Firming gold, uranium prices brighten prospects for Namibia’s extractive sector

STAFF WRITER

The Namibia mining sector is anticipating continued growth steered by strengthening global prices and  demand for uranium, gold, and copper, the Chamber of Mines has said.

The chamber’s Chief Economist Lauren Graham said the extractive sector continues to demonstrate resilience despite a difficult global economic backdrop.

“Gold production rose by 7% both month-on-month and year-on-year, while diamonds recorded a 24% monthly rebound, though annual production remains in decline. Zinc saw the steepest declines, down 36% month-on-month and 37% on a 12-month average, highlighting ongoing operational and market challenges,”Graham said in the chamber’s latest sectoral performance for the month of July.

Graham said Namibia’s economy has also benefited from  uranium, gold, copper, and tin maintaining strong performances on the global market

“Gold prices averaged US$3,352.66 per ounce in June 2025, representing a 44% increase compared to June 2024, driven largely by investor demand for safe-haven assets amid global uncertainty. Higher production levels in Namibia’s gold sector, combined with elevated prices are set to boost export earnings and fiscal contributions,” she said.

 On the other hand Copper prices rose to US$9,434.4 per metric tonne, up 3% year-to-date, supported by sustained industrial demand.

Namibia also benefited from African  Diamonds ranking  fourth at 10.2% (N$1.20 billion), with exports largely destined for Botswana, the UAE, and Belgium.

“Looking ahead, the outlook for Namibia’s mining sector remains cautiously optimistic. Long- term opportunities are underpinned by sustained global demand for uranium, gold, and copper, driven by the energy transition, safe-haven asset demand and infrastructure development. 

“However, structural risks persist in the diamond market, fuelled by geopolitical uncertainties and rising competition from lab-grown alternatives. In the near term, growth in uranium and gold continues to bolster the sector, supported by current geopolitical dynamics and favourable market conditions,” she said.