Observer Money – Page 44

27 Jun

Langer Heinrich Mine provides production guidance

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CHAMWE KAIRA Paladin Energy Ltd has provided the 2025 financial year guidance for the Langer Heinrich Mine (LHM), in the Erongo Region. The LHM re-commenced commercial production on 30 March 2024, following successful completion of the Restart Project. Production ramp-up and product inventory build-up are underway, ahead of the first customer shipment expected in July 2024, the company said. The LHM will be in operational ramp up during the 2025 financial year, with ore feed to the plant sourced from previously mined stockpiled ore. Production levels are expected to be higher in the second half of the year, the company…

27 Jun

Rough diamond sales reach US$315m

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CHAMWE KAIRA Anglo American plc this week announced the value of rough diamond sales (global sightholder sales and auctions) for De Beers’ fifth sales cycle of 2024, amounted to US$315 million. Al Cook, CEO of De Beers, said: “The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle five sales. The recent annual JCK jewellery show in Las Vegas confirmed a resurgence in retailers’ interest in natural diamonds in the United States but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand.” Cook…

20 Jun

B2Gold discovered 390 000 gold ounces at Otjikoto Mine

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CHAMWE KAIRA B2Gold Corporation, the Canadian company that owns the Otjikoto Mine, situated between Otavi and Otjiwarongo, has announced the discovery of a new resource estimated to contain 390 000 gold ounces. This comes as B2Gold Namibia announced last month that it had started the process that will see the company cut 300 jobs in 2024 and a further 250 jobs in 2025, having mined the ore at its old mining areas. The company has about 820 permanent employees. The gold miner announced that an initial inferred mineral resource estimate for the Springbok Zone, the southernmost shoot of the recently…

20 Jun

GIPF debt swap, a possibility

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CHAMWE KAIRA Moody’s Investment Services expect the government to meet the upcoming Eurobond maturity without significantly drawing down the economy's foreign reserves, including by partially refinancing the bond in international capital market by resorting to a debt-for-asset swap operation with the Government Institutions Pension Fund (GIPF) akin to the transaction performed with the US$500 million in November 2021 Eurobond maturity in the face of disrupted international capital markets. The stock of international reserves stood higher at N$55,6 billion as at 31 May, up from N$54,3 billion on 31 March supported by higher SACU receipts. According to a document shared with…

20 Jun

Demand for SA maize grows

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CHAMWE KAIRA Namibia is on list of countries that are expected to depend on maize imports from South Africa due to the impact of the El Nino on other Southern African countries including Zimbabwe, Zambia Botswana, Namibia and Mozambique. The Namibian Agronomic Board said in March that Namibia expects to import 162 000 tonnes of white maize in the 2023/24 season, given that the country expects to produce about 38 000 tonnes in locally. Equity analyst, Vikhyat Sharma said in a report he prepared for the Rainbow Chicken Limited that although the current year’s expected maize crop is estimated to…

20 Jun

Rössing plans 15MWe PV solar power plant

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CHAMWE KAIRA The Rössing Uranium has allocated funds for upgrades of the Rössing infrastructure and processing plant. These include construction of a 15MWe PV solar power plant, as well as expansion of the tailings storage facility (TSF) to accommodate ten years’ additional tailings from the processing of phase 4 ore. Rössing Uranium’s Managing Director Johan Coetzee announced that contracts were awarded for both projects by the end of 2023, with target completion by the end of 2024 and 2025 respectively. The plant will be built on a 70-hectare site adjacent to the access road between Arandis and the Mine. The…

20 Jun

Fish landings reach 97 077 metric tons

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The total of quota species landed during the first quarter of 2024 amounted to 97 077 metric tons, a decline of 16,7% when compared to 116 471 metric tons recorded in the first quarter of 2023. Horse Mackerel recorded the highest landings of 49 592 metric tons, followed by Hake in second place recording 44 630 metric tons. In third place was Monk that recorded 2 119 metric tons, the Namibia Statistics Agency announced. Export earnings for ‘fish and crustaceans, molluscs and other aquatic invertebrates’ for the quarter under review was valued at N$4,1 billion, an increase when compared to…

20 Jun

Paratus Namibia raises N$175m on NSX

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Paratus Namibia Holdings Limited has continued raising money on the stock exchange for the expansion of its operation. The Windhoek based company has announced the listing of a new debt instrument with the successful issuing of a N$175 million five-year senior unsecured note. The bond is under Paratus Namibia’s N1 billion approved Domestic Medium Term Note Programme on the Namibian Stock Exchange (NSX). This is the fifth note issued under this programme. The company said bids to the value of U$557 million were received from nine bidders. Paratus Namibia is currently undergoing a righs issue to expand its existing offerings…

20 Jun

Livestock sales reach four-year high

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The total number of livestock marketed was 146 841 in April this year, reflecting a 6,4% year on year increase compared to April last year which recorded 137 979. This is also the highest record of livestock marketed since June 2019. From January 2024 to April 2024, there was a general upward trend in total livestock marketed, despite some fluctuations, according to a report by Simonis Storm Securities. Breaking down by livestock type, 32 795 cattle were marketed in April 2024, up 31,2% year on year from 25 004 in April 2023. Sheep numbers rose marginally by 0,5% year on…

20 Jun

Vehicle sales reach 966 units in May

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Vehicle sales in May in Namibia reached 966 units, marking 7,5% month on month increase from the 899 units sold in April 2024. However, this figure represents a slight decline compared to the 982 units sold in May last year. Commercial vehicles continue to drive sales in the market. By the end of April this year, corporate instalment and leasing credit uptake has averaged 24.5% year-to-date, while household instalment and leasing credit uptake has averaged 6,1% year-to-date. Figures released by Simonis Storm Securities in a report showed that out of the 966 vehicles sold in Namibia during May 2024, dealerships…