Staff Reporter
NAMIBIA’S mining sector started 2026 on a strong footing, supported by favourable commodity prices and renewed global demand for strategic minerals, according to the latest monthly update released by the Chamber of Mines of Namibia.
The report highlights solid performances in gold, uranium and base metals, which continue to play a key role in supporting export earnings and government revenues. The 2026/27 National Budget projects real GDP growth of 3.1% for 2026, with the mining sector expected to remain a significant contributor to economic activity.
According to the update, there has been a notable shift in mining-related fiscal revenues, with non-diamond mining subsectors, particularly gold and uranium, now accounting for the majority of corporate revenue and corporate income tax generated by the sector. Corporate income tax from non-diamond mining is estimated to have increased by 54%, rising from N$2.9 billion in 2024/25 to N$4.4 billion in 2025/26, largely driven by strong gold prices and improved commodity market conditions.
Global commodity markets presented mixed signals at the start of the year. Gold prices remained volatile in January 2026 but continued to be supported by strong safe-haven demand amid rising geopolitical tensions. Uranium prices also strengthened, averaging US$86.57 per pound as global interest in nuclear energy development increased.
Copper and tin prices recorded strong gains, supported by growing demand linked to electrification and renewable energy infrastructure.
However, the diamond market remains under pressure due to weak global consumer demand, high inventories and continued competition from lab-grown diamonds, which have weighed on Namibia’s diamond export revenues.
The report further notes that Namibia is well positioned to benefit from rising global demand for critical and strategic minerals, particularly uranium, as countries seek secure supply chains for energy transition technologies.
Despite the positive outlook, the update highlights several risks facing the sector, including increasing geopolitical tensions, global supply chain uncertainties and rising domestic costs, particularly for electricity and fuel.
Overall, the Chamber said Namibia’s mining sector enters 2026 with cautious optimism, supported by favourable commodity prices for gold, uranium and base metals, as well as growing investor confidence in the country’s mineral sector.
Photo: Bannerman Mining Resources Namibia
