Namibia’s mining sector off to a flying start

Namibia’s mining sector off to a flying start

Namibia’s mining sector begins 2026 on strong footing amid robust commodity prices

The Chamber of Mines of Namibia has released its latest Monthly Mining Update for January 2026, highlighting a strong start to the year for the mining sector, supported by favourable commodity prices and renewed global demand for strategic minerals.

According to the update, Namibia’s mining sector continues to play a central role in the national economy, with strong performances in gold, uranium and base metals supporting export earnings and government revenues.

The 2026/27 National Budget projects real GDP growth of 3.1% in 2026, with mining expected to remain an important contributor to economic activity.

Gold and uranium on the up

The report notes a significant shift in mining-related fiscal revenues, with non-diamond mining subsectors, particularly gold and uranium, now contributing most of the corporate revenue and corporate income tax receipts from the sector.

Global commodity markets have provided mixed signals at the start of the year.

Gold prices remained highly volatile in January 2026 but continue to be supported by strong safe-haven demand amid rising geopolitical tensions.

Uranium prices strengthened further, averaging US$86.57 per pound, reflecting renewed global momentum in nuclear energy development.

Meanwhile, copper and tin prices recorded strong gains, supported by demand linked to electrification and renewable energy infrastructure.

Diamonds under pressure

In contrast, the diamond market remains under pressure due to weak global consumer demand, high inventories and continued competition from lab-grown diamonds, which continues to weigh on Namibia’s diamond export revenues.

The report further notes that Namibia remains well positioned to benefit from rising global demand for critical and strategic minerals, particularly uranium, as countries seek secure supply chains 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.

Remember that WhyAfrica will visit Namibia later this year during our 10-day-long WhyAfrica Business Trip (operated by Endorphin Expeditions).

We still have lots of partnership opportunities available so if you want to be part of WhyAfrica’s 2026 Namibian story, give us a call.

Image: Namibian gold miners put in a strong performance last year. Image credit: Leon Louw for WhyAfrica  

Namibia’s mining sector off to a flying start