By Oliver Diggle
The mining sector has driven much of the Namibian economy over the last few decades and is set to continue to do so over the years to come.
It makes up over 10% of the country’s real GDP, and in the latest financial year, directly contributed NAD6.96bn to the fiscus, excluding all employees’ contributions and export levies.
The sector also plays an essential role in keeping the current account balanced, and in turn keeping international reserves at a sufficient level to maintain the currency peg.
In 2025, the Mining & Quarrying sector contracted by 9.4% due to diamond weakness and the closure of B2Gold’s open-pit gold mine.
Although weak global diamond demand appears structural, the wider industry is expected to drive growth as mine expansions and new projects progress.
The pipeline includes additional gold, uranium and copper production, exploration for lithium, tin and rare earths, and the possibility of offshore oil production.
Namibia produces more than 10% of global uranium and currently boasts three operating mines.
Swakop Uranium’s Husab, one of the world’s largest open-pit uranium mines, is currently in the middle of a drilling programme aimed at further increasing production.
Rössing continues to invest in extending its life of mine and is set to start its next production stage, while Paladin Energy’s Langer Heinrich completed its restart ramp-up in 2026 and expects production to rise to between 5.1 million and 5.6 million pounds of U₃O₈ in its 2027 financial year.
The uranium price, currently in the mid-USD80’s per pound, and the wider global outlook is turning increasingly supportive.
Around 440 nuclear reactors operate worldwide, generating roughly 9% of global electricity, with a further 77 under construction and around 120 classified as planned.
China, India and South Korea are leading much of the new construction, while European countries are slowly moving back towards nuclear energy as conflicts involving Russia and the Middle East push energy security up the agenda.
Namibia is well placed to capture this ramp-up in demand and has a very deep uranium pipeline.
Deep Yellow’s Tumas and Bannerman Energy’s Etango are the most advanced and both are close to final investment decisions (FID), following which production should begin relatively quickly.
Beyond these projects, exploration and feasibility work continue at Elevate Uranium’s Koppies and Marenica and Forsys Metals’ Valencia.
Orano’s Trekkopje, which has been under care and maintenance for more than 13 years, recently recorded its first blast at site.
Alongside uranium, gold has also been a pillar of support for the economy during the diamond downturn, despite itself slowing in 2025.
B2Gold’s Otjikoto is shifting towards underground production as its open pit winds down, with the Antelope deposit expected to help sustain the mine life into the 2030s.
QKR Namibia’s Navachab is also expanding underground and developing additional processing capacity.
The next generation of gold projects is also advancing rapidly. Twin Hills is moving through development and is expected to become Namibia’s next major gold mine, while WIA Gold’s Kokoseb remains at the feasibility and resource-definition stage.
Ongwe Minerals’ Khorixas, Omatjete and Eureka remain earlier-stage exploration projects, although Eureka has reported grades of up to 134.52 g/t, a huge outlier compared to other viable gold projects in the country.
These projects are unlikely to enter production in the immediate term but look promising nonetheless.
Copper is experiencing renewed global demand because of its use in electricity networks, data infrastructure and electric vehicles, but Namibia’s current operating copper base remains small.
Horizon Corporation’s Kombat is the principal active mine, although it continues to face dewatering and operational challenges.
Consolidated Copper’s Tschudi is considering a possible restart, while the Otjihase and Matchless mines remain under care and maintenance.
The Hope & Gorob project appears closest to becoming Namibia’s next new copper producer, with production targeted to begin within the next two years, followed by the Omitiomire project, which is targeting to start production in 2029.
Another early-stage project, despite its long history, is Koryx Copper’s Haib, which has the potential to be one of the largest open-pit copper mines in the world.
However, it faces issues in terms of its low grade as well as access to water if it’s to use heap leaching.
Namibia’s wider mineral pipeline includes Appian’s operating Rosh Pinah zinc mine, where the RP2.0 expansion is coming into operation.
Lodestone Namibia’s Dordabis iron-ore project is still looking for funding, and Northern Graphite’s Okanjande is being prepared for a possible restart.
The Lofdal project is also moving towards development as a source of rare earths but is still a while off an FID.
There is also the possibility that Namibia becomes a hydrocarbon producer as TotalEnergies, the most progressed offshore operator, works towards an agreement with the Namibian government.
If offshore oil advances alongside traditional onshore mining, the combined investment and fiscal inflows will be unlike anything the country has previously experienced.
And Namibia, a country of only a few million, could be completely transformed for the better if handled well.
This will depend on policy remaining open and welcoming to international investment. Namibia benefits from a strong democratic record, press freedom and little to no security concerns, but proposals such as mandatory 51% ownership and economically unfounded local-content or domestic-beneficiation requirements cannot become the norm.
The potential is certainly there, and now it is a question of whether Namibia can realise it.
