Observer Money

Alpha Namibia Industries Renewable Power Limited (ANIREP) told its shareholders and the general public this week that the ongoing rights offer process has delayed the preparation and finalisation of its interim financial statements for the half year ended 31 August. Consequently, ANIREP said it would not be in a position to publish its interim report for the six months ended 31 August 2023 within three months, as required in terms of the Namibia Stock Exchange listings requirements. Accordingly, ANIREP said it had obtained formal approval from the Namibian Stock Exchange (NSX) to delay the publication of its audited financial statements…

Chamwe Kaira Deep Yellow Limited recently revealed that an updated Mineral Resource Estimate for the Tumas 3 Deposit in the Erongo Region's EPL3496 indicates the potential for an additional 25 million pounds of uranium oxide. This discovery has the potential to extend the Life of Mine for the Tuma uranium project to over 30 years. The final investment decision is anticipated in the first half of next year. Owned by Deep Yellow's subsidiary, Reptile Uranium Namibia (Pty) Ltd, the deposit underwent a drilling programme west of Tumas 3. The focus was on expanding the current resource towards Tumas 3 West…

Standard Bank said this week that Africa regions continued to perform very well and delivered strong earnings growth period on period in both reported and constant currency, the bank said in a report to the ten months to 31 October. Africa regions' contribution to group headline earnings for the period was 44 percent. The bank said while higher average interest rates continued to support net interest margin, net interest margin expansion has slowed in recent months given that the interest rate increases seen in the second half of 2022 are now embedded in the base. Lower demand, reduced affordability, and…

Martin Endjala The Development Bank of Namibia (DBN) yesterday announced the appointment of Nicky Katapa Mutenda as its new Chief Financial Officer (CFO). Mutenda will assume his role on December 18, 2023, and is expected to serve for five years. John Steytler, DBN's Chief Executive Officer, said that Mutenda's appointment followed a thorough selection process conducted by a panel consisting of six distinguished individuals from the DBN Board and external experts. Steytler expressed firm confidence in Mutenda, recognizing him as a capable candidate who would contribute to the bank's success and growth. Mutenda brings more than 11 years of experience…

Martin Endjala Minister of Agriculture Water Land, and Reform Calle Schlettwein believes that self-sufficiency is durable if the right practices and modern agricultural practices are done right. The Minister said this during his recent visit to the B2Gold Mine’s Agricultural farm in the Otjozondjupa region. The farm is currently harvesting wheat on three centre pivots of 15 hectares, it is further projected that the farm harvest will yield 12 tons of wheat per hectare. The Minister highlighted that with yields between 10-12 tons, the goal of becoming self-sufficient is much closer. “We have green schemes with a total surface area…

The Master of the High Court is currently calling on trusts to provide beneficial ownership information in order to ensure compliance with Section 22 of the Trust Administration Act 11 of 2023. The Trust Administration Act 11 of 2023 regulates the administration of trust moneys in Namibia and came into operation on 3 August 2023. This Act replaced the Trust Monies Protection Act 34 of 1934. A trust is a structure to which property is transferred by the founder or third party to beneficiaries nominated in a trust deed. The trust property is administered by trustees appointed in the trust…

Chamwe Kaira The freight industry in Namibia, South Africa and Botswana must move with the times and introduce smart corridors and the use of smart containers embedded with sensors and tracking technology such as GPS and Radio Frequency Identification (RFID) chips, allowing manufacturers, carriers, and shippers to monitor their cargo more accurately. Leslie Mlungisi Mpofu, the Executive Director of the Trans Kalahari Corridor believes that a number of benefits may be realised by adopting new generation technologies and these include enabling various information systems to work together in the most effective way possible, promoting safe and secure borders, offering authorised…

Chamwe Kaira Namibia does not owe money to airlines that operate in the country, records released by the International Air Transport Association (IATA) showed this week. Kamil Alawadhi, Regional Vice-President Africa and Middle East of IATA disclosed that since 2018, a significant amount of blocked funds have been repatriated from Angola, Ethiopia, Ghana, Nigeria, and Zimbabwe through working with the respective governments. Currently US$1.68 billion in airline funds remain blocked across the continent. IATA records showed that Namibia is not among countries blocking money owed to airlines. Alawadhi, said achieving reasonable levels of taxes and charges by focusing governments on…

Chamwe Kaira Ministry of Finance and Public Enterprises and Ministry of Fisheries and Marine Resources plans to auction 5000 metric ton (MT) of Hake. The move is part of the government objective of selling fishing quotas to the highest bidder. Bids must be in multiples of 100 metric ton with a minimum price of N$9000 per MT of Freezer fish and N$7000 per MT of wet fish. Bids must be submitted by 8 December and full auction results will be announced by mid- January 2024. The government has continued to generate revenue through fish auctions with figures showing that more…