Namibia eyes gains from rising global demand for uranium, critical minerals

WINDHOEK, March 10 (Xinhua) -- The increasing global demand for critical and strategic minerals, especially uranium, is expected to benefit Namibia as countries look for secure supply chains for energy transition technologies, a report revealed.

According to the latest update released late Monday by the Chamber of Mines, the country's mining sector enters 2026 with a "cautiously positive" outlook, supported by commodity prices for gold, uranium, and base metals, as well as growing investor confidence in Namibia's mineral sector.

Despite positive market conditions, the update highlighted several risks facing the sector, including increasing geopolitical tensions, uncertainty in global supply chains, and rising domestic cost pressures, particularly in electricity and fuel.

The report also noted that the diamond market remains under pressure due to weak global consumer demand, high inventories, and continued competition from lab-grown diamonds, which continues to weigh on Namibia's diamond export revenues.

Meanwhile, Namibia's mining sector continues to play a central role in the national economy, with strong performances in gold, uranium, and base metals supporting export earnings and government revenues, the Chamber said.

"The 2026/27 national budget projects real gross domestic product growth of 3.1 percent in 2026, with mining expected to remain an important contributor to economic activity," it concluded. ■