September 24, 2024
Subscribe to this RSS feed
Super User

Super User

ReconAfrica secures ECC three-year extension
Mining

ReconAfrica secures ECC three-year extension

August 17, 2022
0

The government has granted Reconnaissance Energy Africa (ReconAfrica) a three-year extension on its Environmental Clearance Certificate (ECC).

The ECC, which is issued by the Office of the Environmental Commissioner in the Ministry of Environment, Forestry and Tourism, covers the entire PEL 73 permit in northeast Namibia that stretches over 6.3 million acres (25,000 km2).

The ECC authorizes ReconAfrica to continue drilling stratigraphic test wells, to depths, approved by Ministry of Mines and Energy and National Petroleum Corporation of Namibia (NAMCOR) as well as completing a sidetrack of the Company's first well, Kawe 6-2, in the Kavango Basin.

The extended ECC, which is valid from August 26, 2022, until August 26, 2025, was approved on August 11, 2022.

"The extension of the Environmental Clearance Certificate was underpinned by extensive on-the-ground and research-based data gathering by our technical teams working in combination with our third-party technical partners,” ReconAfrica Chief Executive Officer, Scot Evans said.

“The extension further demonstrates how ReconAfrica is working collaboratively with our interested and impacted stakeholders in Namibia including local and national government entities/representatives, as well as with the Traditional Authorities, as we pursue the commercial development of the Kavango Basin. The extension enables the Company to plan and execute our current stratigraphic drilling and sidetrack programs.”

Trevali warns it will default on debt, cans N$330m Rosh Pinah early works programme
Mining

Trevali warns it will default on debt, cans N$330m Rosh Pinah early works programme

August 17, 2022
0

Trevali Mining Corporation says it will not be able to make a mandatory payment of N$124.4 million (US$7.5 million) on a revolving credit facility after its liabilities exceeded its assets.

Spar, Rehoboth Build It square off in court over N$92m debt
Companies

Spar, Rehoboth Build It square off in court over N$92m debt

August 17, 2022
0

The Spar Group South Africa is suing four Namibian businessmen and their company, Insignia Retail (PTY) Limited trading as “Rehoboth Build It”, for N$92 million for breach of contract.

Namibia pilots N$892m green hydrogen projects
Economy

Namibia pilots N$892m green hydrogen projects

August 16, 2022
0

Namibia will soon implement four green hydrogen pilot projects worth N$892 million after it received a N$500 million grant from the German Government.

DBN demands N$70m from student residence owners
Finance

DBN demands N$70m from student residence owners

August 16, 2022
0

The Development Bank of Namibia (DBN) is demanding over N$70 million from Rez Student Living Academia, after the luxurious student accommodation defaulted on payments.

What to expect from BoN’s Wednesday announcement
Economy

What to expect from BoN’s Wednesday announcement

August 16, 2022
0

The Bank of Namibia is expected to enact a 0.75 percentage point interest rate increase on Wednesday as it seeks to tamp down runaway inflation.

Bannerman completes Namibia Critical Metals acquisition
Mining

Bannerman completes Namibia Critical Metals acquisition

August 16, 2022
0

Bannerman Energy has completed the acquisition of a 41.8% stake in listed critical minerals explorer Namibia Critical Metals Inc (NMI).

Here’s how much money top CEOs and executives earn in South Africa right now
Africa-news

Here’s how much money top CEOs and executives earn in South Africa right now

August 16, 2022
0

Professional services company PwC has published its Executive directors: Practices and remuneration trends report for 2022, highlighting how much top management earns at some of the largest companies in the country.

The report analysed executive pay during the period from 1 March 2021 to 28 February 2022, focusing on executive remuneration among companies listed on the Johannesburg Stock Exchange (JSE).

Across the JSE, there were, from Jan 2020 to June 2022, 208 new appointments into executive positions. And in the JSE Top 100, over the same period, there were 77 new appointments into executive positions, PwC pointed out.

Total guaranteed package

The financial services firm provided a snapshot of the average TGP across three quartiles: lower – median – upper – on the JSE.

TGP represents the portion of total remuneration that is paid regardless of company or employee performance. It is a fixed cost made up of basic pay, plus a cash value attributable to benefits.

An examination of TGP fees paid across the JSE shows that the median salary for chief executives was R5.71 million over the period.

By comparison, the median pay for chief financial officers was R3.63 million, and the median pay for executive directors was R3.76 million.

Super caps

Super caps represent the top 10 companies on the JSE. As at the end of February 2022, these companies accounted for 66% of the exchange’s total market capitalisation. The companies that make up the JSE top ten are shown in the table below, while the figures that follow illustrate remuneration averages calculated for them, PwC said.

An examination of fees paid across the JSE’s super caps shows that the average salary for chief executives was R27.74 million.

The average pay for chief financial officers was R17.99 million, and the average pay for executive directors was R15.45 million.

Short-term incentives

STIs are cash payments that are intended to remunerate executive directors – and other employees – for the achievement of annual business and personal goals, aligned with the organisational strategy.

PwC pointed out that Covid-19 had an impact on the quantum of STIs being paid to executive directors (resulting in lower or no STIs being paid). “We have noted a recovery in STIs to pre-pandemic levels. Generally, the recovery in variable incentives payable should be aligned to the recovery in the performance of companies,” it said.

To assess this, PwC said it analysed the performance of the JSE All Share index (and other indexes) over a three-year rolling period. Based on these analyses, it said that the TSR performance of the indexes has improved.

The data shows that the median STIs across the JSE was R3.37 million, with chief executives typically earning around R4.6 million.

As with the pay data, this number rises significantly at large-cap companies, where the median STI increased as much as 151% million for chief executives, to R13.72 million.-bustech

Windhoek approves N$500m building plans in July
Property

Windhoek approves N$500m building plans in July

August 15, 2022
0

The City of Windhoek approved 314 building plans valued at nearly N$500 million in July 2022, compared to 249 plans worth N$400 million in the prior month.

AfriTin completes Phase 1 expansion at Uis mine
Mining

AfriTin completes Phase 1 expansion at Uis mine

August 15, 2022
0

AfriTin Mining has completed the construction part of its Phase 1 expansion project at its Uis mine in Namibia, allowing the project to move into the commissioning stage, which will be conducted in two stages.

Page 197 of 342
Ad Sidebar Small Size
Ad Sidebar big size

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries