N$3.8 billion worth of uranium exported in January 2024

Martin Endjala

Uranium exports for January 2024 stood at N$3.8 billion, which is the highest value ever recorded

Uranium prices it is expected to boom given its increased global demand.

According to a Namibia Statistics Agency report, uranium was Namibia’s largest exported commodity in January 2024, accounting for 31.7 percent of the total export of goods, and was predominantly destined for China and Canada.

Precious stones (diamonds) came second on the list accounting for 13.0 percent of the total exports of which 1.4 percent were re-exports, mainly destined for Botswana.

Economist and Independent Bank Researcher Josef Sheehama, said the strong market demand for uranium, which is necessary for nuclear energy, is fueling high figures in January 2024 which recorded exports to the value of N$ 3.8 billion.

“We should understand that Australian Explorer, is stepping up its growth plan in Namibia, with a primary focus on the Koppies project. This expansion is a component of a larger plan to improve resource exploration and development efforts, and it demonstrates the nation’s confidence in its uranium potential,” he said.

These activities he pointed out, highlight Namibia’s strategic significance in the world uranium market and its contribution to meeting the rising uranium demand worldwide.

He stated that Namibia’s mining industry continues to have a bright future and a solid trajectory that should continue into 2024.

In the near future, this industry is anticipated to play a major role in economic growth and development, serving as a steady engine for the nation’s Gross Domestic Product.

The main engines of Namibia’s economic expansion have been the country’s primary industries, particularly mining.

Sheehama emphasised that the processing and export of diamonds are important in this industry. After a strong showing in prior years, a decrease in growth is predicted for the primary industries.

This industry, which includes quarrying, mining, and the extraction of diamonds, is essential to Namibia’s economy.

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