Namibia’s mining sector has begun 2026 on a strong note, supported by favourable global commodity prices and renewed international demand for key minerals, according to the latest Monthly Mining Update released by the Chamber of Mines of Namibia.
At the event the Chamber highlighted that the sector continues to play a central role in the national economy, with strong performances in gold, uranium and base metals boosting export earnings and government revenues. The update notes that Namibia’s economic outlook for the year remains steady. The 2026/27 National Budget projects real GDP growth of 3.1 percent in 2026, with mining expected to remain a key driver of economic activity. A notable development within the sector is a shift in mining-related fiscal revenues. Non-diamond mining sub-sectors — particularly gold and uranium — are now contributing most corporate revenue and corporate income tax receipts from mining operations.
According to the report, corporate income tax from non-diamond mining is estimated to have increased significantly by 54 percent. Revenues rose from N$2.9 billion in the 2024/25 financial year to an estimated N$4.4 billion in 2025/26, largely driven by strong gold prices and improved commodity market conditions. Global commodity markets presented mixed signals at the start of the year. Gold prices remained highly volatile during January 2026 but continued to benefit from strong safe-haven demand amid rising geopolitical tensions worldwide. Uranium prices also strengthened, averaging USD86.57 per pound, reflecting renewed global momentum in nuclear energy development. At the same time, copper and tin prices recorded notable gains, supported by growing demand linked to electrification projects and renewable energy infrastructure.
However, the diamond sector continues to face challenges. Weak global consumer demand, high inventories and growing competition from lab-grown diamonds have placed pressure on diamond prices, affecting Namibia’s diamond export revenues. Despite these challenges, the Chamber notes that Namibia remains well positioned to benefit from rising global demand for critical and strategic minerals, particularly uranium, as countries seek secure supply chains to support energy transition technologies.
The update also cautions that several risks remain for the sector, including increasing geopolitical tensions, uncertainty in global supply chains and rising domestic cost pressures, especially related to electricity and fuel. Overall, the Chamber concludes that Namibia’s mining industry enters 2026 with a cautiously positive outlook, supported by strong commodity prices for gold, uranium and base metals, as well as growing investor confidence in the country’s mineral sector.
By Eileen van der Schyff
