Mining in Namibia, still the cornerstone and a powerhouse in the global mineral race.

Mining remains important business in Namibia. It has driven the country’s economic development and has grown in importance, as illustrated here. The country might be small in economic terms, but it is certainly punching above its weight compared to other African countries endowed with more resources. Due to its favourable investment climate and mineral wealth, Namibia is well-positioned to become a leader in the evolving rare minerals space.

Key minerals driving exports in Namibia, the big earners

The dominant minerals among the rich trove Namibia holds are diamonds, gold and uranium which according to the Who Owns Whom report on the Mining Sector in Namibia, account for over 50% of all Namibian exports.

The recent discoveries of major offshore gas fields have diverted some of the attention, but mining will remain critical for Namibia. As a large, sparsely populated land, it has numerous minerals, including those whose demand is increasing due to technological evolution and renewed demand for uranium, a feedstock of nuclear power plants.

Market shifts and pressure on diamond mining

For time memorial, diamond mining was a figure of speech, the “gold mine” of Namibia, but has been disrupted by the rise in the lower cost but perfectly manufactured synthetic diamonds in recent years. The impact of which is also clearly felt by Botswana and South Africa. The uncertainties weighing on the industry, including the pending sale of De Beers by Anglo American, also influence the outlook for the Namibian diamond mining.

While the Namibian government has long-term contracts in place running to 2042 and would still seek a 10–15% stake in the ownership of the new De Beers, it will have to contend with more competitive prices and terms that are acceptable, as there are competing interests from Angola and Botswana, who are also major diamond producers.

Diamond exports earned USD 1.06bn in 2024 compared to USD 1.36bn for Namibia in the prior year and remain an existential issue due to a high corporate tax rate of 55%.

Is gold mining the haven for mining in Namibia?

The second big earner is gold mining, which, due to its dual end-use purpose of industrial demand and a safe haven for investment, salvaged Namibia’s earnings through a momentous price rise which more than offset declining production, as clearly illustrated here.

The export earnings from gold remained stable between USD 781m in 2024 and USD 628m in 2023.

Uranium, Namibia’s strategic asset in global energy security

Moving forward, the third darling mineral in Namibia is uranium. With newer, safer technologies combined with the move toward cleaner energy transformation, uranium has benefited from a rekindled interest in nuclear energy after a long period of nuclear avoidance marked by the Chernobyl and Fukushima accidents. The void led to underinvestment and limited new mine development, leaving a global uranium supply deficit. This and an increased US interest that resulted in a US tariff exemption benefit current uranium pricing. As a result, Namibia, which earned USD 1.09bn in 2024, up from USD 788m the year before, is looking to further increases to be confirmed in uranium export earnings.

A bright future for Namibia’s mining industry

The rich and varied mineral deposits the country has and a favourable investment environment, position Namibia as a favourite for investors. Worldwide, the country ranks in the top 5 uranium producers and first in Africa. Namibia is also one of the top producers of salt, diamonds, lead, tin and zinc on the African continent.

The truly impressive takeaway from the Who Owns Whom report is the intense level of activity and mining exploration in Namibia.

Uranium production grew by 17.1% in Jan 2026 and the expansion of new uranium production projects is likely to more than double production by 2030.

Double-digit active exploration projects are underway in copper, rare earths, lithium, gold, uranium and others.

Seven international companies are currently investing significant amounts to restart mines in care and maintenance, whilst expanding existing capacity in other mineral mines and a lithium refinery.

Deposit	Size	Stage
Tumas	Major	Advanced exploration
Etango	Major	Feasibility study
Valencia	Major	Feasibility study
Ongolo	Moderate	Pre-feasibility/scoping
Anomaly No 18	Moderate	Advanced exploration
Ida Dome	Moderate	Advanced exploration
MS7	Moderate	Advanced exploration
Namibplaas	Moderate	Advanced exploration
Inca	Moderate	Pre-feasibility/scoping
Marenica	Moderate	Pre-feasibility/scoping

Investment climate in Namibia

The other leg of this successful development is Namibia’s investment climate. As reported in the Who Owns Whom report, foreigners own 88.1% of mining assets. They are at the source of the foreign direct investment and the development of the mining industry.

Mining is a long-term investment; confidence in the government’s policies and direction, and security of tenure are fundamental. Namibia is presently considered one of the most attractive investment destinations.

Namibia climbed the Fraser Institute Survey ranking to 35 out of 82 jurisdictions in 2024, up from 42 out of 86 the previous year. South Africa is ranked 68th.

Namibia is business-friendly; a non-exclusive prospecting licence (NEPL) can be issued within a day, while mining claims are processed within seven days, in contrast to South Africa, which has a backlog of about 2,900 applications that take more than a year to reach approval.

Regulatory changes and possible risks

On the downside, according to the Who Owns Whom report, in August 2025, the minister of industries, mines and energy announced plans for the government to take a 51% stake in all new mining ventures.

This might have a negative impact on the country’s foreign direct investment, introducing over-regulation and exigencies that will starve the country of the foreign direct investment which is the essential contributor to finance and technology for mining development.

As the world moves toward securing minerals to power its future, Namibia is quietly transforming from a resource-rich nation into a strategically vital partner in the global energy transition and should protect this position.