Observer Money

New York diamond dealer Manashe Sezanayev has been charged with stealing from diamond merchants by replacing US$460 000 worth of natural diamonds with synthetic stones. Sezanayev, who operates Rachel’s Diamonds in New York’s diamond district, pleaded not guilty to the charges, which included stealing and fraud, according to a recent release from the Manhattan District Attorney’s Office. In February, Sezanayev made an appointment with a diamond merchant to view two stones he claimed to be interested in buying. During the visit, he allegedly swapped the two natural gems with synthetics he had previously cut to match, while inspecting them. The…

Niël Terblanché TransNamib Holdings Ltd and the International University of Management (IUM) signed a Memorandum of Agreement (MoA) to drive innovation and development in the Namibian transport sector. Desmond van Jaarsveld, chief executive officer of TransNamib during the signing of the agreement, said the collaboration is set to pave the way for unparalleled growth in human resource development, knowledge sharing, and research, all in support of Namibia's National Development Plans and Vision 2030. The agreement introduces cutting-edge programmes, workshops, and courses designed to enhance the skills and capacity of TransNamib’s workforce. “These initiatives aim to ensure that employees are well-equipped…

CHAMWE KAIRA Although several retailers have said there is a shortage of five cent and 10 cent coins in circulation, the Bank of Namibia maintained this week that there is not a shortage of 10 cents. “The bank however discontinued the minting and the issuance of five cents in 2019 which is placing undue pressure on the 10 cent coin denomination. The bank is considering long term strategies to alleviate this pressure,” said Kazembire Zemburuka, Director of Strategic Communications and International Relations at the Bank of Namibia. SBV Namibia, the company which collects banknotes and coins for distribution to shops,…

CHAMWE KAIRA B2Gold Namibia is expecting to increase its consumption of renewable energy at its Otjikoto Mine to 30% to 35% when a 10MW renewable power plant is completed in December this year. The plant is being constructed by Sustainable Power Solutions, an Independent Power Producer and in turn B2Gold will buy all the power from the plant. The plant will cost N$200 million. B2Gold Namibia, Country Manager, John Roos said in an interview that the current solar capacity on the mine is a 6.8MW DC plant that delivers about 5.8MW AC to its power plant that contributes to about…

CHAMWE KAIRA Vukile Property Fund, which has a 36% stake in MICC Properties in Namibia has said its property assets in MICC Properties Namibia is currently valued at N$1 billion. The company controls 269 Independence, Katutura Shopping Centre, and retail centres in Ondangwa, Oshakati and Oshikango. Vukile said in response to questions by Observer Money that over the past 20 years, the average annual value growth in the portfolio (MICC Properties Namibia) was 7.5% per annum. Commenting on Vukile’s future plans in Namibia, the company said given that Vukile’s remaining interest in the Namibian portfolio is considered to be non-core…

CHAMWE KAIRA Rössing Uranium Limited Managing Director, Johan Coetzee has said Rössing received a new lease on its operational life with the ‘life of mine’ expansion that was approved in February 2023. He added that this strategic milestone grants the mine another 10 years in operation, moving mine closure from 2026 to 2036. “Key expansion projects have been identified and approved by the board of directors to unlock the extended operating life. These projects include the construction of a 18MW solar plant and some fundamental changes in the operating plant to cope with the changing composition of the ore under…

Namibia's tourism sector has shown remarkable resilience and growth, buoyed by a diverse blend of regional and international visitors, Simonis Storm Securities has said. Simonis said in a report that with a strong emphasis on holiday and leisure travel and a notable interest from older tourists, there are significant opportunities for targeted marketing and infrastructure improvements to enhance the visitor experience and continue this positive trend. The report said given that a significant portion of Namibia's top ten international tourists come from countries subject to new visa requirements, it is crucial for the industry and the Ministry of Tourism to…

CHAMWE KAIRA Okorusu Fluorspar Pty Ltd, the holder of the mining licences ML90 and ML179, intends to apply for an amendment to the conditions of its current environmental clearance certificate, documents released this week showed. The company is applying to add a rare earth element (REE) processing plant and the cessation of graphite processing at the mine. The company said the other amendments include cessation of processing of graphite ore at the Okorusu mine site, cessation of graphite ore haulage from Okanjande mine site, the construction and operation of a new REE processing plant upon the site of the current…

The Southern African region continues to face climate-related challenges that place its agricultural sector and food supply at risk. The mid-summer drought of 2024 has devastated the regional maize supplies, a staple food crop for the region. So far, the focus has been on the losses farmers are experiencing, but soon, consumer pressures will arise. At the end of February 2024, Zambian President, Hakainde Hichilema, declared a disaster after realising the country had lost over half of its maize harvest because of the drought. Zambia’s maize production in the 2023-24 season is down by over 50% to an estimated harvest…