Observer Money – Page 157 – Windhoek Observer

05 Sep

Namibians face a sharp increase in fuel price

Observer MoneyNamibians face a sharp increase in fuel price

Niël Terblanché NAMIBIAN motorists face a sharp increase in spending as the price of fuel has been drastically adjusted upwards for the month of September. The Ministry of Mines and Energy issued a statement in which it announced that the pump price for petrol will increase by N$1.20 and both kinds of diesel sold in Namibia will increase by N$1.70. As a result, the pump price for petrol in Walvis Bay will be adjusted to N$20.98 while 50PPM diesel will cost N$20.75 and 10PPM diesel will cost N$20.95. The ministry said that the price will be adjusted according to distance…

05 Sep

Standard Bank Namibia appoints a new CEO

Observer MoneyErwin Tjipuka, Standard Bank Namibia appoints a new CEO

Niël Terblanché Standard Bank Namibia has advised its shareholders about the appointment of Erwin Tjipuka as the new Chief Executive Officer of Standard Bank Namibia Holdings Limited and Standard Bank Namibia Limited. Shareholders were advised in accordance with Rule 3.59 of the Namibian Stock Exchange Listing Requirements. According to the advisement, Tjipuka is a Namibian chartered accountant and an experienced professional with a demonstrated history of working in the professional and financial services industry. Tjipuka is skilled in Financial Management, External Audit, Corporate Finance, Management Consulting and Banking. He is a transformational leader with a passion for talent development and…

01 Sep

Letshego’s profit sees a 2% rise to N$171m

Observer MoneyLetshego's profit sees a 2% rise to N$171m

Chamwe Kaira In its interim results for the first half of 2023, Letshego Holdings (Namibia) Limited announced an increase in profit after tax, reaching N$171 million compared to N$168 million in the previous year, marking a 2% growth. The company's performance led to the declaration of a dividend amounting to N$224.5 million in June 2023. Chairperson Maryvonne Palanduz and Chief Executive Officer Ester Kali stated that the company experienced a substantial 14% surge in total revenue compared to the same period the previous year. This surge was propelled by a 16% rise in interest income, accompanied by a robust 11%…

01 Sep

Mining sector employed 16 147 people in 2022

Observer Money6.9% in 2022, Debmarine Namibia, Mining sector employed 16 147 people in 2022

Chamwe Kaira Total direct employment in the mining industry increased by 6.9% in 2022 and the sector collectively employed 16,147 people. The increase was a result of the new employment positions created on Debmarine Namibia’s new mining vessel and increased exploration activities. The direct employment consisted of 8,391 permanent employees, 742 temporary employees and 7,014 contractors, the Chamber of Mines of Namibia announced this week. The mining sector recorded another year of strong growth in 2022 of 21.6%, compared to 11% in 2021. The industry also significantly increased its relative share and importance to the Namibian economy by growing its…

01 Sep

Government to dispose 600MT of monk fish

Observer MoneyGovernment to dispose 600MT of monk fish

Chamwe Kaira The government plans to disposal 600 metric tons of Monk Freezer Fish to the highest bidder. This is part of the governmental objective to auction fish quotas to the highest bidder. The Ministry of Finance and Public Enterprises and the Ministry of Fisheries and Marine Resources has invited bidders for 600 metric ton of Monk Freezer Fish on the following conditions bids must be in multiples of 100 metric ton with a minimum price of N$10 000 per MT of monk freezer fish. The ministry said quota will be allocated to the highest bidders at their bid-price, ascending…

31 Aug

High mineral prices drive port volumes

Observer MoneyHigh mineral prices drive port volumes

The Namibian Ports Authority says the mineral commodities are a key driver of Namibian ports cargo volumes. There is a high correlation between global commodity prices and cargo movement through the port, the Authority stated. It stated that where the commodity prices are favourable, it drives increased mining activities and an uptick in volumes throughput through the ports supporting these activities. Commenting on the minerals that are exported via Walvis Bay, the Authority, said in 2022, the copper price increased by 17.8% to an average of US$9,985 per metric tonnes during the first quarter of 2022. The increase was due…

31 Aug

Namibian uranium to drive energy transition

Observer Money

Uranium extracted and processed at the Langer Heinrich Mine (LHM) in Namibia’s Erongo Region will be harnessed to supply nuclear power plants, propelling the global shift towards a sustainable, carbon-free energy future. The mine is slated to recommence operations in the coming year. Paladin Energy, the owner of LHM, has stated that at peak output, the mine will annually yield sufficient uranium fuel to sustain over ten 1,000 MWe (Megawatt Electrical) nuclear power plants. Over the mine’s operational lifespan, attaining equivalent power through coal-fired electricity would result in an annual average of 58 million tonnes of carbon dioxide emissions. This…

31 Aug

Husab mine foresees a lifespan of 20 Years

Observer MoneyHusab mine foresees a lifespan of 20 Years

Situated in the Erongo Region, the Husab mine stands as the second-largest uranium mine, boasting a staggering investment of US$5 billion, and it holds the potential to remain operational for over two decades. During the first half of the current year, uranium production at Swakop Uranium’s Husab Mine surged by 10% compared to the budgeted commitment. Tallying at 2426 tonnes, the uranium production for the first half of 2023 marked a remarkable 45% upturn from the same period in 2022. This significant enhancement in uranium production can be attributed to the robust performance in mining and milling witnessed so far…

31 Aug

Mining to focus on sustainable supply

Observer MoneyMining Expo and Conference, Mining to focus on sustainable supply

The 10th Mining Expo and Conference that will take place this week will be the platform that brings Namibia’s mining sector closer to the heart of the nation, its people, the Chamber of Mines of Namibia said. The Expo and Conference Scheduled to take place on the 30th and 31st of August, reflecting the industry’s commitment to openly engage all stakeholders. RMB is the anchor sponsor for the event, the with the secondary sponsors, Continental Lithium Africa and Andrada Mining. The theme for this year’s conference, “Namibia’s Role in the Sustainable Supply of Minerals to Support the Global Energy Transition,”…

29 Aug

Ongwediva Trade Fair attracts 418 exhibitors

Observer MoneyDeputy Minister of Industrialisation and Trade, Ongwediva Trade Fair attracts 418 exhibitors, Verna Sinimbo

Stefanus Nashama The 2023 Ongwediva Annual Trade Fair (OATF) which has officially opened over the weekend, has attracted 418 local and international exhibitors. The Deputy Minister of Industrialisation and Trade, Verna Sinimbo, who spoke on behalf of President Hage Geingob during the official opening, said the 418 local and international exhibitors reflect a fair number of active economic sectors in the country. This includes the informal sector that also contributes to the country’s Gross Domestic Product (GDP), she said. The theme for this year’s trade fair is “Embracing a sustainable economy, linking smart markets”. Sinombo noted that the event creates…