Martin Endjala
Veston Malango, the chief executive officer of the Chamber of Mines of Namibia believes good times are ahead for the country, given the resurging uranium market.
According to Malango, the uranium market largely determines Namibia’s mining sector’s future.
He made this statement on Wednesday at the announcement of the 2024 Mining Expo and Conference, set for August 7 and 8 at the Windhoek Showgrounds.
“Langer Heinrich Mining is now back in operation. We are now talking about three uranium mines in operation. Rössing and Husab and now the restart of production at Langer Heinrich last year in November and December. The minister of mines granted two mining licenses to two advanced uranium exploration projects to Bannerman’s Etango-8 project and Deep Yellow’s Tumas project,” he said.
Nuclear power plants use enriched uranium as a sustainable source of baseload power worldwide.
Namibia will have two additional uranium mines in the next two to three years, bringing the total to five.
Malango believes these developments position the country as a critical player in the global nuclear energy market, contributing to sustainable energy solutions and economic growth.
Over the past two years, the uranium market has grown, with prices surpassing US$100 per pound in January 2024 due to the gradual depletion of utility stockpiles and stagnant supply levels.
Upcoming projects in battery minerals and precious metals are also creating other avenues of growth.
He also mentioned that Namibia’s third gold mine will soon be developed.
“We are talking of good times ahead as the two mines are busy raising capital and developing the mines, and then we are talking of Osino, the Twin Hills Gold project; as we speak right now, operations are underway to start constructing the gold mine,” he stated.
Osino Resources recently accepted Yinati Gold’s offer to acquire and develop this project, which is pending the required approvals from the various regulatory authorities. Once the transaction is finalised, the new owners will commence developing the mine.
He said the country’s mining industry continues to be a cornerstone of the national economy, contributing significantly to GDP and employment, as mentioned above. In recent years, the industry has seen robust growth, driven by increased production and new investments.
Malango noted that the Expo and Conference will further support this growth by fostering knowledge exchange, cooperation, and innovative thinking among industry professionals.
This year’s Expo theme is “Green Shoots for Namibia’s Mining Industry: A Season of Opportunity and Growth to Drive Economic Expansion”.
The 2024 event will feature a wide range of exhibitors, showcasing the latest innovations and technologies propelling the industry forward, skills development, and opportunities for local suppliers.
