The Chamber of Mines of Namibia says the surge in global gold prices, alongside continued project development, is strengthening export earnings, fiscal revenues and investor confidence, reinforcing Namibia’s position as a reliable and competitive gold producer.
According to the Chamber, the average gold price reached US$4,058.33 per troy ounce in October 2025, the highest monthly average on record. This represents a 70% increase compared to 2024, a 51% year-on-year rise, and an 11% month-on-month increase from September 2025.
The Chamber said the sustained rally reflects strong investor demand driven by elevated global inflation, geopolitical uncertainty and expectations of lower United States interest rates, factors that continue to underpin gold’s status as a safe-haven asset.
“For Namibia, this record performance has provided a substantial boost to export earnings, fiscal revenues and investor sentiment, particularly benefiting producers such as QKR Namibia’s Navachab Gold Mine and B2Gold’s Otjikoto Mine,” the Chamber said.
It added that the strong price environment has also been favourable for project development, notably improving the economic fundamentals of Osino Resources’ Twin Hills Gold Project, whose feasibility outlook is directly supported by elevated bullion prices.
“The sector’s profitability and expansion prospects have therefore been reinforced, supporting increased local procurement and domestic processing, and strengthening the mining supply chain’s contribution to economic diversification,” the Chamber said.
At Navachab, the Chamber noted that the ongoing transition from open-pit to underground mining marks an important step in sustainable resource utilisation and long-term value creation. The shift is expected to extend the mine’s life, improve processing efficiency and strengthen local procurement.
“Navachab exemplifies how private investment can drive inclusive growth and technological advancement across Namibia’s mining sector, ensuring continued economic contributions well into the 2040s,” the Chamber said.
The Chamber also said B2Gold’s Otjikoto Mine reaffirmed its role as a cornerstone of Namibia’s gold production, delivering 44,105 ounces in the third quarter of 2025.
During the same period, B2Gold approved the Antelope underground project, which is expected to extend the mine’s life and sustain production through 2032.
“Announced on 15 September 2025, the Antelope project followed a Preliminary Economic Assessment earlier in the year and subsequent optimisation studies that reduced pre-production capital costs from US$129 million to US$105 million,” the Chamber said.
Once operational, the Antelope project could lift Otjikoto’s annual output to about 110,000 ounces, improving production stability and strengthening Namibia’s broader mining resilience.
The Chamber said the combination of record international gold prices, strategic mine investments and a shift towards more sustainable operations underscores gold’s central role in supporting fiscal stability, export diversification and long-term economic transformation in Namibia.
