Namibia eyes five new mines

Namibia could be on the verge of a mining-led economic upswing, with at least five new mines covering gold, copper and uranium expected to begin operations within the next three to five years.

Speaking as a guest on the South African programme Common Sense, Namibian economic analyst Rowland Brown said many of these projects are already fully funded through to construction, signalling strong momentum in the sector.

Brown noted that even modest increases in production could have outsized impacts on GDP and government revenue, particularly in a country with a population of about three million people.

He added that Namibia’s small, manageable population allows for rapid scaling of employment opportunities, while its strong legal, financial and transport systems provide a low-friction environment for investors.

Tourism, he said, complements resource-based growth, benefiting from the country’s safety, low crime rates and well-developed infrastructure, while contributing significant foreign exchange inflows.

Mining impact

Recent industry figures reinforce the sector’s central role. Reports presented last year at the opening of the Chamber of Mines Expo in Windhoek stated that despite significant global headwinds and a contraction of 1.2% in 2024, the mining sector remains the bedrock of the Namibian economy.

The industry generated N$52.3 billion in revenue, contributed 13.3% to GDP and created more than 2 600 new jobs, bringing total direct employment to 20 843, a 14.6% increase from the previous year.

Mining companies spent N$23.94 billion on goods and services from Namibian businesses in 2024, representing 46.2% of total industry revenue and 62% of total procurement.

The sector also contributed N$5.62 billion to the national fiscus through taxes, royalties and levies, despite a decline from the previous year due to weaker diamond revenues.

This included N$3 billion in corporate taxes, N$2.26 billion in royalties and N$360 million in export levies.

[email protected]