Observer Money

Bannerman Energy Limited has announced significant further de-risking of its Etango uranium development in the Erongo Region through the completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes. The company said the completion of FEED and the CBE has refined the outcomes of the Definitive Feasibility Study (DFS) undertaken in late 2022, delivering enhanced accuracy and key cost estimates. Bannerman is currently undertaking early works construction activities for Etango-8, in parallel with offtake marketing and strategic financing works streams. Commenting on these outcomes, Bannerman Chief Executive Officer, Gavin Chamberlain, said: “The early development of our…

As a continuous improvement manager in Namibia’s insurance sector, I strive daily for efficiencies, operational excellence, and innovative customer service solutions. Observing the impacts of the 4th Industrial Revolution (4IR) on our industry has been an eye-opener. While the digital revolution of the past few decades has already disrupted how we work, the 4IR represents an even greater shift, one that will fundamentally alter how we live, work, and relate to one another. What is the 4IR? The 4IR is characterised by a fusion of technologies blurring the lines between physical and digital spheres. Driven by advancements in artificial intelligence…

Trustco Group Holdings believes that with a deleveraged balance sheet, the company can accelerate its diversification strategy to create value across its multi-sector investment portfolio. The company announced that backed by the support of the long-time anchor investors, including the founding family, Trustco has revealed a robust foundation for continued success going forward. Trustco has announced a landmark agreement to convert N$4,4 billion (USD 235 million) of debt into equity, paving the way for a planned US$100 million capital raise in the US markets. The agreement is expected to increase Trustco’s net asset value by approximately N$1,5 billion (US$79 million).…

The 2024 Old Mutual Sustainable, Economic and Empowerment Drive (OM SEED) initiative recently highlighted the remarkable talents of individuals from Katima Mulilo, culminating in the celebration of three outstanding entrepreneurs. In collaboration with the Financial Literacy Initiative (FLI) and Basecamp Business Incubators, the Old Mutual Namibia Foundation is thrilled to announce the successful winners of the 2024 OM SEED Zambezi Region. Leading the charge and winning N$50 000 is Masule Branden Nchindo, the founder of BM Success Investment, specialising in horticulture and poultry farming. Nchindo's innovative approach to sustainable agriculture and his commitment to food security have set him apart.…

Heye Daun, President and CEO of Osino Resources talks to Observer Money about Yintai Gold of China taking over the company, benefits of the deal to Namibia and why Osino accepted the takeover by Yintai Gold. Observer Money (OM): Yintai Gold is in the process of taking over Osino Resources soon, the deal will of course benefit shareholders in monetary terms but how does it benefit Namibia, will the government benefit in taxes from the deal? We are talking about capital gains tax. Heye Daun (HD): Namibia has benefited and will continue to benefit from Osino since inception, having attracted…

CHAMWE KAIRA The Erongo Region may soon see the establishment of one of the biggest renewable projects in the country, documents obtained by Observer Money have shown. Green Earth Environmental Consultants have been appointed by ISF Trading Enterprises (Pty) Ltd to complete an Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) in order to obtain an Environmental Clearance Certificate to construct and operate a green energy complex (including a 300 000 BPSD oil refinery, 500 MW renewable energy power plant and related storage tank farms. The power plant will be a gas to power plant, according to the documents.…

Namibia exported goods worth N$247,7 million to Mauritus during the period 2015 to 2023, while on the demand side, goods amounting to N$710,6 million over the same period were sourced from Mauritius, the Namibia Statistics Agency said. Mauritus is a member of Southern African Development Community (SADC) just like Namibia. During April, Namibia exported to the whole of Africa goods worth N$4,9 billion and imported goods of the same value of N$4,9 billion. Exports to Mauritius stood at N$3 million with fish topping the list of commodities exported with a contribution of 88%. Namibia imported goods amounting to N$9 million…

CHAMWE KAIRA RMB Namibia has continued to engage prospective mining projects, as well as the existing operations as the company pursue different investment opportunities, including extending life of mine, private power and capital equipment replacement, Jason Shikalepo, Head of Investment Banking at RMB Namibia told Observer Money. He disclosed that the RMB has been backing the mining sector since inception, and today supports a number of the mining operations in Namibia for their various banking, funding and risk management needs. “In recent years, we have arranged and funded mining operations involved in diamond, uranium, gold and zinc commodities, to mention…

The stock of international reserves increased by 3,7% month-month to N$56,3 billion as at end of April. The increase stemmed from higher SACU receipts, as well as an increase in customer foreign currency inflows. The foreign reserves translated into four months of import cover, continuing to remain above the international benchmark of three months and adequate to support the Namibia dollar and the South African rand currency peg. Notably, the import cover excluding imports of oil exploration and appraisal activities stood at 4,7 months at the end of April, relative to 4,4 months recorded at the end of March. Growth…

CHAMWE KAIRA B2Gold said in its ‘Responsible Mining Report 2023’ that the Otjikoto Mine has consistently focused on improving local procurement levels since initial construction. The company said in 2023, 61% of the procurement came from in-country purchases, with approximately 3,7% out of onshore purchases spent directly on small- and medium-sized enterprises within the mine’s area of influence. B2Gold Namibia has over 1400 suppliers enrolled in its database, of which approximately 95% are Namibian registered and 4% are South African registered. In 2023, the total expenditure at the national level was US$105 million. Otjikoto said it also encourages its suppliers…