Observer Money

CHAMWE KAIRA  Reconnaissance Energy Africa Ltd has announced that, further to its announcements on 16 July and 30 July, it has completed the farm-down agreement with BW Energy Limited.  The sale of a 20% working interest in Petroleum Exploration Licence 73 (PEL 73), in northeast Namibia, has been approved by the Namibian Ministry of Mines and Energy and Namcor Exploration and Production.  The working interests in PEL 73 are now ReconAfrica, the operator, with a 70% working interest, while BW Energy has a 20% working interest and NAMCOR has a 10% working interest.  Brian Reinsborough, President and CEO, commented: “We…

CHAMWE KAIRA  Mobile Telecommunications Limited (MTC) Ltd is expected to hold its Annual General Meeting in Windhoek on 28 February, the company said in a stock exchange notice. The AGM is expected to consider and if thought fit, to pass a number of ordinary resolutions. These include considering and adopting the audited financial statements of the company and the group and the reports of the directors and auditors for the year ended 30 September 2024. The meeting is also expected to pass the resolution to confirm the final ordinary dividend of 49.27 cents per ordinary share. Also on the agenda…

CHAMWE KAIRA  Bannerman Energy Ltd has confirmed that it has secured supply contracts to cover construction water and power requirements for its Etango uranium project in the Erongo region. In a quarterly update for the period ending 31 December 2024, the company announced that negotiations for life-of-mine operational water and power supply contracts have progressed as required and are now at an advanced stage. Regarding water supply, the company said operational water for Etango will be sourced from NamWater and supplied from desalinated sources to the base reservoir in Swakopmund. From there, the planned permanent Etango water supply infrastructure consists…

CHAMWE KAIRA  B2Gold Corp has announced an offering of convertible senior unsecured notes due in 2030, with an aggregate principal amount of US$350 million.  The company expects to grant initial purchasers an option for 15 days to acquire up to an additional US$52.5 million in notes. According to B2Gold, the net proceeds from the offering will be used to fund working capital requirements and for general corporate purposes.  Initially, the funds will be used to pay down the outstanding balance on the company’s revolving credit facility. Future draws on the facility will then be used to support working capital and…

CHAMWE KAIRA  Namibia’s automotive market is set for a strong recovery in 2025, driven by improving economic conditions and strategic vehicle launches. A report by Simonis Storm Securities projects that a more accommodative monetary policy and rising consumer confidence will accelerate vehicle sales across both passenger and commercial segments. Toyota is well-positioned to strengthen its market dominance, leveraging upcoming next-generation Hilux and Fortuner models, which will integrate improvements in fuel efficiency, technology, and safety features. The refreshed Corolla Cross, featuring advanced hybrid technology, reflects Toyota’s ability to align with evolving consumer preferences for fuel-efficient and cost-effective mobility solutions, the report…

Namdeb’s life of mine is up to 2042. Namdeb’s performance and continued journey as a significant contributor and role player in the Namibian economy would not have been possible without the royalty remission. Nambeb is currently enjoying a five-year,5% royalty remission, agreed with the government in 2021.   Namdeb’s 2023 production year is characterised by milestones including the historical production achievement of one million western-block square meters of area mined.  Namdeb obtained contestable customer approval from Namibia’s Electricity Control Board (ECB), a key milestone for the development of the Wind Farm which is a strategic imperative contributing towards energy cost…

Niël Terblanché The Namibian Ports Authority (Namport) has entered into a Memorandum of Understanding (MoU) with Administração dos Portos de Sines e do Algarve, SA (APS), the authority overseeing Portugal's Port of Sines and the Algarve. The chief executive officer of NamPort, Andrew Kanime, in a statement on Wednesday, said this new strategic alliance is set to increase knowledge exchange, capacity building, and operational excellence between the two port authorities. "This partnership leverages the historical and economic ties between Namibia and Portugal to drive connectivity, trade, and investment," he said. According to Kanime, the MoU focuses on the development of…

Niël Terblanché Australian mining company Golden Deeps Ltd informed its investors on the Australian Securities Exchange that it has commenced with a new diamond drilling programme targeting extensions of the Nosib strata bound copper-silver deposit within its Otavi Mountain Land (OML) tenements in northern Namibia. According to the statement, the initiative aims to build upon previous findings and explore the deposit's potential at greater depths and to the west. Earlier drilling efforts at the Nosib deposit identified a zone of copper-vanadium-lead-silver oxide and supergene mineralisation from the surface. This discovery formed the basis of a maiden Mineral Resource for the…

Erasmus Shalihaxwe The Petroleum Training and Education Fund (PETROFUND) is inviting Namibian youth, particularly those from the southern regions, to apply for fully funded scholarships in vocational training fields such as boilermaking, electrical engineering, fitting, and turning. PETROFUND spokesperson Shoki Kandjimi announced on Tuesday that the scholarships are for the 2025 academic year and will be offered at the Namibia Institute of Mining and Technology (NIMT), Keetmanshoop campus.  The initiative aims to equip Namibian youth with the technical skills needed to work in the country’s growing oil and gas industry, particularly following hydrocarbon discoveries in Namibia's Orange Basin between 2022…

Martin Endjala A group of concerned Daure Daman community members from Uis in the Erongo region are demanding to see the president, refusing to engage with what they term “useless ministries.” This comes after the group travelled from Uis on Tuesday to present their grievances to President Nangolo Mbumba at the State House on Wednesday. They were denied an audience with the president. The executive director in the president’s private office, Moses Pakote, wrote a letter dated 23 January, directing attention to the group's request made on 20 January. The letter stated that the president had referred their concerns to…