Chamwe Kaira
Namibia’s mining sector has entered 2026 with support from strong commodity prices for gold, copper, zinc and tin, as well as continued momentum in uranium production.
The Chamber of Mines of Namibia said in its January and February mining update that higher commodity prices are strengthening export earnings and government revenue.
The chamber said elevated gold prices and firm copper fundamentals are improving cash flow for mining companies.
“At the same time, uranium remains strategically important amid sustained global interest in nuclear energy, positioning Namibia favourably within the global energy transition landscape. Stronger base metal prices, particularly zinc and tin, further support diversification within the mineral export basket,” the chamber said.
Mining continues to play a central role in Namibia’s economy. The sector contributes to exports, government revenue and economic activity.
The 2026/27 national budget projects economic growth of 3.1% in 2026, with mining expected to remain a key contributor.
The chamber noted a shift in fiscal revenues within the mining sector.
Non-diamond mining activities such as gold and uranium now account for most corporate revenue and corporate income tax from mining.
Corporate income tax from non-diamond mining is estimated to have increased by 54%. The figure rose from N$2.9 billion in the 2024/25 financial year to N$4.4 billion in 2025/26.
The increase reflects higher gold prices and stronger commodity market conditions.
Gold prices remained volatile in January 2026 but continued to receive support from strong demand linked to geopolitical tensions.
Uranium prices also increased, averaging US$86.57 per pound as global interest in nuclear energy grows.
Copper and tin prices also recorded gains, supported by demand linked to electrification and renewable energy infrastructure.
However, the diamond market continues to face pressure.
Weak global consumer demand, high inventories and competition from lab-grown diamonds have affected diamond prices and export earnings.
The chamber said Namibia remains well positioned to benefit from global demand for critical minerals, especially uranium, as countries seek secure supplies for energy transition technologies.
“Despite positive market conditions, the update highlights several risks facing the sector, including increasing geopolitical tensions, uncertainty in global supply chains, and rising domestic cost pressures, particularly in electricity and fuel,” the chamber said.
It also noted that expansion and development projects in gold, copper and uranium are progressing.
“Despite these risks, with several expansion and development projects progressing across gold, copper, and uranium, the sector remains well positioned to sustain growth over the long-term, underpinned by favourable global demand trends and Namibia’s stable policy framework,” the chamber said.
