Staff Reporter
THE Chamber of Mines has expressed cautious optimism about Namibia’s mining sector, noting that while mining remains the backbone of the economy—led by uranium and gold—structural vulnerabilities persist in the diamond market.
“Mining remains the backbone of the economy, contributing the bulk of export earnings and supporting fiscal and external stability. Uranium and gold continue to lead the sector’s growth, underpinned by strong international demand linked to the global energy transition and safe-haven investment flows,” the Chamber of Mines highlighted.
Citing the Namibia International Merchandise Trade Statistics Bulletin, the Chamber pointed out that mineral exports accounted for the largest share of total exports, with uranium and gold exports leading.
“According to the Namibia International Merchandise Trade Statistics Bulletin (May 2025), total exports were valued at N$11.8 billion, with the mining and quarrying sector contributing 49% (about N$5.8 billion) of this total, highlighting the mining sector’s vital role in supporting foreign exchange earnings and a favourable trade balance. Uranium remained the leading export, making up 29.3% of total exports (N$3.45 billion), mainly exported to China. Gold bullion was the second-largest export at 14.3% (N$1.69 billion), primarily sent to South Africa for refining,” the Chamber of Mines explained.
The Chamber further revealed that diamonds accounted for 10.2% of Namibia’s exports (N$1.20 billion), with major destinations being Botswana, the United Arab Emirates (UAE), and Belgium.
The Chamber also highlighted that copper and tin have maintained resilient prices, supported by global demand for renewable energy, electronics, and industrial production. However, the Chamber added that diamonds and zinc remain the sector’s weakest links, as production and prices are constrained by market softness, global oversupply, and rising competition from lab-grown alternatives.
“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,” the Chamber of Mines added.
Photo: Chamber of Mines
