By Kovimariva Mungunda, Ingo Schneider, (CA) Nam & Ekkehard Friedrich, CFA –
Namibia is positioning itself as one of the world’s most strategic mining jurisdictions, with uranium and gold emerging as key growth commodities.
In 2024, the country ranked as the world’s third-largest uranium producer, with only three operating mines contributing approximately 12% of global uranium production, up from 10% in 2019.
Looking ahead, the development of new uranium projects is expected to increase annual uranium oxide production to more than 10,000 tonnes per annum, potentially positioning Namibia as the world’s second-largest uranium producer.
The Erongo Region accounted for approximately 54% of Namibia’s total mining licences in 2025, reflecting its significance as the country’s primary mining hub.
The region hosts extensive mining activities, including uranium, gold, marble, granite, salt, and semi-precious stones, among other minerals.
In addition to the continued expansion of the uranium sector, Namibia’s gold industry is experiencing significant momentum, supported by ongoing developments at the Navachab Mine, the Osino Gold Project, Wia Gold, several smaller-scale exploration projects, and continued growth in dimension stone mining.
Based on our internal estimates, we believe the following represents a realistic five-year outlook for the sector in Erongo Region.
Total workforce figures reflect permanent and temporary employment, assuming all mines have the same employment ratio as the current mines. Power usage is shown at peak demand (upper end).
This is expected to create several strategic implications:
- Power infrastructure will require significant investment to support rising industrial demand and future mining developments.
- Water infrastructure will need to expand further, including the development of a second desalination plant, which will become a necessity rather than an optional investment.
- Housing supply is expected to remain constrained until the market responds to increased demand, likely resulting in short- to medium-term increases in residential property prices and rental rates.
- Port capacity and supporting infrastructure will come under increasing pressure, necessitating capacity expansion and continued investment in logistics and transport infrastructure.
Market outlook- will the dream last?
Uranium
Globally, uranium production remains highly concentrated. According to the World Nuclear Association (2025), more than 60% of global uranium production in 2024 originated from just ten mines across four countries, with Namibia ranking among the world’s leading producers.
The long-term outlook for uranium is being driven by a broader shift in global energy priorities.
Sprott (2026) notes that many countries are transitioning from intermittent renewable energy sources toward mission-critical baseload power, with nuclear energy playing an increasingly important role.
In addition, geopolitical tensions and disruptions to energy supply chains and critical industrial commodities have reinforced the need for secure, reliable, and resilient electricity generation, further strengthening the strategic importance of nuclear power.
Uranium has seen a revival in price. Namibian uranium mines have been operating at less than USD 50 per pound, suggesting sufficient margins should there be a downturn[1] in the uranium price.
Gold
Gold has been trading at record level albeit down from the peak in January 2026. Namibian mines have been historically operating at levels well below USD 2,000 per ounce, again leaving sufficient margins even in the event of a further downturn in gold prices.
Political outlook:
The Namibia Public-Private Forum (NamPPF), together with the SWAPO Manifesto Implementation Plan (SMIP 2025-2030), identifies mining, energy, and oil & gas as key enablers of economic growth.
The Forum is expected to enhance coordination between government, investors, and industry participants, creating a stronger foundation for investment and the development of mining-related infrastructure.
Beyond extraction, Namibia has an opportunity to develop midstream and downstream mining value-chain activities.
Although such projects are highly capital-intensive and technically complex, partnerships with experienced international operators can help de-risk investments, transfer skills, develop local capacity, and support long-term industrialization.
Shepherds Tree believes that Namibia is entering a defining decade for its uranium and gold industry.
With a strong project pipeline, rising global nuclear demand, and increasing policy support for mining infrastructure, the country is well positioned to strengthen its status as a world-class uranium producer.
Strategic collaboration through platforms such as the 13th Edition Mining Expo & Conference 2026, will be essential to attract investment, strengthen stakeholder engagement, and ensure that the economic benefits of the uranium renaissance and mining industry are broadly shared across Namibia’s economy.
*Shepherds Tree is a leading Namibian strategy and corporate finance boutique with strong sector capabilities in Energy/ Oil & Gas, Mining, Transport & Logistics and Hospitality & Tourism. For more information, please refer to our website www.shepherdstree.africa.
[1] The spot price might be less meaningful as most uranium mines enter into long term offtake agreements so the benefits of a higher market prices might be subject to a bit of lag.
