Observer Money

Anglo American plc has announced that the value of rough diamond sales for De Beers’ fourth sales cycle of 2024, amounted to US$380 million. The provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period and remains subject to adjustment based on final completed sales. Al Cook, CEO of De Beers, said: “As expected, De Beers’ rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections. The focus of the global diamond…

TransNamib has launched a new initiative, the TransEvaRail Pricing Strategy Project. The project is a strategic move aligned with its Integrated Strategic Business Plan 2022-2027 and supported by a comprehensive study funded by GIZ Namibia. The company has already held a number of workshops in Windhoek that brought together stakeholders to collaborate and share insights that will drive innovation and efficiency in TransNamib’s pricing structures. The company has said the goal of TransEvaRail is to boost revenue generation, enhance sustainable competitiveness, and ensure commercial stability. The first workshops took place on 13 to 14 May 2024, marking a significant step…

CHAMWE KAIRA Letshego Holdings Namibia (LHN) has issued a N$260 million three-year bond under its N$2 billion approved Domestic Medium Term Note Programme on the Namibian Stock Exchange (NSX). This is the first social note to be issued and listed on the NSX. Total bids to the value of N$322 million were received from five bidders. The bond’s maturity date is 17 May 2027. Letshego said the bond is a senior unsecured social note. An unsecured note is a corporate debt that does not have collateral attached and is, therefore, a riskier prospect for an investor. “The NSX has granted…

The 2023 Fraser Institute Survey of Mining Companies Survey has stated that the proposed Investment Promotion Bill is heightening uncertainty and risk in the Namibian mining industry. The other concern raised in the survey was that exploration companies are mandated to incorporate local ownership. Namibia’s foreign investment space is currently governed by the Foreign Investment Act (27 of 1990). According to the Namibia Investment Promotion and Development Board (NIPDB), the Foreign Investment Act will soon be replaced by the Namibia Investment Promotion Act (NIPA) which is currently being amended to particularly provide the private sector with greater room for growth,…

CHAMWE KAIRA Famous Brands Limited is planning a major rollout in southern Africa including Namibia. Its brands include Steers, Debonairs Pizza, Fishaways, Mugg and Bean and Wimpy. These brands have a strong presence in Namibia. The company said in results for the year ended 29 February 2024 that it plans to implement its leading brands restaurant rollout plan in South Africa, the Southern African Development Community (SADC) and also in Cote d'Ivoire, Ethiopia, Kenya, Nigeria, Mauritius, Saudi Arabia, and the United Arab Emirates. “This includes boosting our drive thru presence as new sites become available. We will continue to invest…

CHAMWE KAIRA Namibia Wildlife Resorts (NWR) is working on several capital infrastructure projects including the renovation of Popa Falls, retouching the walking decks for Olifantrus and the upgrading of Halali Resort’s honeymoon rooms with splash pools and also renovating of the Gross Barmen resort. Popa Falls Resort is situated on the banks of the Okavango river and a short distance from the Okavango Pan Handle. Halali Resort is located halfway between Okaukuejo and Namutoni in Etosha National Park. The Olifantsrus Camp is a campsite in Etosha National Park. Its located in the northwestern part of the park between Okaukuejo and…

CHAMWE KAIRA Kelp Blue, a company specialising in the cultivation of giant kelp with operations based in Luderitz, has forwarded the programme memorandum to the Namibian Stock Exchange (NSX) and is currently awaiting feedback. Anouk Bosman, head of marketing and communication told Observer Money this week that upon receipt, the company will proceed to submit a formal filing for listing. Kelp Blue aims to launch a blue bond programme towards the end of 2024, with the goal of raising US$20 million annually for four years. This funding will be utilised for the planting of up to 1000 hectares of kelp…

CHAMWE KAIRA Choppies Enterprise Limited, the mother company of Choppies Supermarket Namibia (Pty) Ltd plans to open seven more shops in the country this year. Currently Choppies has 18 stores and is planning to open another three stores in the next few months as fit out of these stores are already underway, the company said in response to questions by Observer Money. “For 2024 we plan to open another seven stores.” Choppies said it is looking at expanding into the south of the country where the excitement around oil and green hydrogen is top of mind and the development which…

NamPower, managing director, Kahenge Haulofu talks to Observer Money about the power supply situation this winter. He explains that the company spends up to N$4 billion per year on imports. He also explains that NamPower applied for a tariff increase 14,59% but the Electricity Control Board (ECB) only approved a bulk tariff increase to 8%. Observer Money (OM): Winter is fast approaching and Zambia has already indicated that it will reduce exports. Is Namibia affected by possible reduced imports from neighboring countries? Kahenge Haulofu (KH): Yes, currently NamPower is currently affected with an export reduction totaling 60MW from the Zambian…

CHAMWE KAIRA Cleanergy Cleanergy Solutions Namibia has revealed that the first hydrogen-powered ship in Africa will be ready in two years’ time. The company together with CMB.TECH, Port of Antwerp Bruges and Namport, plans to launch the first hydrogen-powered ship in Africa. Currently, the company is in the process of finalising the technical design of the vessel in a team work between CMB.TECH, Cleanergy, PoAB and Namport. “We believe that a period of about 24 months is required before the vessel can be delivered to Namport. Financing of the project will come from various sources -own equity, bank and other…