Beifang workers to buy shares through payroll

Beifang Mining Technology Services (Namibia) and NAMITVEST have signed a payroll deduction agreement allowing eligible Beifang employees to pay for investment shares directly from their salaries.

The agreement was signed at Beifang's head office in Swakopmund on Wednesday, 2 September.

Beifang, which also trades as Beifang Mining Services, is a mining contractor supplying load-and-haul operations, drilling and blasting, explosives supply and production, and mining equipment maintenance. It holds contracts at Swakop Uranium's Husab mine and at Rössing Uranium and runs other mining projects in Namibia. The company employs about 1 000 people, about 97% of them Namibian.

NAMITVEST is an investment vehicle established through the Mineworkers Union of Namibia (MUN), following a 2010 MUN Congress resolution to enable current and former members to share in the growth and dividends of NAM-MIC. NAMITVEST holds a 25% stake in NAM-MIC Holdings, which has interests in financial services, mining, transport and logistics, property and infrastructure development, telecommunications, manufacturing, environmental services and tourism.

Employees who choose to participate will pay towards their investment through monthly deductions.

Shares

NAMITVEST principal officer Jason Kasuto said the agreement removes barriers that keep workers out of the market. "Through this payroll deduction agreement with Beifang, an employee in this company can subscribe to NAMITVEST shares with no lump sum, no bank loan, and no interest," he said.

"A small, agreed amount comes off the salary each month, and over time, the worker becomes a shareholder," he explained, adding that Beifang had shown that "the success of a company and the prosperity of its people belong on the same balance sheet".

NAMITVEST chairperson Mayemelo Kalumbu said the mechanism addresses consistency.

"A payroll deduction removes that friction entirely. It means consistency. And in matters of long-term saving and investment, consistency is very often the difference between a comfortable retirement and a difficult one," he said.

NAMITVEST reported more than 4 000 subscribers, four dividends declared since November 2024, and more than 1 000 members who have completed financial literacy training.

Beifang board chairman Fisher Yu said the agreement goes past administration.

"We should support opportunities that allow our people not only to work in the economy but also to participate in its growth," he noted.

He said the company's role was to make the opportunity available while encouraging employees to understand the investment before committing.

MUN acting president Poco-Key Mberiuana described the agreement as "a bridge between the labour of our members and their long-term prosperity", and said the union's duty extends past wages, safety and conditions of employment.

He said he wanted to "recognise the leadership of Beifang Mining Services for engaging with this Union not as adversaries, but as partners in the welfare of the workforce we jointly depend upon."

The agreement does not oblige employees to invest. Participation remains a personal choice, and employees are told to understand the terms and risks before deciding.