Over 1 000 Husab mineworkers get wealth-building opportunity

MORE than 1 000 employees of Swakop Uranium, owner of the Husab mine in Erongo, now have an opportunity to build financial wealth through an investment deal with Namitvest.On Thursday (27 February) Swakop Uranium and Namitvest signed a Memorandum of Understanding that will enable over the workers (mostly members of the Mineworkers Union of Namibia) to invest in shares through a structured payroll deduction system and become shareholders in the union’s JTT Public Company, a listed investment entity.“Today marks a significant milestone in our commitment to financial empowerment,” said Namitvest principal officer Jason Kasuto. “This agreement ensures that employees, particularly Mineworkers Union of Namibia (MUN) members, have direct access to long-term wealth-building opportunities.”The investment structure is designed to be accessible and beneficial to all participants. Through the payroll deduction system, employees can acquire shares in JTT at a significantly discounted rate. “The initial valuation in 2021 was N$12 per share. Through this scheme, members can now purchase shares at a 50% discounted rate of N$6 per share. Namitvest matches that amount, effectively giving members a N$12 gain on day one,” Kasuto explained.For lower-income workers earning under N$3 000 per month, the scheme provides additional relief, ensuring they do not bear an immediate financial burden while still participating in wealth generation. “This is about ensuring financial stability for our workers,” Kasuto added. “The capital has grown over the years, with the latest 2024 valuation showing an increase to N$15 per share, meaning members have already seen significant gains.”Swakop Uranium vice president Patrick Chizabulyo said this collaboration is not just about financial investments, but also about “restoring dignity, instilling pride, and ensuring that mineworkers have a direct stake in the economy they help build every single day”.“Through this initiative, our people will have the opportunity to elevate their financial standing, securing their future and that of their families,” he said.Namitvest, a broad-based empowerment company owned by MUN members and ex-members, holds a 25% shareholding in Namibia Mineworkers Investment Holdings Company (NAM-MIC). NAM-MIC, which has grown substantially over the last 27 years, has diversified investments across financial services, banking, mining, tourism, and property. It holds stakes in major companies such as Capricorn, Sanlam, Santam, Avis, Gondwana, B2Gold, and Walvis Bay Salt.“For the first time, our members have the opportunity to invest in their future through share ownership. This fosters a sense of pride and ownership, ensuring that our members are stakeholders in the country’s economy,” highlighted MUN president Poco-Key Mberiuana.

Over 1 000 Husab mineworkers get wealth-building opportunity

Comments

Namibian Sun 2025-04-03

Please login to leave a comment

Over 1 000 Husab mineworkers get wealth-building opportunity

Comments

Namibian Sun 2025-04-03

Please login to leave a comment

Login