Namibia mining sector sees earnings boost from gold and uranium

Namibia is experiencing a boost in export earnings driven by high international prices for gold, uranium, copper, and zinc. According to the Chamber of Mines of Namibia, gold prices saw a year-to-date increase of 34%, though a slight month-on-month correction occurred in July. Uranium prices also maintain a strong upward trend, supporting Namibia’s position as the world’s third-largest producer.

Despite these gains, the mining sector faces challenges from a weak diamond market and rising operational costs due to high energy and transport prices. Consequently, the Bank of Namibia has revised its 2026 economic growth forecast downward to 2.1% to reflect slower activity in primary industries.

Geological experts are urging the country to intensify exploration of its untapped mineral wealth to drive further economic growth. Beyond traditional diamonds, significant potential has been identified in lithium, rare earth elements, and copper—minerals critical to the global energy transition. Key areas of interest include the Erongo and Kunene regions for lithium and the Lofdal project for rare earths.