Staff Writer
The Chamber of Mines of Namibia says major mining projects continued to progress in 2025, strengthening expectations that the sector will remain one of Namibia’s main economic drivers in the coming years.
The chamber said Namibia’s medium-term mining outlook remains supported by a strong pipeline of uranium, gold, copper and critical mineral projects. However, it warned that rising policy uncertainty is starting to affect investor confidence.
One of the largest projects advancing is the Tumas Uranium Project, being developed by Deep Yellow. The project moved closer to a final investment decision as financing discussions with Nedbank continued. Nedbank is acting as lead arranger for the project’s debt financing package.
The Tumas project is expected to produce about 3.6 million pounds of uranium oxide per year and has a projected mine life of more than 22 years, with the possibility of extending beyond 30 years as more resources are added.
In the gold sector, the Twin Hills Gold Project owned by Osino Resources continued moving toward development. The open-pit mine is expected to operate for about 13 years and is considered one of Namibia’s most advanced new gold projects.
The Etango Uranium Project is also progressing, with early works already underway as Bannerman Energy prepares for full-scale development.
At the same time, the Kokoseb Gold Project has continued to produce positive drilling results, confirming large exploration potential.
Critical minerals projects are also gaining momentum. Andrada Mining is expanding its lithium and rare earth projects through partnerships, including one with Chilean chemicals company SQM.
Koryx Copper is also continuing development planning at the Haib Copper Project, one of the largest undeveloped copper deposits in southern Africa.
The chamber said these developments are helping Namibia expand its mining sector beyond uranium and are expected to support investment, exports and job creation over the medium term.
Despite the strong project pipeline, Namibia’s position as a mining investment destination has weakened in the latest Fraser Institute survey of mining investors.
Namibia’s Investment Attractiveness Index dropped from 66 points to 56 points. The country’s global ranking also declined from 30th out of 82 mining jurisdictions to 51st out of 68 surveyed. In Africa, Namibia moved from fourth position to seventh.
The survey linked the decline to rising policy uncertainty, concerns over local ownership requirements and weaker investor confidence.
The mining sector contributed about 13.3% to Namibia’s gross domestic product in 2024 and generated turnover of N$51.382 billion, despite a 1.2% contraction linked to lower diamond production.
According to the Chamber of Mines, about 80% of the sector’s revenue remained in Namibia through wages, taxes, procurement, dividends and operating expenditure.
The industry paid N$7.976 billion in wages and salaries during 2024, while exploration spending increased to N$1.485 billion.
Local procurement reached N$23.944 billion, equal to nearly 47% of total sector revenue, showing the sector’s growing support for local suppliers and businesses.
The government also benefited from mining activity, receiving N$7.320 billion through corporate tax, royalties, PAYE and export levies.
This included N$3.008 billion in corporate taxes, N$2.256 billion in royalties, N$1.695 billion in PAYE and N$360 million in export levies.
