Observer Money – Page 149 – Windhoek Observer

17 Nov

Sky the limit for gold miners

Observer Money

Chamwe Kaira Namibians who have been trained and worked at the B2Gold’ s Otjikoto gold mine can apply their skills elsewhere in the world should they lose their jobs at the mine. Officials of B2Gold Namibia said this week that these skills enabled Namibians to work on the construction of the Fekola Mine in Mali. The mine, which is also owned by B2Gold is located in southwest Mali, on the border between Mali and Senegal, approximately 500 km due west of the capital city, Bamako. The mine was opened in 2017. “When we did the construction of the Fekola mine…

13 Nov

Namibia’s inflation rate increased by 6 percent in October

Observer MoneyNamibia’s inflation rate increased by 6 percent in October

Martin Endjala Namibia’s annual inflation rate stood at six percent for October 2023, this is an increase compared to the 5.4 percent year-on-year (y/y) rate recorded in September 2023. This marks the third consecutive increase since the 4.5 percent y/y deceleration observed in July 2023. According to Simonis Storm Security Economist Halleluya Ndimulunde on Friday, the monthly inflation rate for October 2023 remained stable, with the same rate as the 0.8 percent month-on-month rate reported in September 2023. While the category of food and non-alcoholic beverages continues to be the primary contributor to headline inflation, the transport category took the…

13 Nov

DBSA backs major Green Hydrogen project in Namibia

Observer MoneyDBSA backs major Green Hydrogen project in Namibia

Niël Terblanché The Development Bank of Southern Africa (DBSA) has announced its support for Namibia’s groundbreaking green hydrogen project. The DBSA’s funding will aid in the progression of Hyphen Hydrogen Energy’s ambitious project, which is poised to transform the country’s energy landscape. With a substantial funding facility, the bank is set to partially finance various crucial aspects of the project, including engineering work, environmental assessments, and socioeconomic development strategies. This preparation will pave the way for a final investment decision on the project. Hyphen Hydrogen Energy’s project, estimated at a capital investment of N$200 billion, stands as a significant economic…

10 Nov

Shell pumps N$4.6 billion offshore Namibia

Observer Money

Chamwe Kaira Shell plc, which has already discovered oil offshore Namibia plans to spend N$4.6 billion on drilling two more wells in the next nine months. CEO Wael Sawan told the company’s investors that Namibia has shown potential for a new oil basin. Shell, TotalEnergies and government owned oil company, Namcor have announced a number of discoveries of oil offshore Namibia recently. The discoveries were made in the Oranje Basin that is shared with South Africa. Shell has made four significant discoveries in Namibia to date: Graff, La Rona, Lesedi and Jonker. The oil discovery is expected to create around…

10 Nov

Diamond prices show moderate decline

Observer Money

Diamond prices showed a more moderate decline in October amid holiday demand and a reduction in rough supply. The RapNet Diamond Index (RAPI™) for 1-carat diamonds fell 2.2 percent, less than September’s 5.2 percent slump. The index for 0.30 carats dropped by 1.6 percent, 0.50 carats by 1.3 percent, and 3 carats by 0.4 percent. Prices for rounds showed positive trends following a year of declines. RAPI for 1-carat stones gained 0.1 percent between 24 October 24 and 1 November. While the index for 0.30-carat goods slipped 0.1 percent, that of 0.50-carat diamonds — the weakest category since the start…

10 Nov

Namibia produces more than 1.3 million tons of salt

Observer Money

The first World Salt Conference to take place in Africa was held in Swakopmund. The conference, saw delegates discuss the latest market trends and developments in the salt industry. The meeting was attended by more than 150 delegates from around the world, including representatives of salt mines, salt producers, logistics and shipping companies, engineering companies, and equipment suppliers. Andre Snyman, Managing Director of Walvis Bay Salt Holdings (Pty) Ltd, spoke to Observer Money about the Salt Conference, salt exports and trends in the industry. Walvis Bay Salt Holdings is the largest producer of solar sea salt in sub-Saharan Africa. The…

10 Nov

Katima railway deemed viable

Observer Money

Chamwe Kaira The proposed extension of the country’s railway line from Grootfontein to Katima Mulilo has been deemed visible by the final feasibility study report, which was recently approved by Cabinet. According to the report prepared by MR Technofin Consultants Ltd of Canada, the Zambezi Extension Railway is viable from a technical, environmental, legal, financial, and economic standpoint. The railway line is expected to connect to Zambia’s and Botswana’s rail network, thereby providing direct access to regional railway traffic to the Walvis Bay Port. The Walvis Bay Corridor Group, said in the 2022/23 financial year that corridor cargo volumes entering…

10 Nov

Trade deficit to linger on

Observer Money

The trade balance for Namibia is anticipated to maintain its persistent deficit. Namibia's current account maintains a deficit position, with a trade balance of N$3.3 billion, widened by 28.2 percent year on year in September. This underscores the ongoing trend of a persistent net financial outflow within the country's economic landscape, according to a report by Simonis Storm. The wider trade deficit was driven by a combination of lower trade volumes and import earnings outweighing export earnings, the report said. Exports amounting to N$7.8 million while the import bill was N$11.1 million in September. Namibia's status as a net importer…

10 Nov

TransNamib moved 297 636t of acid in 2022

Observer Money

Chamwe Kaira TransNamib transported a total of 297,636 metric tonnes of sulphuric acid in the year 2022, as announced by the company this week. This sulphuric acid plays a vital role in supporting the smelting operations at Dundee Precious Metals in Tsumeb. Abigail Raubenheimer, the Corporate Communications Manager, stated in an interview that TransNamib possesses the capability to transport various mining products. The range of minerals and metals that the company handles include copper concentrate, copper blister, manganese, coal, and yellow cake. She further noted, "We have established a strong relationship with the Namibia Chamber of Mines, particularly with its…

10 Nov

Dates exports on the increase

Observer Money

Chamwe Kaira Namibia exported fresh dates valued at N$2.6 million in September, which was destined to South Africa and Bangladesh. The Namibia Statistics Agency said over the entire period (September 2022 to September 2023), the value of fresh dates exported averaged N$10.3 million with the largest value of N$31 million recorded in February 2023 and the lowest values being recorded in September and December 2022 where no fresh dates were exported. On the demand side, during September, Namibia imported fresh dates valued at N$31 038 solely sourced from South Africa. In terms of trading blocks, Southern African Customs Union (SACU)…