Windhoek:Minerals accounted for 72% of Namibia's domestic exports in August 2026, totaling N$6.69 billion out of N$9.33 billion, even as mining output declined by 4%.
According to NAMPA, the Chamber of Mines' September Monthly Mining Update highlighted that the Bank of Namibia has revised its 2026 forecast for the mining sector to a contraction of 6.2%, down from an earlier estimate of 2.2%. The report noted that while diamond production decreased by 12% in August, the output of uranium, zinc, and gold increased by 8%, 27%, and 4% respectively. However, the heavier weight of diamonds in the overall measure led to the overall output decline.
Uranium exports saw a significant rise of 438% to N$3.36 billion, representing 36% of domestic exports, following the resumption of full production at Husab after a maintenance shutdown in June. In contrast, gold exports decreased by 21% to N$1.51 billion, while diamond exports increased by 5% to N$1.46 billion. Minerals constituted 62% of exports in July.
Chamber of Mines of Namibia CEO Fabian Shaanika responded to inquiries, noting that reduced production volumes could negatively impact government revenue through decreased mineral royalties and mining-related tax contributions. However, he pointed out that higher commodity prices for uranium and gold are expected to sustain export earnings and some government revenues.
The report indicated that gold output has fallen by 29% this year, zinc by 15%, while diamonds have remained unchanged and uranium has decreased by 2%. Despite near-term economic pressures, firm prices and a strong project pipeline maintain a positive outlook for Namibia's mining sector.
Future output is anticipated to rise with the development of Bannerman's Etango, Reptile Uranium's Tumas projects, the Langer Heinrich ramp-up, and the Rosh Pinah expansion. Additionally, Osino Resources' Twin Hills gold project is projected to commence production in the latter half of 2027, which, along with other investments, is expected to create permanent employment opportunities as these projects transition into production.