CHAMWE KAIRA
The Bank of Namibia has disclosed that the price of gold trended higher over the past two-month period, buoyed by safe-haven demand.
Likewise, zinc and copper prices increased over the same period, partly due to relatively lower global interest rates and a weaker US dollar exchange rate, the central bank said.
The central bank said that while the uranium spot price initially fell toward the end of August, reflecting softening market fundamentals and market rebalancing, it recovered in the subsequent six weeks.
Meanwhile, diamond prices have stabilised amid increased rough diamond inventories in India.
“Weaker global demand, particularly from the United States and China, continuously puts downward pressure on diamond sales. The price of Brent crude oil declined notably up to 10 September 2024,” the central bank said.
According to the Chamber of Mines of Namibia, Namibia’s mining industry achieved remarkable growth in 2023, which registered 18.9%. The 2023 GDP figures highlight the growing importance of the mining industry relative to other sectors, which is expanding its contribution to the Namibian economy.
Specifically, the mining industry’s contribution to GDP increased to 14.4% in 2023, up from 9% in 2021 and 11.9% in 2022.
The chamber’s statistics showed that the Otjikoto gold mine produced an annual record of 6 488 kilograms of gold bullion, while Navachab contributed 3 312 kilograms.
Shanjin International of China, which has since taken over Osino Resources, expects it to become the country’s third gold mine.
It will take about two years to develop the gold mine with a 2027 target production.
With a 13-year mine life and an average annual gold production of over 162 000 ounces, Osino is developing the Twin Hills Gold Project in central Namibia.
When it comes to diamonds, the chamber said Debmarine, which mines on the Atlantic Ocean seaboard, produced 1 859 000 carats in 2023, while Namdeb, which produces land-based diamonds, produced 467 608 carats.
In terms of copper, Dundee Precious Metals Tsumeb produced 35 620 tonnes of blister copper in 2023, which was a decrease in production compared to 2022.
When it comes to zinc production, Rosh Pinah Zinc Corporation produced 74 605 tonnes of zinc concentrate and 20 265 tonnes of lead concentrate.
Uranium production saw Rossing Uranium produced 2 920 tonnes of uranium oxide, while Swakop Uranium produced 5 318 tonnes of uranium oxide.
