Shetugwana Shipena
Attending the 2026 Investing in African Mining Indaba reaffirmed the complex duality that continues to shape Africa’s mining landscape: significant growth potential coupled with persistent systemic challenges.
The tragic landslide in Rubaya in the Democratic Republic of the Congo earlier this year, which resulted in the loss of hundreds of lives, cast a sobering tone over the week’s discussions. This incident highlighted, with unmistakable clarity, the urgent imperative for enhanced safety standards, more robust regulatory frameworks and a strengthened commitment to responsible and sustainable mining practices across the continent.
Rain and wind on day zero disrupted logistics across the venue, but by mid-morning on day one the sun had returned, and so had the energy on the floor. Old relationships were rekindled, new introductions were made, and a genuine sense of renewed optimism ran through conversations, which is exactly the tone captured by the Indaba’s theme this year, “Stronger together: Progress through partnerships.”
The scale of what is at stake was a recurring theme. The Africa Finance Corporation presented new research highlighting a truly colossal mineral endowment across Africa. Headline figures referencing roughly US$29.5 trillion in total site-level mineral value, of which approximately US$8.6 trillion remains undeveloped. That undeveloped slice is a clear sign that geology alone is not enough. The resources are there, but we lack the infrastructure, regional coordination and markets to convert geology into long-term national value.
Several speakers raised an important point for consideration: the term “critical” holds a different meaning in the African context. Where other economies view critical minerals through the lenses of defence, technology or decarbonisation, for African economies criticality should be judged by development potential and export earnings. This view, echoed publicly by sector leaders at the Indaba, argues we should measure minerals against the continent’s industrialisation goals, not foreign policy priorities.
There was also a frequent call for Africa to negotiate and plan regionally, similar to how blocs in other parts of the world do, and to present a united front on offtake, processing and regional value chains. If we want our fair share of the economic prize, we must move together, strategically and institutionally, rather than leaving outcomes to fragmented bilateral deals.
Two financing trends stood out. First, structures such as royalties and streaming arrangements are becoming mainstream tools for African deal finance, particularly useful for juniors and for projects where traditional project finance is hard to place. Second, blended finance (DFIs and sovereign vehicles partnering with commercial banks) is increasingly a feature of larger transactions. These mechanisms create options where conventional lending alone no longer does.
On commodity outlooks, there are a few items we should watch closely for Namibia.
Uranium: Global interest in nuclear energy and energy security is translating into renewed demand and higher prices. This is not a short-term blip but a structural shift with implications for supply-driven jurisdictions.
Copper: Essential for electrification and the energy transition. DRC and Zambia remain dominant, but with demand rising there is clear room for new, bankable supply if Namibia can offer stable policy and infrastructure.
Gold and diamonds: Gold remains an attractive store of value, and with central banks, the Bank of Namibia included, undertaking strategies to diversify foreign exchange reserves, the upside remains high. Diamonds still matter for government revenues, but the industry needs product differentiation and fresh marketing approaches to address weakness in the smaller-stone segment. Recent trade developments will help the diamond market, with indication that the US–India framework to eliminate duties on gems and natural diamonds will ease export frictions and should support industry liquidity in the near term.
Namibia is not short of geological potential. Our strategic task is translating deposits into durable economic value. That requires patient capital, disciplined project development and, critically, policy and infrastructure that reduce project risk. At the Indaba it was repeated, as it is every year, investors will come if the enabling environment is clear and consistent. For Namibia the call is straightforward: reinforce policy certainty and invest selectively in critical enabling infrastructure.
*Shetugwana Shipena is Standard Bank Namibia’s coverage manager (mining, energy and infrastructure).
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Shetugwana Shipena
