Observer Money – Page 8

20 Feb

Lüderitz wind farm gets N$2.5 billion investment

info_e12wt4csObserver Money

InnoVent is building a 11 turbine wind farm on the Atlantic coast as part of an ambitious national policy to enhance energy independence and decarbonization. InnoVent has developed and built the country’s first three solar power plants (Omburu, Osona, Aussenkehr, each with 5 MW) and the first wind farm (Ombepo, 6 MW). These infrastructures, with a total capacity of 21 MW, were commissioned between 2015 and 2017. In 2019, InnoVent acquired a fourth solar power plant of 5 MWc in the Omusati region, thus increasing its capacity and availability. Currently, InnoVent operates 26 MW in Namibia, producing 76,500 MWh in…

20 Feb

Did a Tax Dispute Hold Up the De Beers-Botswana Deal?

info_e12wt4csObserver Money

De Beers and the Botswana government have concluded their negotiations over a new sales agreement for rough diamonds after more than five years of discussions. They haven’t signed yet: Bogolo Kenewendo, minister of minerals and energy, said she hoped this would happen later this month, a pronouncement De Beers CEO Al Cook met with a nod at a press briefing. All that remains are the ‘largely formulaic’ process of issuing the mining licenses, Cook told the audience. The new government, under President Duma Boko’s Umbrella for Democratic Change (UDC) coalition, has touted the fact that it managed to seal the…

20 Feb

NBL launches Windhoek Beer in Kenya

info_e12wt4csObserver Money

Namibia Breweries Limited (NBL) has announced the launch of Windhoek Beer in the Kenyan market. The company said the strategic move marks a significant milestone in NBL's ongoing efforts to expand its footprint, export its premium products, and develop its business across new markets. Windhoek Beer, the iconic brand of NBL portfolio, renowned for its exceptional quality and rich heritage, is now available to Kenyan consumers who appreciate a finely crafted beer. Brewed in accordance with the Reinheitsgebot, the German Beer Purity Law of 1516, Windhoek Beer is made from only the finest ingredients: malted barley, hops, and water, ensuring…

20 Feb

Anglo American sells nickel business

info_e12wt4csObserver Money

Anglo American has agreed to the sale of its nickel business to MMG Singapore Resources Pte. Ltd, a wholly owned subsidiary of MMG Limited for a cash consideration of up to US$500 million. The nickel business comprises two ferronickel operations in Brazil – Barro Alto and Codemin – and two high quality greenfield growth projects – Jacaré and Morro Sem Boné. The agreed cash consideration of up to US$500 million comprises an upfront cash consideration of US$350 million at completion; the potential for up to US$100 million in a price-linked earn out and contingent cash consideration of US$50 million linked…

19 Feb

IMF advised Namibia against retail digital currencies

info_e12wt4csObserver Money

Niel Terblanche The International Monetary Fund (IMF) has advised Namibia against issuing a retail central bank digital currency (CBDC). A mission from the IMF visited Namibia in January, and in a recent report, it advised against pursuing a sovereign digital currency for retail consumers. The IMF recommended that the Bank of Namibia focus on promoting existing payment improvements. “As the mission did not find strong support for rCBDC issuance to address gaps in payments, it recommends against pursuing advanced technological exploration beyond proof-of-concept until tangible benefits of CBDC for payments are evident,” the report says. BoN has been exploring a…

18 Feb

NAMCOR strikes more hydrocarbons offshore

info_e12wt4csFeatured, Observer Money

Niël Terblanché The National Petroleum Corporation of Namibia (NAMCOR) announced the presence of hydrocarbons in the Sagittarius-1X exploration well, drilled offshore in the Orange Basin. In a statement, issued on Monday, NAMCOR’s executive for upstream exploration, Victoria Sibeya said the Drilling operations commenced on 18 December 2024, in partnership with Rhino Resources (42.5%, operator), Azule Energy (42.5%), NAMCOR (10%), and Korres (5%). Using the Noble Venturer drillship, the well reached its final depth on 6 February. She indicated that the drilling was targeting upper cretaceous reservoirs. “The well successfully encountered a hydrocarbon-bearing formation with no observed water contact,” she said…

16 Feb

Meatco eyes recovery amid financial challenges

info_e12wt4csObserver Money

Niël Terblanché The Meat Corporation of Namibia (Meatco) is focused on driving progress and adapting to the evolving challenges of the market to ensure the continued success of both Meatco and the livestock industry at large. Meatco hosted a special members’ meeting on 11 February, with approximately 100 members in attendance. The meeting, which provided an overview of the company’s financial status for 2023/2024, served as a platform to share key developments and feedback on the corporation’s turnaround strategy. During the meeting, the management team acknowledged the financial challenges faced by the company. However, the presentation of the annual report…

16 Feb

Windhoek cracks down on non-compliant businesses

info_e12wt4csObserver Money

Hertta-Maria Amutenja The City of Windhoek (CoW) has issued 155 compliance notices to businesses operating without a valid certificate of fitness or registration over the past five years. Five businesses closed during this time, one as a result of a court order. CoW communication officer Cillie Kapolo said enforcement measures include verbal and written compliance advice, issuance of notices, fines in collaboration with the City Police, and remedial actions such as closure orders. “Enforcement is a last resort and is only applied after businesses have been given reasonable time to comply. Many businesses fail to obtain or renew their certificates…

13 Feb

Namibia and China approve diplomatic visa waiver

info_e12wt4csObserver Money

Niël Terblanché The Cabinet has authorised the Ministry of Home Affairs, Immigration, Safety and Security to establish a mutual visa exemption agreement with the People's Republic of China in order to improve bilateral relations. This agreement will allow holders of diplomatic and official or service passports from both nations to travel without the need for prior visa arrangements. The proposal, submitted by Albert Kawana, the minister of home affairs, immigration, safety and security, received Cabinet approval during its latest session. The initiative is a demonstration of the efforts of both countries to facilitate smoother diplomatic engagements and official exchanges. The…

13 Feb

USA-RSA: BoN warns of trade impact on Namibia

info_e12wt4csObserver Money

Ester Mbathera The Governor of the Bank of Namibia (BoN), Johannes !Gawaxab has warned that policy uncertainties and economic shifts between South Africa and the United States could impact Namibia’s economy. Speaking at the central bank’s first Monetary Policy Announcement for 2025 on Wednesday, he urged policymakers to closely monitor exchange rate fluctuations and trade developments. “What we need to do is we need to watch trade wars and we need to watch exchange rate movements and see what the impact thereof is on the Namibian economy. Particularly, the relationship between South Africa and the US will have a profound…