STAFF WRITER
The mining industry contributed 72% ( N$6.6 billion ) of Namibia’s domestic exports of N$9.3 billion in August – up from 62% in July.
The latest assessment by the Chamber of Mines Namibia said uranium led the increase, with exports rising 438% month-on- month to N$3.36 billion. This followed the resumption of full production at Husab in July after its planned maintenance shutdown in June.
“Near-term cost and macroeconomic pressures are real, but firm gold and uranium prices and a strong project pipeline keep the outlook for Namibia’s mining sector positive.” Said Fabian Shaanika, Chief Executive Officer of the Chamber of Mines of Namibia.
The chamber said it is too early to judge how much higher inflation and interest rates will offset positive long-term fundamentals, particularly for gold, uranium and copper.
The chamber said higher average gold and uranium prices are expected to offset lower production volumes in the short term, supporting export earnings and government revenues.
The medium- to long-term outlook for Namibia’s mining sector remains positive as new mines and expansions come online, including Bannerman’s Etango Uranium Project, Reptile Uranium’s Tumas Uranium Project, Osino Resources’ Twin Hills Gold Project, as well as the ramp-up of Langer Heinrich and the Rosh Pinah RP2.0 expansion project, the chamber said.
“The Mining Production Composite Index declined by 4% month on month, driven by a 12% fall in diamond production. Uranium, zinc and gold production rose by 8%, 27% and 4% respectively.
“However, due to the larger weighting of diamonds in the index, these gains did not offset the decline. The Bank of Namibia has revised its 2026 mining forecast to a 6.2% contraction, compared to negative 2.2% in the previous outlook, which is aligned to the declining output recorded so far this year,” the statement said.
The chamber said mineral prices were mixed in September, with monthly declines recorded for gold and tin, while other minerals registered more modest gains as compared to August.
“ Although year- to-date average prices remain higher for these minerals, persistent inflation and elevated interest rates pose risks to further price gains.The ongoing war in the Middle East continues to put upward pressure on fuel prices, with the average price of Brent crude reaching US$116.8 per barrel in September, an increase of 28.5% from August,” the chamber said.
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