Business / Economics Archives - Page 24 of 184

Trigon Metals completes sale of Kombat Mine to Horizon’s Kamino Minerals

Trigon Metals Inc. has officially sold its entire interest in the Kombat Mine in Namibia to Horizon Corporation Limited’s affiliate, Kamino Minerals Limited, in a US$24 million all-cash transaction. At a shareholders’ meeting held on 4 July, over 99 percent of the votes cast approved the deal, alongside the election of Trigon’s board and approval of auditors and its stock option plan. The Deal Deal Highlights Payment structure: US$24 million paid in eight […]

8 July, 2025

Business / Economics

Former Namcor MD Immanuel Mulunga arrested in ongoing ACC corruption investigation

Windhoek, 8 July 2025 – The Anti‑Corruption Commission (ACC) has arrested former National Petroleum Corporation of Namibia (Namcor) Managing Director Immanuel Mulunga at his Klein Windhoek residence, part of a broader corruption investigation involving senior officials, ACC Director-General Paulus Noa confirmed today. Mulunga, alongside three other former Namcor executives and an additional private individual, is being investigated for alleged misuse of public funds and governance breaches during his tenure. Noa […]

8 July, 2025

Business / Economics

Ongwediva Trade Fair raises N$1.6 Million at gala fundraiser

The 2025 Ongwediva Annual Trade Fair (OATF) kicked off its preparations with a resounding success at last Saturday's fundraising gala held at the Trade Fair Centre. According to Future Media’s Maria Namupala, the event raised over N$1.6 million, exceeding last year’s N$1.3 million haul. Headline sponsor Mobile Telecommunications Ltd (MTC) pledged N$350,000, reaffirming its support as a growth driver for entrepreneurship and SME market access. Standard Bank Namibia, Namibian […]

8 July, 2025

Business / Economics

Trade surplus signals turnaround for local economy

Port of Walvis Bay The trade sector swung dramatically into positive territory in May, posting a surplus of N$121 million, the first surplus in nearly five years and a strong reversal from April’s N$1.8 billion deficit. Simonis Storm Economist Almandro Jansen attributes this turnaround to a sharp rebound in mining exports coupled with subdued fuel imports, a combo he says indicates increasing stability in the country’s external trade. […]

8 July, 2025

Business / Economics

NAMCOR Works to Overcome Financial Losses and Governance Issues

NAMCOR says the company is addressing serious financial challenges and governance failures, particularly in its trading division. Spokesperson Paulo Coelho says that despite revenue growth, losses reached N$1.3 billion in 2023, leading to a government bailout and ongoing efforts to strengthen controls, reduce debt, and improve transparency.

7 July, 2025

Business / Economics

NamDia Assures Public After Security Concerns on Social Media

NamDia has responded to MP Job Amupanda’s recent social media allegations about the company’s security and governance. Spokesperson Beverly Coussement said urgent security upgrades were put in place after this year’s armed robbery, including appointing a consultant to tighten controls, adding that NamDia remains committed to transparency, staff support, and appreciates the police’s ongoing investigation.

7 July, 2025

Business / Economics

Yinson Production secures project bond to refinance FPSO Maria Quitéria

Singapore, 1 July 2025 –Yinson Production announced that it had successfully placed US$1.168 billion 144A/Reg S senior secured notes issued by its unit Yinson Bergenia Production B.V., which owns the floating production, storage, and offloading vessel FPSO Maria Quitéria. The FPSO currently operates under a 22.5-year lease and an operating contract with Petrobras in the Jubarte field, offshore Brazil. The notes are fully amortising with a final maturity […]

2 July, 2025

Business / Economics

Namibia eyes intra-Africa trade growth through increased exports

Following Namibia having launched its first export consignment under the African Continental Free Trade Area (AfCFTA) from Walvis Bay, the nation is now officially open for intra-African trade—granting access to a market of over 1.3 billion consumers. Minister Selma Ashipala‑Musavyi handed over the trading certificate during the ceremony, marking Namibia's readiness to engage in one of Africa’s largest trade pacts. Managing Director of High Economic Intelligence, Salomo Hei, welcomed the development […]

1 July, 2025

Business / Economics

FNB introduces affordable banking

FNB Namibia has launched its 2025 annual pricing structure, introducing measures to make banking more affordable and accessible. Effective today, the bank has eliminated all fees on local card swipes—a first in the Namibian market. According to FNB Group Communication Manager Kirsty Watermeyer, the zero-fee swipe policy is part of a broader strategy to foster financial inclusion and promote digital banking. “Banking should be simple, fair, and aligned with the […]

1 July, 2025