Chamwe Kaira
Namibia’s mining sector showed mixed but steady performance in September as global economic conditions remained fragile. This is according to the Chamber of Mines of Namibia’s monthly mining update for September.
Despite trade disruptions and higher tariffs, uranium and gold continued to drive growth and sustain export earnings, confirming the sector’s importance to the national economy.
“While the global outlook remains uncertain, Namibia’s mining industry continues to show resilience,” said Veston Malango, chief executive officer of the Chamber of Mines.
“Strong uranium and gold performance, coupled with investor confidence in our critical-mineral potential, positions Namibia well for long-term growth,” added Malango.
The chamber said it remains confident that policy stability and investment in infrastructure will support continued growth and investor confidence in the mining sector.
Commodity prices showed mixed movements in September, reflecting global uncertainty and uneven recovery across regions.
Gold prices stayed high, supported by strong safe-haven demand and changes in monetary policy. Base metals performed differently due to fluctuating manufacturing activity and limited mine supply.
Tin and copper prices were higher than a year earlier, while lead and uranium prices eased slightly.
Overall, commodity markets remained above pre-pandemic levels, supported by global investments in clean energy and steady demand for industrial metals.
Gold prices averaged US$3 667.68 per troy ounce in September, up 1% from August and 43% higher than a year ago. The chamber said Namibia’s gold producers benefited from the strong prices, maintaining high export revenues and offsetting cost pressures.
Copper averaged US$9 983.79 per metric tonne, down 1% from August but 8% higher than in September 2024. Tin averaged US$34 483.91 per metric tonne, up 1% month-on-month and 7% year-on-year. Zinc prices rose to US$2 932.96 per metric tonne, increasing by 1% month-on-month and 3% year-on-year.
Lead prices dropped to US$1 954.98 per metric tonne, a 2% decline from August. The 12-month average fell by 6% due to weaker battery demand and higher recycled supply.
Uranium averaged US$77.97 per pound, unchanged from August. Although the year-to-date average dropped by 18% compared to 2024, uranium prices remain 178% higher than in 2019, supported by growing demand for nuclear energy.
The chamber added that Namibia’s uranium sector continues to benefit from global interest in nuclear power and strong long-term price fundamentals.
It cited ongoing investment in new projects such as Bannerman Energy’s Etango Project and Reptile Uranium’s Omahola Project.
The global diamond market remained weak, with prices falling across most categories.
The chamber attributed this to low retail demand in major markets, high polished inventories and cautious buying by manufacturers.
“For Namibia, one of the world’s key diamond producers, this decline signals potential short-term revenue and export headwinds and continued pressure on fiscal earnings,” the chamber said.
“The sector’s resilience will depend on cost management, flexible marketing strategies, and close monitoring of global demand trends, particularly in the United States, India and China.”
Caption
The crawler, used for diamond mining, seen here in the Cape Town Harbour.
- Photo: Debmarine
