The substantial increase in uranium prices is driving the accelerated development of two major uranium projects in Namibia, with expectations of more projects to follow suit, Vice President Netumbo Nandi-Ndaitwah says.
She said Namibia has the potential to become a global leader in nuclear energy by leveraging the growing demand for nuclear power as a clean energy source.
“Currently, Namibia is ranked as the world’s third-largest producer of uranium, and this price improvement has accelerated the development plans for two advanced uranium projects, with many more likely to follow,” she said.
She further said that it is important that Namibia not only supplies uranium but also explores opportunities in the downstream nuclear value chain, such as technology applications in food production, medicine, and energy generation.
“As our country becomes a more prominent player in the supply of uranium, we should also consider how Namibia may stand to benefit from the downstream nuclear value chain activities, such as the application of different technologies in food production and medicine, as well as energy production. Energy is the key enabler for industrialisation,” she said.
Nandi-Ndaitwah’s call to action comes as the world seeks to transition into clean energy and many countries have recognised nuclear power as a sustainable and carbon-neutral base load source of power and have begun to develop or expand their nuclear power capabilities.
She further highlighted that mining and exploration activities remained the primary drivers of the national economy, generating both direct and indirect employment for Namibians.
Furthermore, she highlighted that the mining industry’s contribution to government revenue had significantly increased from N$4.4 billion in 2022 to N$6.8 billion in the following year.
“Mining and exploration continue to be the main contributors to our national economy, in terms of creating direct and indirect employment opportunities for Namibians. Moreover, the mining industry’s contribution to the Government revenue saw a significant increase from N$4.4 billion in 2022 to N$6.8 billion in 2023,” she said.
