Amidst turbulence on global markets, Namibia's mining sector demonstrated remarkable resilience in October 2025, driven by exceptional performance in gold and uranium production. These two sectors emerged as the main drivers of activity, consolidating the mining industry's essential contribution to the national economy, according to the latest sector data. This momentum is supported by favourable pricing conditions, rising production and continued strategic investment.
October saw a record high for gold, with the average monthly price reaching an all-time high of US$4,058.33 per troy ounce. This high price provides an extremely favourable environment for producers, enabling them to significantly boost their revenues and the profitability of their operations.
At the same time, uranium production has seen remarkable growth, rising 6% compared to the previous month and 22% year-on-year. This sustained expansion is directly driven by growing global demand linked to the energy transition. Key players in the sector, such as Swakop Uranium, continue to increase their production capacity efficiently, supported by investments in critical infrastructure, such as the £170 million desalination plant currently under development.
This strong performance in strategic metals offset adjustments in other segments. Diamond production declined, falling 8% month-on-month and 32% year-on-year, reflecting weaker international demand, to which producers are adapting through calibrated strategies.
Base metals are showing mixed results. While zinc is performing sluggishly, copper remains at a high level, exceeding $10,000 per metric tonne, buoyed by its link to the renewable energy and electric vehicle industries. This diversification of Namibia's mining portfolio, combined with stable macroeconomic fundamentals, is proving to be a major asset for the sector's resilience.
Beyond production indicators, the mining sector remains a central pillar for employment, fiscal stability and Namibia's long-term economic transformation. Political dialogue between industry and government continues, and greater clarity on regulatory frameworks is encouraging new investment.
The outlook for 2026 remains moderately encouraging. Projects are progressing steadily, and efforts are focused on developing critical minerals, strengthening the country's strategic position. Industry leaders emphasise collaboration as a lever for unlocking additional potential, so that the economic benefits can be enjoyed by all communities and the country as a whole.