The Brief: A Monthly Wrap-up of News Worth Knowing

Ministry of Mines Receives 600+ New Mining Exploration Applications

The Ministry of Mines and Energy reported a significant surge in exploration activity, with over 600 new licence applications submitted as of December 2023.

Minister of Mines and Energy Tom Alweendo said the influx of applications is a positive indicator of the growing confidence in Namibia’s mineral potential.

He further explained that there are currently 162 valid mining licences but only 68 of those mines are actively operational.

This situation, he claimed, was equally problematic as the issue with exploration licences. As a result, the Ministry adopted a stricter approach to evaluating new mining licence applications.

“Given this high volume of applications, it is no surprise that it is taking a while for us to finalise the evaluation of all the applications in a timely manner. It is not uncommon for an application to take more than a year before it is evaluated,” he said.

Bank Of Namibia Cuts Rates By 25 Basis Points

The Bank of Namibia’s (BoN) Monetary Policy Committee cut the country’s interest rates by 25 basis points citing declining inflation and that the economy needed more support. The repo rate is now sitting at 7.25% and the prime lending rate has been cut to 11%.

“In discussing the monetary policy stance, the MPC noted the growing momentum in the international monetary policy easing cycle, the retreat in domestic inflation over the medium term, along with the recent downside surprise in the September 2024 inflation print. The MPC also noted that the domestic economy, while growing at a moderate pace, was operating below full capacity, with private sector credit extension remaining subdued. This suggested that further support to the domestic economy is warranted.”

Capricorn Foundation Supports Empowering Marginalised Individuals

The Capricorn Foundation has donated N$350,000 to the Women at Work Training Centre, which will be used to train young women and men in basic hospitality skills courses as part of its commitment to job creation and economic advancement.

According to the Capricorn Foundation, 13 students recently graduated from the Women at Work programme, including Zanophen !Hoases, who secured a permanent position through the Women at Work employment bureau. !Hoases credited her success to the invaluable guidance and mentorship she received during the training.

“As a Connector of Positive Change, the Capricorn Foundation is committed to contributing to sustainable community development and economic advancement. Through strategic investments and partnerships, such as Women at Work, the Foundation uplifts individuals and communities, paving the way for a brighter, more inclusive future,” said Veripura Muukua, Capricorn Foundation Coordinator.

Trade Ministry Seeks Increased Participation Of Msmes In Beverage Industry

The Ministry of Industrialisation and Trade is pushing for greater involvement of micro, small and medium enterprises (MSMEs) in Namibia’s beverage industry.

This follows the launch of local production of Lion Lager by Anheuser Busch InBev (AB InBev) in Okahandja.

“I wish to further encourage you to proactively engage local suppliers and service providers by sourcing local ingredients and services required for production to foster inclusive economic participation and help build a resilient supply chain that benefits Namibian farmers and businesses alike,” she said at the event.

She further emphasised the importance of attracting sustainable investment in the face of global economic challenges.

The Minister also highlighted the contribution of the manufacturing sector to Namibia’s economic growth, with the sector contributing over N$20.6 billion to the country’s GDP by 2022.

Additionally, Iipumbu stressed the government’s commitment to creating an enabling environment for businesses to thrive.

NEW POULTRY MEAT FACILITY BEGINS OPERATIONS, TARGETS NOVEMBER SLAUGHTER

Kadila Poultry Farming says it has officially begun operations, placing its first batch of 58,000 chicks set for slaughter in the first week of November.

At full capacity, Kadila Poultry Farming aims to produce 400 tonnes of high-quality poultry meat each month, contributing to the local and national supply.

Kadila Poultry Farming is a new venture between Eos Capital, Africa Venture Partner Projects, and Oyeno Poultry Industries, located between Windhoek and Okahandja, the facility features six broiler units.

Eos Capital said the establishment of Kadila Poultry represents a crucial step towards reducing this dependency and a milestone in the country’s pursuit of self-sustainable protein production.