry, while the revelation of over 11 billion barrels of offshore oil reserves in the Atlantic Ocean is expected to catalyse the town’s growth. Fluksman Samuehl, CEO of the Lüderitz Waterfront Development Company, emphasized the importance of coordinated efforts between investors and the government to ensure…

08 Sep

Namibia to be included in SanlamAllianz deal

ObserverObserver MoneyNamibia to be included in SanlamAllianz deal

Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers have announced that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Namibia will be included at a later stage, while South Africa is excluded from the agreement. SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is…

08 Sep

Revised electricity model to unleash 600 megawatts

ObserverObserver MoneyRevised electricity model to unleash 600 megawatts

Chamwe Kaira The introduction of the Modified Single Buyer (MSB) model has the potential to unlock an estimated 600MW of Solar PV equivalent capacity, according to Chamwe Kaira. Under the MSB system, certain electricity consumers and Independent Power Producers (IPPs) can engage in direct transactions for supplying a portion of their electricity needs. Pinehas Mutota, the General Manager of Economic Regulation at the Electricity Control Board, revealed this development. Mutota emphasized that the MSB fosters greater competition, choice, and increased private investment, which in turn provides Namibia with the optimal opportunity to efficiently expand its local power generation. Furthermore, it…

08 Sep

Over 1.2 million face challenge to apply for credit

ObserverObserver MoneyOver 1.2 million face challenge to apply for credit

Chamwe Kaira More than 1.2 million individuals in Namibia are expected to face difficulties when seeking credit, according to TransUnion Namibia. Lara Burger, the country manager for TransUnion Namibia, commended the country for its strides in financial inclusion, revealing that approximately 360 000 Namibians eligible for credit are visible to financial institutions through credit bureaus. Nevertheless, she emphasized that an additional 1.2 million people are likely to encounter obstacles when applying for credit. These 1.2 million Namibian adults are poised to face challenges when attempting to access financial products or services that would enable their greater participation in the nation’s…