Observer Money

CHAMWE KAIRA The projects in the investment pipeline by Namibia Investment Promotion Development Board have the potential to generate 40 000 direct and indirect job opportunities in Namibia. The country saw a total of N$2,8 billion invested in 2023. In 2022, the Greenfield FDI Performance Index that assesses the FDI that countries have attracted in proportion to the size of their economy ranked Namibia as number in Africa and 13th globally, respectively. Chairperson and Chief Executive Officer of the Board, Nangula Uaandja said emerging from a challenging period of economic recession, exacerbated by the COVID-19 pandemic, the economy has shown…

CHAMWE KAIRA Namibia is set to become a major African player in the oil and gas industry and the country is drawing investments interests from around the world as witnessed at the oil and gas conference held in Windhoek this week. For the last six years, the country has hosted the Namibia International Energy Conference but this this year’s conference under the theme ‘Reimagine Resource-Rich Namibia: Turning Possibilities into Prosperity, ‘was special because it came at a time when Namibia has discovered huge oil reserves. Namibia has a potential of 11 billion barrels equivalent of crude oil reserves offshore. The…

CHAMWE KAIRA The Namibia Stock Exchange listed renewable energy company, Alpha Namibia Industries Renewable Power Limited (ANIREP) is set to launch its green bond on the back of a favorable rating by S&P Global Ratings. The company's generation mix is currently 100% solar and most of the proceeds under the framework will be used to finance renewable energy, with a focus on solar. The company is in the process of registering a N$5 billion Domestic Medium Term Note Programme with the Namibia Stock Exchange The debut issue is expected to be launched in the second quarter of this year, with…

CHAMWE KAIRA FlyNamibia says oil and gas exploration is becoming increasingly important for its operations with Lüderitz at the centre of it all. General manager, Nerine Uys said the oil and gas this sector is critical to its operations, especially considering that the company is currently subsidised by TotalEnergies. “However, we are in the process of testing the routes' sustainability on its own two feet. To aid in this process, we are working with TotalEnergies to release additional seats to the public,” Uys told Observer Money. Uys said this test, including the release of additional seats, will give FlyNamibia an…

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…