Staff Writer
Strong gold prices continue to provide a favourable operating environment for Namibia’s gold producers in July.
This comes at a time when the Bank of Namibia’s domestic gold acquisition initiative further enhances the strategic importance of locally produced gold to the national economy and reserve management framework, according to the Chamber of Mines of Namibia.
The central bank has developed a structured gold acquisition framework, informed by international best practice and engagements with peer central banks, as part of efforts to strengthen and diversify the country’s official reserve assets.
As at 3 August 2026, the Bank had acquired 8 573.52 ounces of gold, valued at approximately N$568.1 million.
Uranium prices remain favourable for Namibia’s uranium sector, with strong annual gains continuing to support the revenue and investment outlook for uranium producers and developing projects, according to the chamber.
Prices were 18% higher on a year-to-date basis in July, while the average price in July, compared to the average price in 2025 increased by 19%.
Compared with July 2025, uranium prices were also 19% higher year-on-year, confirming sustained price strength over the past year.
Diamond prices remained under sustained pressure during the review period, extending the broader downward trend observed since the second half of 2025.
Copper prices remained firm in July, reflecting sustained strength in the global copper market.
The chamber said elevated copper prices continue to provide a supportive environment for Namibia’s copper sector, improving the commercial outlook for existing operations and strengthening the investment case for copper exploration and project development.
Tin prices remained exceptionally strong in July, continuing the substantial gains recorded over the course of the year.
The chamber said sustained strength in tin prices provides a favourable market environment for Andrada’s Uis tin mine, supporting revenues and improving the investment outlook for further development and expansion of this project.
Diamond production was the strongest performer in June, increasing by approximately 44% month-on-month and 28% year-on-year.
Production rose from 137 955 carats in May to 198 573 carats in June, exceeding the 155 691 carats produced in June 2025.
Production in June 2026 was also around 16% above the average production in 2025, signalling a marked improvement in output during the month.
B2Gold’s Otjikoto Mine performed better than initially expected during the first half of 2026, prompting B2Gold to raise its 2026 production guidance from 70 000–90 000 ounces to 80 000–100 000 ounces.
Zinc production weakened across all comparison periods falling from 4 002 tonnes in May to 3 656 tonnes in June.
Uranium output declined from 945 tonnes in May to 484 tonnes in June, compared with 978 tonnes in June 2025. June production was also approximately 44% below its 12-month average.
