• Market Watch

Namibia’s uranium exports strengthen amid global energy transition

• 7 Hours Ago

Namibia’s uranium sector has reinforced its position as the country’s leading export driver, with new data showing continued output growth supported by a favourable global price environment.



According to the Chamber of Mines of Namibia, uranium prices rose by 4.1% month-on-month to US$75.70 per pound by mid-September, following a period of stability. The increase was attributed to global supply constraints, including production cuts by major producers Cameco and Kazatomprom, alongside rising demand driven by nuclear expansion plans in markets such as India.



Uranium exports accounted for 26% of Namibia’s total exports in July, making the mineral the country’s single largest export earner. This performance comes despite a 24% month-on-month dip in production in July, with year-to-date output still up 18% compared to 2024, according to data from the Namibia Statistics Agency.



The Chamber noted that long-term demand for uranium is projected to grow by 28% by 2030, underlining its importance to the global energy transition. This outlook is bolstered by renewed investment interest in projects such as Bannerman Energy’s Etango-8 and Reptile Mineral Resources’ Tumas development.



However, the industry continues to face headwinds from domestic policy debates. Proposals for mandatory 51% local ownership in new mining ventures have raised concerns among investors.



“Our sector continues to perform strongly, with gold and uranium leading the way. But to sustain this momentum, Namibia must provide a stable and competitive policy environment,” said Chamber of Mines CEO Veston Malango.



Namibia’s improved standing in the 2024 Fraser Institute Survey, where it climbed seven places globally, underscores its growing appeal as a uranium producer. Yet the Chamber warned that regulatory uncertainty could undermine the country’s reputation as one of Africa’s most attractive mining jurisdictions.