Observer Money

Chamwe Kaira The Bank of Namibia’s stock of international reserves fell by 2.6% to N$58.1 billion at the end of July.  The decline was mainly driven by higher net rand outflows from commercial banks for portfolio investment abroad. “This level of international reserves translates into 3.8 months of import cover, whereas the import cover excluding oil exploration and appraisal activities stood at 4.3 months,” the central bank said. Commercial banks’ overall cash balances declined to an average of N$5.8 billion in July, down from N$6.1 billion in June.  The reduction was largely due to corporate tax payments due at the…

Chamwe Kaira Koryx Copper Incorporated has released assay results from seven drill holes, covering 2 986 metres, as part of its phase 2, 3 and 4 drill programme at the Haib Copper Project in southern Namibia.  The programme forms part of the company’s 2025 exploration and project development strategy. Heye Daun, Koryx Copper’s President and CEO, said the results confirm the company’s drilling strategy.  “We continue to be highly encouraged by the results of our ongoing drill programme. Our strategy of drilling close spaced and deeper holes is paying dividends as we are seeing mineralisation extending down dip and along…

Chamwe Kaira  The appreciation of the Namibian dollar against the US dollar helped reduce the impact of rising freight costs. From 1 to 25 August, the average exchange rate stood at N$17.70 per US dollar, reflecting a 0.34% appreciation compared to the July average of N$17.76.  “This appreciation helped cushion the impact of rising freight costs by slightly lowering the cost of imports in local currency terms, thereby reducing the extent of under-recoveries,” the ministry of industries, mines and energy said. On Friday, the ministry announced that the prices of petrol and both diesel grades will remain unchanged for September. …

The JSE All Share Index closed at 101,836.00 points for the week of 25 to 29 August, down 0.86% from 102 724.00 points the previous week. Despite the weekly decline, the index has gained 21.10% since December 2024. Namibia’s Overall Index (N098) fell by 0.30% to 1,829.85 points. The Local Index (N099) inched up 0.04% to 754.49 points, marking a 9.14% increase since the end of 2024. Telecommunications (N15) remained unchanged at 282.92 points, while utilities (N65) also stayed flat at 1 107.49 points. Financials (N30) dropped 2.45% to 617.87 points and real estate (N35) declined 2.12% to 2,334.44 points,…

Chamwe Kaira The Jewelers of America (JA), the national trade association for fine jewelry businesses, is lobbying the United States  government to exempt diamonds from tariffs, a move that could affect Namibia’s diamond industry. JA said it met with Peter Navarro, senior counselor for trade and manufacturing to President Donald Trump, and his staff in Washington, D.C. The talks focused on the challenges in the global supply chain for polished diamonds and the possibility of adding diamonds to the Annex II list of products excluded from tariffs as a critical mineral. JA president and CEO David Bonaparte was joined by…

Chamwe Kaira Japanese prime minister Ishiba Shigeru and Namibian prime minister Elijah Ngurare met in Japan, where it was revealed that Japanese companies are seeking investment opportunities in Namibia’s energy, mining, and green hydrogen sectors. Ngurare was in Japan to attend the Ninth Tokyo International Conference on African Development (TICAD 9).  Ishiba said Japan wants to work with Namibia through public and private partnerships, focusing on job creation and economic growth.  He also highlighted interest in agriculture, energy, and mineral resources, including green hydrogen, which is attracting growing attention from Japanese companies. Ngurare welcomed Japan’s support and expressed his desire…

Chamwe Kaira Logistics company Grindrod Limited handled 16 604 tonnes of bulk cargo at Walvis Bay in the first half of 2025, down from 134 443 tonnes in the same period last year.  The company operates a bulk and break-bulk terminal facility at the port. In the second half of 2024, Grindrod handled 109 890 tonnes at Walvis Bay, bringing the total for that year to 244 333 tonnes. In 2023, the company moved 305 336 tonnes at the same terminal. Chief executive officer Xolani Mbambo said in the 2025 interim results that performance rebounded strongly in the second quarter,…

Chamwe Kaira Namibia recorded a trade surplus of N$856 million in June, up from a revised surplus of N$341 million in May and compared to a deficit of N$762 million in June last year, statistician general and Namibia Statistics Agency CEO Alex Shimuafeni said. China was Namibia’s top export destination, while South Africa remained the main source of imports. Exports were dominated by mining commodities including uranium, non-monetary gold, diamonds, and copper. Fish was the only non-mineral product among the top five exports. Shimuafeni said re-exports fell by 5% month-on-month and 7.9% year-on-year. The re-export basket mainly comprised copper, nickel…

Chamwe Kaira The Langer Heinrich Mine recorded revenue of U$177.7 million in the 2025 financial year, Paladin Energy announced this week. The sales represented 2.7 million pounds of uranium oxide. The company said cost of sales stood at U$191.7 million, reflecting the ramp-up of operations. Commercial production at the mine resumed in March 2024, and operations ramped up steadily through 2025. The mine processed more than 3.6 million tonnes of ore during the year, producing 3 million pounds of uranium oxide. “The average plant recovery rate of 84% reflects the steady progress made during the year as the LHM team…

With less than a week to go before the Alliance for Financial Inclusion (AFI) Global Policy Forum (GPF) 2025, the Bank of Namibia said this week that 800 delegates from across the African continent and beyond, will attend the forum to be held in Swakopmund.  Naufiku Hamunime, acting deputy director of corporate communications and sustainability said the forum, convening under the theme “Empowering Society, Enabling Growth,” represents one of the most significant financial inclusion gatherings globally and on the continent. She said the forum comes at a pivotal time for Namibia’s financial sector. On 28 July, the Bank of Namibia,…