
Canadian-owned Ongwe Minerals has secured N$310.5 million to advance gold exploration at its Khorixas and Omatjete projects in Namibia. The company, which conducts mining activities in the Damara Gold Belt, recently completed a dual listing on the Namibia Securities Exchange NSX. According to Ongwe chief executive Dave Underwood, the offering was upsized due to high demand, allowing a significant allocation of shares to Namibian investors at approximately N$18.63 per share. The raised capital will primarily fund expanded exploration efforts at both gold projects. Reverse circulation drilling has begun at Khorixas, while preparations are underway for a diamond drilling campaign at Omatjete, targeting the Manga and Nguni areas, scheduled to start by the end of July. Ongwe Minerals was previously involved in the Twin Hills and Eureka deposits with Osino Resources and the development of the Otjikoto Gold Mine, which is currently operational.
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This summary was AI-generated from a story originally published by The Namibian.
Must ReadThe National Energy Fund has been significantly depleted, with only N$200 million to N$300 million remaining, after the government spent N$1.3 billion over two months to subsidize fuel prices. Minister of industry, mines and energy Modestus Amutse stated that the government intervened to keep fuel prices lower than market rates, with N$805 million paid to suppliers in April and N$490 million in May. This heavy spending began in April due to increased international fuel costs. The Fuel and Franchise Association of Namibia Fafa questioned whether the government's temporary fuel supply arrangement with Vitol, a global oil company, would help rebuild the fund. Amutse explained that the government cushioned the impact to ensure the public could afford petroleum products. He also noted that fuel wholesalers charged import premiums, which added to expenditures, and that removing these premiums, averaging N$300 million per month, would save money. The government has introduced a temporary three-month fuel supply arrangement with Vitol, from June to September, while it prepares a permanent bulk petroleum import coordination system. This new system will allow fuel wholesalers to jointly buy fuel through an agreed-upon process. Amutse announced that motorists will pay less at the pump starting tomorrow, with petrol decreasing by N$1 per litre, and diesel 50ppm and diesel 10ppm both falling by N$4 per litre. New Walvis Bay pump prices will be N$22.48 per litre for petrol 95, N$24.26 for

European champions Spain and Cristiano Ronaldo鈥檚 Portugal are looking to secure their spots in the World Cup last 16 on Thursday. Spain will play Austria in Los Angeles, with a win potentially setting up a meeting with Portugal in the next round. Portugal faces Croatia in Toronto, a match that could be the final World Cup appearance for either Ronaldo or Croatian midfielder Luka Modric. The late match features Algeria against Switzerland in Vancouver, as Algeria attempts to improve African teams' performance in the knockout stages after Ivory Coast, Senegal, and the Democratic Republic of Congo were eliminated in the last 32. Spain coach Luis de la Fuente expressed confidence in his team, stating they are on an upward curve despite a low-key start to the tournament, which included a 0-0 draw with Cape Verde. Spain has also prepared for potential penalty shootouts, having been eliminated by penalties in the last 16 of the previous two World Cups. The game in Toronto will be notable as it marks the first time two outfield players over 40, Ronaldo and Modric, will play in the same World Cup match. Meanwhile, England advanced to the last 16 after captain Harry Kane scored two late goals against DR Congo, securing a 2-1 victory. Belgium also progressed with a 3-2 win over Senegal, despite trailing 2-0. Following Senegal's elimination, midfielder Pape Gueye announced he would take a break from the national team as long as the current coaching staff is in charge. The United States a

The Namibian government generated N$68.4 million from the auction of horse mackerel and hake fish quotas. The Ministry of Finance announced the results of auctions conducted by the Ministry of Agriculture, Fisheries, Water and Land Reform on May 22. Executive director of finance Oscar Capelao stated that N$68.4 million was raised from the sale of 11,037 tonnes of horse mackerel and 1,719 tonnes of hake. This total includes N$22,000 from application fees. Capelao noted a significant improvement in prices and no remaining metric tonnes. The auction received nine bids for horse mackerel and seven for hake, with demand exceeding the available tonnage for both freezer and wet catch. The fisheries ministry had previously reserved 35% of the total allowable catch of horse mackerel for the government. The horse mackerel fishing season will continue until the end of December, while the hake season concludes at the end of September.