Observer Money

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…

CHAMWE KAIRA Namibia is on list of countries that are expected to depend on maize imports from South Africa due to the impact of the El Nino on other Southern African countries including Zimbabwe, Zambia Botswana, Namibia and Mozambique. The Namibian Agronomic Board said in March that Namibia expects to import 162 000 tonnes of white maize in the 2023/24 season, given that the country expects to produce about 38 000 tonnes in locally. Equity analyst, Vikhyat Sharma said in a report he prepared for the Rainbow Chicken Limited that although the current year’s expected maize crop is estimated to…

CHAMWE KAIRA The Rössing Uranium has allocated funds for upgrades of the Rössing infrastructure and processing plant. These include construction of a 15MWe PV solar power plant, as well as expansion of the tailings storage facility (TSF) to accommodate ten years’ additional tailings from the processing of phase 4 ore. Rössing Uranium’s Managing Director Johan Coetzee announced that contracts were awarded for both projects by the end of 2023, with target completion by the end of 2024 and 2025 respectively. The plant will be built on a 70-hectare site adjacent to the access road between Arandis and the Mine. The…

The total of quota species landed during the first quarter of 2024 amounted to 97 077 metric tons, a decline of 16,7% when compared to 116 471 metric tons recorded in the first quarter of 2023. Horse Mackerel recorded the highest landings of 49 592 metric tons, followed by Hake in second place recording 44 630 metric tons. In third place was Monk that recorded 2 119 metric tons, the Namibia Statistics Agency announced. Export earnings for ‘fish and crustaceans, molluscs and other aquatic invertebrates’ for the quarter under review was valued at N$4,1 billion, an increase when compared to…

Paratus Namibia Holdings Limited has continued raising money on the stock exchange for the expansion of its operation. The Windhoek based company has announced the listing of a new debt instrument with the successful issuing of a N$175 million five-year senior unsecured note. The bond is under Paratus Namibia’s N1 billion approved Domestic Medium Term Note Programme on the Namibian Stock Exchange (NSX). This is the fifth note issued under this programme. The company said bids to the value of U$557 million were received from nine bidders. Paratus Namibia is currently undergoing a righs issue to expand its existing offerings…