Staff Writer
Namibia’s mining sector outlook stays cautiously optimistic, driven by high global prices for uranium, gold and ongoing development of multiple projects.
Nonetheless, increased costs, mainly due to rising fuel prices, are impacting operations by elevating expenses in mining operations and transport, according to the Chamber of Mines of Namibia
Gold prices eased slightly in May, down 3% month-on-month. This suggests a modest short-term correction following the strong gains recorded in previous months.
However, the decline should not be interpreted as a significant market weakening, as gold prices remained exceptionally elevated and have been trading above US$4000 per troy ounce since October 2025.
Gold prices were 39% higher in May compared to May 2025 and 33% above the 12-month average, with the year-to-date increase at 39%.
This confirms that gold remains a favourable asset, supported by sustained safe-haven demand amid global uncertainty, geopolitical tensions, trade-related risks, and cautious investor sentiment.
Overall, the gold price environment remains highly favourable.
Uranium prices remained broadly stable in May, averaging US$85.49/lb. On a year-to-date basis, uranium prices were 19% higher, and the 12-month average increased by 18%, reflecting sustained strength in the uranium market over the past year.
Diamond prices remained subdued in May 2026, despite some signs of short-term stabilisation. The index continued to recover from April’s weaker levels, rising gradually
to around 85 by the end of May.
This suggests that the sharp downward pressure seen earlier in 2026 may have eased slightly.
Copper prices continued to rise in May 2026, indicating sustained positive momentum in the market. The average price increased by 5% from the previous month and was 42% higher than in May 2025.
Additionally, prices are up 39% year-to-date and 33% above the 12-month average, showing that copper prices have elevated compared to recent trends.
Tin prices reached a new high in May 2026, surpassing the US$50,000 per metric tonne mark for the first time and averaging US$53,562.79 per metric tonne.
This marks a strong 10% month-on-month increase from April 2026, further reinforcing the upward momentum in the tin market.
Zinc prices strengthened further in May 2026, rising above US$3,400 per metric ton. This marked a 4% month-on-month increase and a strong 39% year-on-year increase.
Prices were also 16% higher year-to-date and stood 21% above the 12-month average, highlighting the continued recovery in the zinc market from the weaker price levels recorded in 2023 and early 2024, when prices were generally below US$2,600 per metric tonne.
Lead prices recorded a modest recovery in April 2026, rising 3% month-on-month.
However, prices remained broadly subdued, down 1% year-to-date and 1% above the 12-month average. On an annual basis, lead prices were 2% higher than in April 2025, indicating limited upward momentum in the market.
