Observer Money

Namibia’s diamond production for the first quarter ended 31 March, reached 600 000 carats and remained largely unchanged compared to the same period in 2023. The Bank of Namibia said in the March economic outlook that diamond mining sector is expected to slow to 2,1% growth in 2024 before rebounding to 5,7 % in 2025. The anticipated significant slowdown in diamond mining is attributed to low production on the back of unfavourable international prices coupled with subdued global demand for rough diamonds, the central bank said. Anglo American which owns De Beers said it recovered 6,9 million carats across its…

The establishment of the Namibia Railway Safety Regulator (NRSR) is important in enhancing the safety and efficiency of the railway network. The NRSR will play a pivotal oversight role in ensuring the safety of the railway system, proactively improving its standards, and preventing safety incidents, the parliamentary standing committee on economics and public administration has observed in a report. The NRSR will be responsible for implementing progressive monitoring practices. This involves continuous surveillance to identify and address potential safety hazards before they happen or escalate into major incidents. Regular inspections of the railway network, coupled with comprehensive safety audits of…

Paladin Energy CEO, Ian Purdy said has said after a period of nearly six years of care and maintenance, returning the Langer Heinrich Mine (LHM) in the Erongo Region to commercial production was an important milestone for the company. Purdy said Paladin remains focused on the ramp up of production and delivering of its first shipment to its international customers. “With a strong uranium price outlook, a world-class long-life asset, and a strong balance sheet, Paladin remains well positioned to generate strong returns for our stakeholders.” Commercial uranium concentrate production and drumming were achieved at the Langer Heinrich Mine (LHM)…

Total direct employment in the mining industry increased by 12,6% in 2023 to 18 189, from 16 147 in 2022. Zebra Kasete, President of the Chamber of Mines of Namibia attributed the increase to the creation of new employment positions resulting from the restart of the Langer Heinrich mine and expansion of other operations. Direct employment consisted of 8 950 permanent employees, 803 temporary employees and 8 436 contractors. Kasete said every job created by the industry also generates important sources of revenue for government through PAYE and VAT as a consumption tax. In 2023, employees from mining companies paid…

Trustco Group Holdings Limited has entered into an agreement with Riskowitz Value Fund LP to acquire 1 135 shares in Legal Shield Holdings Limited from RVF through issuing new Trustco shares to the seller. Trustco said the purchaser shall pay to the seller by issuing four hundred million new Trustco (TTO) shares listed on the JSE, at a share price of 117 cents per share in exchange for the sale shares in Legal Shield Holdings Limited. The book value of the net assets of Legal Shield Holdings Limited, which are the subject of the transaction, as of 31 August 2023,…

Martin Endjala Despite global market challenges, the Namibia Diamond Trading Company (NDTC), says it has sorted, valued and marketed about 2.3 million carats of the precious stones during the 2023 financial year. Brent Eiseb, the chief executive officer of the NDTC made these remarks during a graduation ceremony of the Enterprise Development Programme (EDP) on Tuesday in Windhoek. “NDTC remains firm in delivering on its mandate of sorting, valuing, and selling the diamonds recovered by NAMDEB Holdings,” said Eiseb. Eiseb explained that during the rough diamond supply period in 2023, the NDTC sold approximately 77% of its total offering to…

Martin Endjala The Global cosmetic market is projected to grow by U$393.75 billion in 2024 and by U$758.9 billion in 2032. The market was valued at U$374.18 billion in 2023. This was revealed by the Namibia Investment Promotion and Development Board’s (NIPDB) executive director for talent, innovation, and productivity, Julia Muetudhana, on Tuesday at the launch of the Namibia fatty oils export guide for Micro, Small and Medium Enterprises (MSMEs). She said the rising consciousness among the global population regarding personal appearance and well-being propels the cosmetic industry to grow. “The Namibia fatty oils export for MSMEs is a comprehensive…

Uranium market fundamentals continue to improve as a broad spectrum of countries announce plans for ever-increasing nuclear power capacity to enhance long-term energy security and pursue attainment of net-zero carbon goals, Deep Yellow, which is developing uranium mines in Namibia said this week. High prices are good for Namibia, the third largest uranium producer in the world. Deep Yellow’s projects include the Tumas, Omahola, Nova JV and the Yellow Dune JV. Deep Yellow announced that China, India and Sweden are planning to significantly increase installed nuclear power electricity generation, while several African countries (Kenya, Nigeria, South Africa) envision the implementation…

Oceana Group Limited expects basic headline earnings per share (HEPS) for the six months ended 31 March 2024 will be more than 60% higher than the reported basic earnings per share (EPS) of 295.4 cents and headline earnings per share (HEPS) of 299.1 cents for the previously reported six months ended 31 March 2023. Oceana announced on the Johannesburg Stock Exchange that EPS is expected to be between 573 cents and 603 cents representing an increase of between 94% and 104% compared to EPS of 295.4 cents reported for the comparative period; and HEPS is expected to be between 565…

The Central Procurement Board of Namibia (CPBN) awarded contracts to the value of N$6,4 billion in the 2023-2024 financial year. CPBN’manager of stakeholders engagement, Johanna Kambala told Observer Money that the board continues to empower Namibians in the award of procurement contracts. Observer Money (OM): How many procurement contracts did CPBN award in 2023? Johanna Kambala (JK): CPBN: In total, the Central Procurement Board of Namibia awarded forty-five (45) procurement contracts during the financial year 2023-2024 to the value of N$6,4 billion. Thirty-nine (39) of these awards to the value of N$5,5 billion were awarded to 100% Namibian owned companies,…