Swakop Uranium has invested N$1.4 billion in exploration over the past seven years as it seeks to expand Namibia’s uranium resource base and extend the lifespan of its Husab Uranium Mine, according to the company’s 2025 Sustainability Report.
The report shows that annual exploration expenditure increased from N$11 million in 2021 to N$131.6 million in 2025, with a further N$235.8 million budgeted for 2026.
Swakop Uranium said it invested N$231.4 million in exploration during the past two years alone and completed 122,820 metres of drilling over the same period.
During 2025, the company undertook approximately 100,000 metres of reverse circulation and diamond drilling as part of its efforts to identify additional uranium resources.
The report noted that the exploration programme created 182 jobs across 2024 and 2025, highlighting its contribution to employment alongside the long-term development of Namibia’s uranium industry.
Beyond exploration, Swakop Uranium is advancing several major capital projects aimed at increasing production and strengthening critical infrastructure.
According to the report, the company is progressing a US$300 million heap leach project designed to recover uranium from lower-grade ore and increase annual production by approximately 580 tonnes of U₃O₈.
Swakop Uranium has already invested N$450 million in industrial trials for the project since July 2024.
“Construction is expected to begin in 2026, with operations scheduled to commence by the end of 2027 and increased production targeted for 2028. The project is expected to create more than 100 operations and maintenance jobs once operational,” the report said.
The company is also advancing plans for a US$170 million desalination plant. According to the report, the facility is expected to create more than 1,000 construction jobs and over 100 permanent operational positions while strengthening water security in the Erongo Region and supporting future industrial development.
A joint venture company for the desalination project was established in December 2025, with construction expected to begin in July 2026 following the completion of the tender process. The plant is scheduled to be commissioned by the end of 2027, with water production expected to begin in 2028.
The sustainability report also highlighted Swakop Uranium’s broader contribution to Namibia’s economy.
“Total procurement spending reached N$13.1 billion during 2025, of which N$9.1 billion was spent on local suppliers. Spending on local contractors increased to N$6.3 billion, while the company paid N$790 million in taxes during the year,” the report said.
According to the report, Swakop Uranium generated N$29.2 billion in economic value during 2025 and increased its direct economic value generated to N$1.5 billion, underscoring its growing contribution to Namibia’s economy.
