Chamwe Kaira
The Chamber of Mines of Namibia says the outlook for the country’s mining sector in 2026 remains positive and optimistic, despite ongoing global economic uncertainty.
The chamber said demand fundamentals for key commodities remain supportive.
Gold prices are forecast by some analysts to exceed US$5 200 per troy ounce, which could strengthen revenues and boost investment in the gold sector.
Uranium demand is expected to increase further as more nuclear reactors come online worldwide.
Copper and tin are also set to benefit from steady demand linked to the global energy transition, supporting exploration and development activity in Namibia.
While recovery in the diamond market is expected to be slow, Namibia remains well positioned to benefit once global demand improves.
Overall, the mining sector enters 2026 with stronger diversification, renewed investment momentum, and supportive commodity fundamentals.
This positions the sector as a continued contributor to economic growth, employment, and fiscal stability.
Namibia’s mining sector ended 2025 on a solid footing, despite a difficult global economic environment. The sector continued to play a key role in national growth, exports, and government revenue.
The chamber said that high geopolitical tensions, global trade uncertainty, and uneven commodity demand persisted throughout the year.
However, strong performance in gold and uranium, together with rising activity in some base metals, helped offset the prolonged downturn in the diamond market.
Commenting on the sector’s performance, Veston Malango said the 2025 results show why it is important for Namibia to diversify its mining industry.
He noted that while diamonds were affected by weak global markets, strong performance in uranium and gold helped the sector remain stable and highlighted its continued importance to the national economy.
Global economic conditions during November and December 2025 remained cautious but broadly stable.
The International Monetary Fund (IMF) reported moderate global growth, with slower expansion in advanced economies and stronger growth in emerging markets.
Ongoing geopolitical tensions, renewed tariff risks, and policy uncertainty among major economies continued to affect trade flows, industrial activity, and investor confidence.
At the same time, easing inflation in several regions supported a gradual move toward less restrictive monetary policies.
Uncertainty remained high, sustaining demand for safe-haven assets such as gold and supporting longer-term demand for energy-transition minerals.
Commodity prices showed mixed trends toward the end of 2025. Gold prices stayed strong, supported by geopolitical risk, central bank buying, and shifts in global reserve strategies.
Average gold prices reached record levels in 2025, reinforcing gold’s role as a hedge against economic and financial instability.
Uranium prices stabilised in the final months of the year after earlier corrections, while medium- to long-term fundamentals remained firm.
Global commitments to expanding nuclear energy, especially in Europe and Asia, continued to support uranium demand.
Base metals recorded varied performance. Copper and tin prices strengthened, driven by global electrification, renewable energy investment, and technology demand.
Lead prices weakened due to softer demand from battery and automotive sectors, while zinc prices remained subdued amid low industrial activity in major markets.
The diamond market remained under pressure, weighed down by weak global consumer demand and high inventory levels across the midstream segment.
Caption
Veston Malango
- Photo: Contributed
