Namibia’s mining sector delivered a steady performance in October 2025, underpinned by strong gold prices and rising uranium output, which helped to offset continued weakness in diamonds and base metals, according to the Chamber of Mines of Namibia’s Monthly Mining Update.
The Chamber said the sector remained resilient despite global economic uncertainty, subdued industrial activity in key markets and sustained pressure on diamond demand. Gold recorded a historic monthly average price of US$4,058.33 per troy ounce, while uranium production increased by 6% month on month and 22% year on year, reinforcing mining’s role as a stabilising force in the national economy.
Chamber of Mines Chief Executive Officer Veston Malango said the strong performance of gold and uranium was cushioning broader market pressures.
“Record gold prices and strong uranium output continue to offset global weakness in diamonds and base metals. As we deepen investor engagement and work with government to clarify the policy environment, the sector remains well positioned to drive growth, sustain jobs and support Namibia’s long-term economic transformation,” Malango said.
On the policy front, Malango noted that engagement between industry and government remains constructive, with discussions focused on clarifying local ownership pronouncements made by the former Minister of Industries, Mines and Energy.
“Clarifying these pronouncements will be essential to attract new greenfield investments and unlock further capital into the sector,” he said.
The update noted that diamond market conditions remained subdued during the month, with the RapNet Diamond Index declining by 1.5%. Local diamond production fell by 8% month on month and 32% year on year, as producers adjusted output in response to softer international demand.
Base metals also recorded weaker performance, particularly zinc, although copper prices exceeded US$10,000 per metric tonne for the first time since mid-2024, supported by demand linked to renewable energy and electric vehicle manufacturing.
The Chamber also highlighted continued mining sector investment in social development, particularly in health infrastructure, alongside major capital projects such as Swakop Uranium’s US$170 million desalination plant in the Erongo Region.
Looking ahead, the Chamber said the short-term outlook for the sector remains moderately positive, with Namibia’s diversified mineral portfolio and stable macroeconomic environment expected to support economic stability into 2026.
“With sustained commodity demand and advancing project pipelines, mining is poised to remain a key pillar of economic growth and fiscal stability through the remainder of 2025 and into 2026,” the Chamber said.
