Observer Money

The Namibian Competition Commission is expected to decide in the coming weeks the approval of the takeover of local gold mining company, Osino Resources Corporation by Yintai Gold Co. The deal is worth US$272 million. Earlier, Osino Resources Corporation announced that the company’s special meeting saw an overwhelming majority of security holders vote in favour of the takeover. Osino said the shareholders authorised the deal that will see the Yintai Gold Co acquire all of the outstanding common shares of Osino for cash consideration of 1.90 Canadian dollars for each Osino share. “The vote of Osino security holders in favor…

The board of Anglo American has rejected a proposal from BHP Group Limited to take over Anglo American. Anglo American owns De Beers, which has several partnerships in Namibia with the government in Debmarine Namibia, Namdeb Holdings and the Namibia Diamond Trading Company. The proposal comprised an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. “The board has considered the proposal with its advisers and concluded that the proposal significantly undervalues Anglo…

Shareholders of Standard Bank Namibia have approved the appointment of Isac Tjombonde as the board chairman of SBN Holdings Limited and Standard Bank Namibia Limited with effect 1 April. The other directors appointed to the board are Josephat Mwatotele, Gerald Riedel, Erwin Tjipuka (chief executive (executive director), Siphiwe Themba Bruce Madonsela (non-executive director), and Arlington Tendai Matenda (chief financial officer). “The shareholders are hereby provided with the outcome of the votes, where shareholders via proxy voted on the following resolutions prior to the meeting. The total Shares in issue are: 522,471,910, and resolutions were voted on by 493, 863, 919…

Namibia exported ‘live sheep, meat and sheep products’ valued at N$97,3 million in March which was mostly destined to South Africa. Over the entire period (March 2023 to March 2024), the value of ‘live sheep, meat and sheep products’ exported averaged N$72,5 million with the largest value of N$ 118,4 million recorded in April 2023 and the lowest value recorded in January 2024 at a value of N$32,6 million. On the demand side, Namibia imported ‘live sheep, meat and sheep products’ valued at N$ 200 000 during the month was mostly sourced from South Africa, the Namibia Statistics Agency said.…

Momentum Metropolitan Namibia, a subsidiary of Momentum Metropolitan Holdings has announced robust earnings for the interim results six months ending 31st December 2023. The company said despite challenges, the group’s performance reflects resilience and adaptability, with solid contributions from Namibia. The results showed that the Momentum Metropolitan Africa experienced a notable increase in normalised headline earnings, reaching R284 million, a testament to the group’s robust performance. This growth was particularly bolstered by enhanced investment income from Namibia, showcasing the significant contribution of the Namibian market to the group’s overall success, the company said. Sakaria Nghikembua, CEO of Momentum Metropolitan Namibia,…

Bannerman Energy Ltd, which is developing the Etango project in the Erongo region has said uranium sector saw significant volatility in the first quarter of 2024. Bannerman said TradeTech's spot price indicator, which began the year at US$91.00 per pound of uranium oxide rose to US$107 per pound in early February before falling to US$87.00 by the end of the quarter. TradeTech's long-term uranium oxide price indicator showed consistent monthly growth during the quarter, increasing by 17% from US$68 per pound to US$80 per pound at the end of March. This brought the long-term indicator to a 15-year high. The…

The International Air Transport Association (IATA) released data for March of global air cargo markets showing continuing strong annual growth in demand. Total demand, measured in cargo tonne-kilometers (CTKs), rose by 10,3% compared to March 2023 levels (11,4% for international operations). This is the fourth consecutive month of double-digit year-on-year growth. Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7,3% compared to March 2023 (10,5% for international operations). “Air cargo demand grew by 10,3% over the previous March. This contributed to a strong first quarter performance which slightly exceeded even the exceptionally strong 2021 first quarter performance during the…

Erasmus Shalihaxwe Labour expert Herbert Jauch, says the mining company Namdeb's decision to employ 171 workers on a fixed-term contract is a poor labour practice that disadvantages the affected workers. Jauch said this on Monday during an interview with Windhoek Observer while reacting to Namdeb chief executive officer Riaan Burger’s revelation that the diamond mining company has 1684 workers on permanent contracts and 171 fixed-term contracts. “I do not know the specific reasons why so many workers are employed on fixed-term contracts at NAMDEB. It is certainly a poor labour practice that disadvantages the affected workers,” said Jauch. Jauch said…

Niël Terblanché Ongoing growth in the Lüderitz energy market has necessitated the expansion of airline services for daily travel between Windhoek and Namibia’s secondary port. Since the service was introduced by FlyNamibia last July, about 5,000 passengers have flown between Windhoek and Lüderitz. French multinational oil giant, TotalEnergies was instrumental in implementing the service. FlyNamibia managing director Andre Compion said: “Our enduring partnership with TotalEnergies enables us to continuously adapt and offer the best service to our customers.” According to Compion, the new service would not have been possible without TotalEnergies, who was the driving force behind unlocking access to…

Hertta-Maria Amutenja The Ministry of Mines and Energy on Friday announced that petrol prices are set to increase by 70 cents per litre. Similarly, both types of diesel will increase by 40 cents per litre. In Walvis Bay, the new prices will stand at N$23.00 per litre for petrol, N$22.17 per litre for diesel 50 ppm, and N$22.37 per litre for diesel 10 ppm. The increases are slated to take effect in the first week of May. The ministry stated that adjustments in fuel prices across other regions of Namibia will be made accordingly. These changes come as the Ministry…