FNB Namibia says uranium prices will be the primary driver of mining activity in Namibia starting in 2024.
Ruusa Nandago says the Langer Heinrich Uranium mine will end the care and maintenance phase in 2024 and target producing 77.4 million pounds over its 17-year life of mine.
Nandago says the Rössing Uranium Mine has extended its life of mine to 2036 and expects to sell 1.4 million pounds of uranium in this current financial year.
According to Nandago, gold will also support, with the Twin Hills Gold Project expecting to produce 169 00 ounces per year over 13 years.
“Lastly, there has been increased exploration activity and interest in Namibia across all minerals, including rare earth elements, base metals, and nuclear fuels, which supports growth in mining,” Nandago said.
The report also points out that favourable mining activity will have spill-over effects on the utilities and transport sectors and will keep gross fixed capital formation growth positive.
“Improved mining activity also supports exports given that minerals dominate Namibia’s exports. However, as the global economy contends with slower economic growth and softening commodity prices, this could dampen export growth,” Nandago says.
