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Namibia mining and industrialization trends

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2026-10-23 04:31 UTC → 2026-10-26 23:52 UTC · added ~~removed~~

Namibia is pursuing a strategy to drive industrialization by encouraging foreign investors to establish local refineries and manufacturing facilities. President Netumbo Nandi-Ndaitwah is advocating for increased value addition for the country’s deposits of uranium, lithium, rare earths, copper, and graphite, with plans to make local processing a formal condition for investment in future legislation. To support this economic diversification, the government is also promoting closer collaboration between universities and the private sector to ensure academic research addresses practical challenges in sectors like renewable energy and water security. Additionally, the government is developing a national nuclear energy policy to leverage uranium wealth for domestic electricity security and industrial growth. Regional cooperation is also expanding. During a state visit to Angola, President Nandi-Ndaitwah was invited by President João Lourenço to become a shareholder in the Lobito refinery project in Benguela province. The facility, designed to process 200,000 barrels of oil per day, aims to reduce regional dependence on imported refined products. However, the mining sector faces immediate economic challenges. The Chamber of Mines of Namibia has projected a 6.2% contraction for the sector in 2026, a steeper forecast than the 2.2% contraction previously estimated by the Bank of Namibia. This downturn is primarily driven by a sharp decline in diamond production and rising fuel costs. ~~De Beers figures show quarterly diamond production fell to 495,000 carats for the period ending September 30.~~ Despite the diamond slump, other sectors show progress. Uranium production rose 438% month-on-month following the resumption of full operations at the Husab mine, and zinc and gold production increased by 27% and 4% respectively. Furthermore, TotalEnergies has announced that its Venus oil development in the Orange Basin is ready for sanction, targeting first oil around 2030. Mineral exploration activity continues to expand, with firms targeting gold, copper, and uranium.

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