Observer Money

CHAMWE KAIRA Bannerman Energy Limited, that has just been granted a mining licence for its flagship, Etango uranium project in the Erongo Region, has said to achieve the range of outcomes indicated in the Definitive Feasibility Study, pre-production funding in excess of US$320 million will likely be required. “There is no certainty that Bannerman will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Bannerman’s shares. It is also possible that Bannerman could pursue other…

Martin Endjala Mobile Telecommunications Company (MTC) has invested a total of N$504.1 million in its network and systems to enhance customer service and to enlarge its data-carrying capacity during the 2023 financial year. The company further invested N$1.7 million in the High-Tech Transfer Plaza (HTTP) centre to stimulate innovation and build a national innovation hub. This was revealed by MTC Managing Director and Chief Executive Officer Licky Erastus, during the company's recent financial performance announcement. According to Erastus, these activities include the MTC Tech Innovation Bazaar, Namibia National Cyber Security Competition and Namibia National High School Programming Competition amongst others.…

Niël Terblanché Namibia Breweries Limited (NBL) has reiterated its commitment to road safety by pledging N$200,000 to support various initiatives aimed at promoting safe driving practices throughout the country. This generous contribution includes N$90,000 allocated for refreshments for members of the Namibian Police stationed at roadblocks, as well as contributions to the Motor Vehicle Accident Fund's (MVA) road safety awareness campaigns. NBL is not only dedicated to producing quality beer but also advocates for responsible drinking behaviour. Surihe Gaomas-Guchu, NBL's Corporate Affairs Manager, emphasized the importance of consuming alcohol responsibly and avoiding drunk driving during the holiday season when many…

Hertta-Maria Amutenja The Executive Director of the Ministry of Agriculture, Water, and Land Reform, Ndiyakupi Nghituwamata, has implored 152 Farm Machinery Operator Graduates trainees to uphold the high standards set by the Namibia Agricultural Mechanisation and Seed Improvement Project (NAMSIP) initiative. Nghituwamata delivered this message during the official certificate handover ceremony held at the Mashare Agricultural Development Institute last week. She stressed the importance of adhering to the project's principles and maintaining the trust of both the ministry and the farmers they will serve. "No malpractices, and don't disappoint the ministry and our farmers you will be serving," Nghituwamata said.…

Erasmus Shalihaxwe Dundee Precious Metals (DPM) is planning to invest between N$6 to N$7 billion after acquiring 100 percent shares in Osino Resources Corp. Osino Resources Corp owns the Twin Hills Gold Development project, a Mining site in the area of Karibib in the Erongo Region. DPM announced yesterday that the planned investment includes construction of the project, infrastructure and employment. With activities planned to take place between 2024 and 2026. The company is also estimated to pay N$700 million per year to the Namibia government for 13 years. While 75 percent of goods and services that will be sourced…

Martin Endjala The latest Bank of Namibia Quarterly Bulletin for December 2023 reported that annual growth in broad money supply has experienced a moderate increase of 7.9 percent. This growth has been primarily driven by a significant surge in Net Foreign Assets of the depository corporations. However, during the same period, Private Sector Credit Extension saw a slowdown of 1.6 percent in the third quarter of 2023. This rise in annual growth during the third quarter of 2023 was fueled by an increase in Net Foreign Assets of the depository corporations, attributed to diamond proceeds and revaluation gains. On the…

CHAMWE KAIRA The electricity and water sector is expected to maintain strong growth in 2023, before registering low growth in 2024, according to Bank of Namibia statistics. The electricity and water sector is estimated to grow by 9.5 percent and 4.2 percent in 2023 and 2024, respectively, a slowdown from 10.3 percent in 2022. The strong growth in 2023 is mainly attributed to the electricity sub-sector where local generation of electricity improved on the back of an increased water level at the Ruacana hydro-power plant during the latest rain season. The latest growth estimate for 2023 was revised upwards by…

CHAMWE KAIRA The Memorandum of Understanding signed between Namcor and TransNamib on September 6, 2021 for the transportation of lubricants has not commenced yet because of the lower volumes. “Regarding the quantity of petroleum and lubricant products transported by Namcor since the agreement was signed, we have not yet commenced the transportation of lubricants with TransNamib. This is due to lower volumes, and our strong client relationships allow us to deliver lubricants directly to our customers,” said Paulo Coelho, Manager of Marketing, Communication and Public Relations at Namcor. However, Coelho, said in terms of ULP and Diesel, for the year…