Observer Money

CHAMWE KAIRA The proposed upgrades of railway infrastructure under funding from the African Development Bank and the Namibian government is at procurement stage with some activities on the ground. However, no implementation of any activity has yet started, except preparation and compilation of solicitation documents, Robert Kalomho director of railway infrastructure management said when asked about the progress on the project. The funding from both the AFDB and the government totals about N$7,6 billion. The project will see the upgrade of the section between Kranzberg to Otjiwarongo and Kalomho said this will take up to four years to complete. In…

CHAMWE KAIRA Andrada Mining CEO, Anthony Viljoen has said despite the plant outages in April the mine has successfully produced and delivered its first five-tonne consignment of tantalum from its Uis Tin Mine to during the quarter ended 31 May, with the second consignment produced and targeted for shipment in the second quarter. The company’s assets in Namibia include the Uis Tin Mine with significant by-product potential for lithium and tantalum. The other mine is the Lithium Ridge (Nai-Nais), which is a lithium, tin and tantalum operation. The other two assets are Spodumene Hill, a lithium, tin and tantalum mine…

CHAMWE KAIRA Osino Resources Corp has provided an update on the expected conclusion of the regulatory process for the previously announced Yintai transaction in Namibia. Osino and the Namibian Competition Commission continue to engage in the ordinary course of the NCC’s merger review process as the NCC considers the application of the previously announced statutory plan of arrangement under which Yintai Gold will acquire all of the outstanding common shares of Osino for cash consideration of C$1.90 for each Osino Share, the company said. After receiving the third of three Chinese regulatory approvals on May 28, competition law clearance from…

CHAMWE KAIRA Bannerman Energy Ltd, which is developing the Etango uranium project in the Erongo Region has requested an immediate trading halt be granted by Australia Stock Exchange in respect of its ordinary shares. The trading halt is requested in connection with a proposed capital raising to be conducted by the company. Explaining the reason for trading halt, the company said trading halt is requested pending the release of an announcement regarding a capital raising. On the duration of the trading halt, the company said it anticipates that the trading halt will remain in place until the earlier of such…

CHAMWE KAIRA The Financial Intelligence Centre (FIC) said in its annual report for the financial year ending 31 March that surplus for the year increased by N$ 28.3 million from a N$ 3.5 million deficit in 2023 to a surplus of N$ 24.8 million in 2024. Total operating expenses increased by N$ 3.9 million from N$ 45.2 million in 2023 to 49.1 million in 2024. Total assets increased by N$ 25 million from N$ 26.9 million in 2023 to N$ 51.9 million in 2024. Total investments decreased by N$ 8.9 million from N$ 12.6 million in 2023 to N$ 3.7…

CHAMWE KAIRA At a high-level meeting, held in Mariental on 17 June, international scientists from UNESCO, Malcolm Siegel and Amie Legget mentioned that more information, namely hydrogeological and hydro geochemical data, is needed to make acknowledgeable decision regarding a major In-Situ Recovery (ISR) uranium mining project in the Leonardville area, Omaheke Region. Headspring Investments (HSI), which holds eight active Exclusive Exploration Licenses (EPLs) and eight active Environmental Clearance Certificates (ECCs) for the EPLs, has said it fully concurs with the views of these scientists. “We also confirm that we are prepared to continue and complete exploration drilling, conduct comprehensive studies…

CHAMWE KAIRA Paladin Energy Ltd has provided the 2025 financial year guidance for the Langer Heinrich Mine (LHM), in the Erongo Region. The LHM re-commenced commercial production on 30 March 2024, following successful completion of the Restart Project. Production ramp-up and product inventory build-up are underway, ahead of the first customer shipment expected in July 2024, the company said. The LHM will be in operational ramp up during the 2025 financial year, with ore feed to the plant sourced from previously mined stockpiled ore. Production levels are expected to be higher in the second half of the year, the company…

CHAMWE KAIRA Anglo American plc this week announced the value of rough diamond sales (global sightholder sales and auctions) for De Beers’ fifth sales cycle of 2024, amounted to US$315 million. Al Cook, CEO of De Beers, said: “The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle five sales. The recent annual JCK jewellery show in Las Vegas confirmed a resurgence in retailers’ interest in natural diamonds in the United States but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand.” Cook…

CHAMWE KAIRA B2Gold Corporation, the Canadian company that owns the Otjikoto Mine, situated between Otavi and Otjiwarongo, has announced the discovery of a new resource estimated to contain 390 000 gold ounces. This comes as B2Gold Namibia announced last month that it had started the process that will see the company cut 300 jobs in 2024 and a further 250 jobs in 2025, having mined the ore at its old mining areas. The company has about 820 permanent employees. The gold miner announced that an initial inferred mineral resource estimate for the Springbok Zone, the southernmost shoot of the recently…