Windhoek Observer

CHAMWE KAIRA B2Gold Namibia has started the process that will see the company cut 300 jobs in 2024 and a further 250 jobs in 2025. The company has about 820 permanent employees. The company has termed the exercise ‘downscaling and retrenchments.’ Eric Barnard, the general manager at the Otjikoto Mine, owned by B2Gold said in response to questions by Observer Money that the process of job cuts is being done in phases so as not to cripple mining operations. The first phase will be voluntary separation, which will be followed by forced retrenchments. “The retrenchments are across the board, from…

CHAMWE KAIRA Xeva Investment CC plans to invest in a new piggery facility at Usakos with a capacity to slaughter 14 400 heads of pigs as well as renovating the existing piggery facilities at the town. Acacia Enviro Consulting CC has been appointed by Xeva Investment Cc to act on their behalf in obtaining an Environmental Clearance Certificate to construct and operate the piggery facilities. The project aims to address a number of needs in Usakos and the Erongo region at large including that the piggery could reduce the need for long-distance transport of animals for processing, potentially lowering costs…

The Namibian Competition Commission is expected to decide in the coming weeks the approval of the takeover of local gold mining company, Osino Resources Corporation by Yintai Gold Co. The deal is worth US$272 million. Earlier, Osino Resources Corporation announced that the company’s special meeting saw an overwhelming majority of security holders vote in favour of the takeover. Osino said the shareholders authorised the deal that will see the Yintai Gold Co acquire all of the outstanding common shares of Osino for cash consideration of 1.90 Canadian dollars for each Osino share. “The vote of Osino security holders in favor…

The board of Anglo American has rejected a proposal from BHP Group Limited to take over Anglo American. Anglo American owns De Beers, which has several partnerships in Namibia with the government in Debmarine Namibia, Namdeb Holdings and the Namibia Diamond Trading Company. The proposal comprised an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. “The board has considered the proposal with its advisers and concluded that the proposal significantly undervalues Anglo…

Shareholders of Standard Bank Namibia have approved the appointment of Isac Tjombonde as the board chairman of SBN Holdings Limited and Standard Bank Namibia Limited with effect 1 April. The other directors appointed to the board are Josephat Mwatotele, Gerald Riedel, Erwin Tjipuka (chief executive (executive director), Siphiwe Themba Bruce Madonsela (non-executive director), and Arlington Tendai Matenda (chief financial officer). “The shareholders are hereby provided with the outcome of the votes, where shareholders via proxy voted on the following resolutions prior to the meeting. The total Shares in issue are: 522,471,910, and resolutions were voted on by 493, 863, 919…

Namibia exported ‘live sheep, meat and sheep products’ valued at N$97,3 million in March which was mostly destined to South Africa. Over the entire period (March 2023 to March 2024), the value of ‘live sheep, meat and sheep products’ exported averaged N$72,5 million with the largest value of N$ 118,4 million recorded in April 2023 and the lowest value recorded in January 2024 at a value of N$32,6 million. On the demand side, Namibia imported ‘live sheep, meat and sheep products’ valued at N$ 200 000 during the month was mostly sourced from South Africa, the Namibia Statistics Agency said.…

Momentum Metropolitan Namibia, a subsidiary of Momentum Metropolitan Holdings has announced robust earnings for the interim results six months ending 31st December 2023. The company said despite challenges, the group’s performance reflects resilience and adaptability, with solid contributions from Namibia. The results showed that the Momentum Metropolitan Africa experienced a notable increase in normalised headline earnings, reaching R284 million, a testament to the group’s robust performance. This growth was particularly bolstered by enhanced investment income from Namibia, showcasing the significant contribution of the Namibian market to the group’s overall success, the company said. Sakaria Nghikembua, CEO of Momentum Metropolitan Namibia,…

Bannerman Energy Ltd, which is developing the Etango project in the Erongo region has said uranium sector saw significant volatility in the first quarter of 2024. Bannerman said TradeTech's spot price indicator, which began the year at US$91.00 per pound of uranium oxide rose to US$107 per pound in early February before falling to US$87.00 by the end of the quarter. TradeTech's long-term uranium oxide price indicator showed consistent monthly growth during the quarter, increasing by 17% from US$68 per pound to US$80 per pound at the end of March. This brought the long-term indicator to a 15-year high. The…