Namibia holds about 26 million ounces of silver in proven and inferred reserves and resources.
At today’s price of US$39.40 per ounce, that translates to more than US$1.02 billion (≈N$19 billion) in theoretical in-ground value.
These ounces are scattered across polymetallic mines and projects—Rosh Pinah, Kombat, Okohongo, Khusib Springs, and the Namib Lead & Zinc Project—where silver appears not as the main prize, but as a valuable companion to copper, lead, and zinc.
And yet, when Namibia’s mining riches are listed, silver is rarely mentioned. The country is celebrated for its uranium from the Namib Desert, diamonds dredged from the Atlantic seabed, and the revival of copper mining in central and northern belts. Silver is the supporting actor, a quiet earner that has padded revenues for decades without ever stealing the limelight.
The timing of its quiet presence could be changing. Global silver prices are surging to their highest levels in more than a decade, hovering near US$39.40 per ounce. At a moment when demand for solar panels, electronics, and batteries is booming, Namibia’s modest but strategic silver endowment could step out from the shadows.
The metal’s current rally is the latest turn in a turbulent decade. In 2011, silver nearly touched US$50 per ounce, fuelled by speculation and investor demand for inflation hedges.
The gains evaporated quickly, and by 2015–2016, prices had crashed below US$14. For much of the late 2010s, silver traded between US$16 and US$20, before the COVID-19 shock of 2020 reignited interest and briefly pushed prices above US$29.
Now, in 2025, silver has broken out decisively—up more than 36% this year, outpacing gold and reminding the world of its dual identity as both a safe-haven investment and an essential industrial metal for the green economy.
For Namibia, the silver story is shaped by geology. The country lacks large, pure silver mines. Instead, the metal occurs as a byproduct within polymetallic deposits of zinc, lead, and copper.
Standalone extraction rarely makes sense because grades, though valuable, are not abundant enough to justify silver-only operations. But when zinc, lead, or copper are mined profitably, silver can be recovered in processing—quietly padding revenues and giving mines an extra financial cushion.
The Rosh Pinah mine in the //Karas Region has been in operation since 1969, primarily known for its production of zinc and lead. Yet its reserves contain about 10.6 million ounces of silver.
Annual output is projected at roughly 286,000 ounces, worth more than N$200 million at today’s prices. Ownership has changed hands over the years.
Once controlled by Trevali Mining, Rosh Pinah is now majority-owned by Appian Capital Advisory, with the Namibian government holding a minority stake. Appian has been investing in expansions and upgrades to secure production well into the future.
In central Namibia, the Kombat Mine near Otavi—revived by Trigon Metals Inc.—has long been a copper nameplate but carries significant silver credits.
Indicated resources stand at 13.56 million tonnes grading 14 g/t silver, equivalent to 5.46 million ounces. Inferred resources add another 0.55 million ounces, giving Kombat a total of 6 million ounces of silver.
At current prices, that silver alone carries an in-ground value of about US$236 million (≈N$4.4 billion), making Kombat one of Namibia’s most important silver contributors despite its copper branding.
Far to the north, the Okohongo Copper–Silver Project lies in the remote Kaoko Copperbelt. A 2021 resource estimate outlined 7.7 million tonnes grading 26.77 g/t silver, containing about 6.63 million ounces, alongside more than 119,000 tonnes of copper.
For White Metal Resources—now Thunder Gold Corp.—Okohongo is a flagship. At today’s prices, the silver content alone is worth US$261 million (≈N$4.9 billion).
To move the project forward, Thunder Gold optioned it to Himba Metals, a Namibian partner, while keeping a royalty stake. Okohongo sits in terrain often compared to the Central African Copperbelt. If expanded, it could emerge as one of Namibia’s most significant copper–silver resources.
Deeper into the Otavi Mountain Land lies Khusib Springs. Miners of the 1990s remember it as a marvel: ore grading 10% copper and 584 grams per tonne silver.
In its short life, it produced about 300,000 tonnes before shutting down.
Now, Golden Deeps Limited has returned. Drilling beneath the old workings has revealed a recalculated resource of 1.9 million ounces of silver equivalent, including 900,000 ounces in a high-grade zone averaging 353 grams per tonne.
Intercepts of thick sulphide zones suggest rich mineralisation still lies untapped. At today’s prices, Khusib Springs’ silver resource is worth more than US $74 million (≈N$1.4 billion)—a reminder that even smaller mines can carry extraordinary grades.
Just inland from Swakopmund lies the Namib Lead & Zinc Project.
While dominated by base metals, its reserves also contain a silver bonus: 611,000 tonnes grading 49 g/t, or nearly one million ounces.
At current prices, that represents another US$38 million (≈N$710 million).
Pull the threads together—Rosh Pinah, Kombat, Okohongo, Khusib Springs, and Namib Lead & Zinc—and Namibia’s silver story takes shape. The country holds about 26 million ounces of identified silver in reserves and resources.
At US $39.40 per ounce, that’s more than US $1.02 billion (≈N$19 billion) in theoretical in-ground value.
On the global stage, Namibia is no Mexico or Peru. But within Africa, silver’s contribution is not negligible. More importantly, it reinforces the country’s reputation for geological diversity and provides a steady stream of benefits to copper, zinc, and lead miners.
Silver may never be the headline act in Namibia’s mining sector.
But from the steady output of Rosh Pinah, to the copper-linked silver of Kombat, to the untapped promise of Okohongo, and the high-grade allure of Khusib Springs, the metal is woven into the fabric of Namibian mining.
