Navachab Gold Mine delivers 300kg of gold to Bank of Namibia

Navachab Gold Mine has delivered more than 300 kilograms of gold to the Bank of Namibia (BoN) following a purchase agreement signed in March. The mine expects to reach a total of approximately 600 kilograms in deliveries by the end of the year.

The gold acquisition is part of a strategic program by the Bank of Namibia to diversify its foreign exchange reserves, with a goal of increasing gold holdings to roughly 3% of the nation’s net foreign exchange reserves. These structured monthly purchases are conducted in Namibian dollars.

Because Namibia currently lacks the domestic refining capacity to reach the 99.9% purity required for international reserve assets, the central bank has initiated engagements with refineries in South Africa to process the local gold, which typically sits at about 85% purity. The BoN plans to review the program in the first quarter of 2027 to determine the scope of potential future phases.