Trevali Mining Corporation recently confirmed credit approval from Standard Bank of Namibia and Standard Bank of South Africa for a Senior Secured Financing Facility of US$110 million to fund the expansion of the company’s Rosh Pinah mine in southern Namibia.
Standard Bank Namibia’s Corporate and Investment Banking (CIB) division recently confirmed a five-year agreement with AfriTin Mining.
While historically natural gas discoveries have vastly outnumbered liquids volumes, a reversal is expected in these results this year mainly due to two significant oil offshore discoveries in Namibia.
The debut of Debmarine Namibia’s N$7 billion state-of-the-art vessel, Benguela Gem, has already increased diamond recovery volumes by 67.2% when compared to production figures from the previous year.
Hyphen Hydrogen Energy is making positive progress on its discussions with the Namibian government as it moves towards signature of the Implementation Agreement before the end of the year for its planned US$10 billion Namibian green hydrogen project.
Globally, Namibia improved on the overall Policy Perception Index (PPI) ranking as an African mining destination, gaining 18 places from 47th position in 2020 to 29th position in 2021.
Oil and gas exploration company Eco Atlantic confirmed the ‘Island Innovator’ rig, owned by Island Drilling Company, had been released and mobilised.
The Langer Heinrich Uranium mine, which is still under care and maintenance and belongs to Paladin Energy Ltd in the Erongo region, is expected to resume production by March 2024.
In a post Covid-19 era, the mining sector is faced with difficult economic head wings, which have brought about supply side driven inflation of most commodities, not to mention the sky-rocketing fuel price.
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