July 31. The Rossing Uranium Pension Fund has told workers who want a portion of its N$600 million pension fund surplus to wait for a new legislation expected to be passed this year before a final decision on the matter can be made.
Allan Moyce, Principal Officer at the Rössing Uranium Pension Fund said this week that as things stand at the moment, the fund was not able to meet the former workers demand.
Moyce said the Namibia Financial Institutions Supervisory Authority was currently drafting legislation on the distribution of surplus pension funds and added that the trustees of the fund have put on hold any discussions regarding the issue.
The employees say they are entitled to a share of the surplus because the current workers at Rössing have not contributed anything since 1992 while the surplus has been accumulating.
Namibia has no legislation on the administration of pension fund surpluses, though a draft bill is expected this year.
Thursday, July 31, 2008
New MD at Valencia
New MD at Valencia
July 31. Forsys Metals Corp has appointed Jimmie Wilde as general manager of Valencia Uranium (Pty) the local wholly-owned subsidiary of Forsys. Wilde will be based in Namibia and will be responsible for overseeing all aspects of the development of the Valencia Uranium Mine, Forsys said in a statement. This appointment is effective1 August.
Forsys said it remains committed to achieving project completion early in 2010 and becoming a substantial uranium producer.
July 31. Forsys Metals Corp has appointed Jimmie Wilde as general manager of Valencia Uranium (Pty) the local wholly-owned subsidiary of Forsys. Wilde will be based in Namibia and will be responsible for overseeing all aspects of the development of the Valencia Uranium Mine, Forsys said in a statement. This appointment is effective1 August.
Forsys said it remains committed to achieving project completion early in 2010 and becoming a substantial uranium producer.
Langer Heinrich production declines
Langer Heinrich production declines
July 31. Uranium production at Langer Heinrich for the quarter June was 568,670 pounds of uranium oxide, a 12% shortfall against the plant design production of 650,000 pounds of uranium oxide per quarter.
John Borshoff, managing director said the construction for Stage II expansion is underway and added that design of Stage III expansion ongoing.
July 31. Uranium production at Langer Heinrich for the quarter June was 568,670 pounds of uranium oxide, a 12% shortfall against the plant design production of 650,000 pounds of uranium oxide per quarter.
John Borshoff, managing director said the construction for Stage II expansion is underway and added that design of Stage III expansion ongoing.
Standard Bank opens branch in copper rich Katanga
July 31. The Standard Bank Group has expanded its operation in the Democratic Republic of Congo (DRC) with the opening of a full- service branch in the country’s “second city” of Lubumbashi, the mining centre of the Katanga region. The city has approximately 1.2 million people.
“The opening of the Lubumbashi branch is a natural extension to our operational coverage in the DRC, which had, until now, been restricted to Kinshasa where we have a head office and branch. The strategic positioning of Lubumbashi in the southeast of the country near the Zambian border, its status as a mining, commercial and industrial centre, served by the Luano International Airport and also a major railway junction, make it a desirable representation and growth area for Standard Bank,” said Louis Nallet, MD, Standard Bank DRC.
It is staffed by 16 bi-lingual staff who speak both French and English. In the expansion of services the installation of an ATM is also next on the development agenda.
Nallet said the opening of the branch was a massive undertaking that presented major logistical challenges. The majority of construction materials were manufactured in Johannesburg and transported by road through Botswana and Zambia before reaching the DRC.
“The opening of the Lubumbashi branch is a natural extension to our operational coverage in the DRC, which had, until now, been restricted to Kinshasa where we have a head office and branch. The strategic positioning of Lubumbashi in the southeast of the country near the Zambian border, its status as a mining, commercial and industrial centre, served by the Luano International Airport and also a major railway junction, make it a desirable representation and growth area for Standard Bank,” said Louis Nallet, MD, Standard Bank DRC.
It is staffed by 16 bi-lingual staff who speak both French and English. In the expansion of services the installation of an ATM is also next on the development agenda.
Nallet said the opening of the branch was a massive undertaking that presented major logistical challenges. The majority of construction materials were manufactured in Johannesburg and transported by road through Botswana and Zambia before reaching the DRC.
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