Speaking during a third quarter 2023 results Q&A, executives at Shell said that the company expects to drill another exploration well and appraisal well and carry out another flow test offshore Namibia over the next six to nine months, as the company moves towards understanding a development pathway for itsContinue Reading
Aim- and ASX-listed Celsius Resources has received confirmation of the renewal of the exclusive prospecting licence for the Opuwo cobalt project, which is held under its Namibian subsidiary Opuwo Cobalt. The Namibian Ministry of Mines and Energy issued the two-year renewal of the exclusive prospecting licence for EPL 4346, whichContinue Reading
By Joachim (Joggie) van Schalkwyk In an era of unparalleled financial complexity, where managing money has become a critical life skill, it is critical to ensure that the next generation is well-equipped to navigate the economic landscape. For good reason, the term “financial literacy” has gained popularity in recent years.Continue Reading
By Johann van Rooyen The end of the year is filled with frenzied shopping, Black Friday and Cyber Monday deals and online shopping are the norm. Although in Namibia, most of us still go to physical shops, there is a shift to shopping online, the convenience alone is worth it.Continue Reading
Government’s over-expenditure on debt interest payments which has seen actual spending on interest payments for FY2022/23 surge massively beyond budget warrants further scrutiny, research experts Simonis Storm have said. In an environment characterized by high-interest rates, Namibia’s actual spending on interest payments for FY2022/23 surged to N$9.5 billion, an amountContinue Reading
Andrada Mining’s procurement outlay for the 2023 Financial Year was N$203 million with 225 Namibian suppliers of which 107 were from the Erongo region in which its flagship mine Uis is located. The company estimates that it has contributed N$690 million to the Namibian national economy through procurement, royalties, andContinue Reading
Approximately half of Namibian consumers (49%) rely on a single source of income while 29% are considered polyjobbers or are engaged in additional side jobs or contracting work, key outcomes of the Old Mutual Financial Services Monitor (OMFSM) reveal. OMFSM is an annual study, which offers invaluable insights by focusingContinue Reading
Nominal Gross Domestic Product (GDP) in the first half of 2023reached N$115.9 billion and real GDP N$76.9 billion, the highest it has ever been. Nominal GDP grew by 14.1% y/y in 2Q2023 and when adjusting for inflation, it grew by 3.7% y/y, driven by higher mining activity. “However, companies inContinue Reading
In September 2023, precious stones, particularly diamonds, emerged as Namibia’s primary exported commodity, constituting 22.4% of the total exports, with 4.7% being re-exports. These diamonds found their destination primarily in Botswana, the United Arab Emirates, and Belgium. According to NSA, uranium claimed the second position in the list of topContinue Reading
Offshore drilling player Odfjell Drilling has tucked another milestone under its belt and boosted operational efficiency by employing a new method to complete a rig move for a semi-submersible it manages on behalf of Northern Ocean. The rig is working for TotalEnergies off Namibia. TotalEnergies hired the Deepsea Mira rigContinue Reading
