Observer Money – Page 61

07 Aug

EPL’s only for capable mining companies

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Martin Endjala Only applicants who have completed the minimum exploration work program and shown they have the financial and technical resources to carry out their programs will receive Exclusive Prospecting Licences (EPLs). The minister of mines and energy, Tom Alweendo, made this statement at the official opening of the 2024 Mining Expo and Conference in Windhoek on Wednesday. “This is necessary lest we delay mineral discoveries and consequently deprive the Namibian people of their deserved economic benefits,” he said. According to Alweendo, the ministry found that the majority of applicants who previously received EPLs lacked the necessary skills to carry…

01 Aug

Reserves increase to N$57.6 billion

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CHAMWE KAIRA The Bank of Namibia’s stock of international reserves increased by 3.7% month-on-month to N$57.6 billion at the end of June. The monthly increase in international reserves was on the back of higher net commercial bank inflows, supported by Customer Foreign Currency (CFC) placements, as well as revaluation gains due to price changes in the market. The foreign reserves translated into 3.8 months of import cover, exceeding the international benchmark of three months. “This level of reserves is considered adequate to support the Namibia Dollar and the South African Rand currency peg. Notably, the import cover excluding imports of…

01 Aug

Dundee’s railway transportation up by 40 000 tons

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CHAMWE KAIRA Dundee Precious Metals Tsumeb has from June last year to June this year transported 198 068 tons of bulk copper complex concentrate, 34 839 tons of blister copper and 255 929 tons of sulfuric acid via TransNamib’s railway services. “We primarily transport bulk copper complex concentrates from the coast to the smelter. Once processed, the final product, blister copper, is transported from Tsumeb to the port for easy distribution to our clients worldwide,” the company said in response to questions. Additionally, the company utilises TransNamib to transport sulfuric acid, a byproduct of its smelting process, to its clients…

01 Aug

Exports worth N$6.8 billion exported via sea

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CHAMWE KAIRA Goods worth of N$6.8 billion, representing 52.8% of total exports left the country by sea in June, the Namibia Statistics Agency said. The basket of exports via sea comprised mainly of uranium, fish and copper and articles of copper. Goods exported via air accounted for 26.7% of total exports, of which its export basket was mainly made up of diamonds and non-monetary gold. Lastly, Road transportation accounted for 20.5% with fish, petroleum oils and live animals being the highest valued commodities transported via the respective mode. In terms of volume, a total of 281 689 tons of goods…

01 Aug

Baynes will interconnect Angola to SADC

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This week, Eng. Stephen Dihwa, Executive Director, Southern African Power Pool Coordination Centre (SAPP) talks about the impact that the proposed Baynes Hydropower project by Namibia and Angola will have on the southern African region. Observer Money (OM): The Namibian government has approved the signing of the agreement to develop the Baynes Hydropower project with Angola, what does the Baynes Hydropower project mean for SAPP? Stephen Dihwa (SD): Baynes Hydropower Power project will provide much needed additional clean power supply in the SADC Region starting with Namibia. As Angola will then be interconnected to the rest to the region, this…

01 Aug

Banks have role in economic development

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CHAMWE KAIRA Bankers Association of Namibia (BAN) has said the issue of interest rates and perceived high bank charges that props up from time to time was just one of the many issues that was discussed with President Nangolo Mbumba last week. “The meeting was a mere catch up with him on what we have been doing in our space to assist new industries, create employment and assist with economic development. This is an old issue coming from last year that he touched on, with many other constructive issues. So, it’s not a new issue that cropped up now. BAN…

01 Aug

Ohorongo has no immediate expansion plans

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CHAMWE KAIRA Ohorongo Cement, which has a production capacity of more than one million tonnes of cement per year, has no immediate plans to expand its operations. “There are no immediate expansion plans. We can do more than one million tonnes of cement per year,” Rudolf Coetzee, general administration manager told Observer Money. Regarding some of the challenges that the company faces in transporting cement, the company said the challenges with railway transportation is linked to the challenges experienced by TransNamib. “We do have a good relationship with TransNamib, and the focus is on maintaining the relationship to the benefit…

01 Aug

Long-term uranium supply under the spotlight

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CHAMWE KAIRA Bannerman Energy Ltd, which is developing the Etango project in the Erongo Region has said following the prohibiting of Russian uranium imports into the United States, uranium buyers quickly shifted their focus from immediate transactions to the long-term effects of the ban. The US has banned uranium imports from Russia as part of sanctions against Russia for its invasion of Ukraine. Brandon Munro, Executive Chairman of Bannerman said many utilities are seeking waiver applications and adjusting their conversion and enrichment strategies to avoid supply interruptions if the waivers are not approved. “Additionally, depending on which entities receive waivers,…

01 Aug

African airlines increase cargo market by 11.8%

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The International Air Transport Association (IATA)’s year on year analysis of the African air cargo market in June saw an increase of 11.8% in demand for air cargo by African airlines. IATA said demand on the Africa–Asia market increased by 37.5% compared to June 2023, the strongest performance of all trade lanes. Capacity increased by 23.8% year-on-year. By comparison, the global airline industry reported a 14.1% surge in demand for air cargo transport compared to June 2023 levels boosting first half performance and beating the 2021 all-time record levels of air cargo traffic. June also marked the 7th consecutive month…

01 Aug

Namibia going through a ‘glow up’

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JULIE HAUWANGA Our country looks to be going through a ‘glow-up,’ and the world is noticing. Oil and gas exploration, the Green Hydrogen projects that are being developed, and a resurgent tourism sector all bode well for Namibia’s socio-economic future. As a young Namibian, this fills me with joy, but there is also some apprehension. Every day, we hear of an imminent economic boom and the amazing opportunities it will bring our nation. My apprehension stems from my worry about this growth. How can Namibians benefit and prosper from the oil and gas boom and the various green Hydrogen projects?…