Namibia is quietly home to more than 26 million ounces of silver resources and reserves, yet unlike its better-known uranium and diamond riches, this precious metal sits mainly in the shadows of other commodities.
In global markets, however, silver is enjoying a remarkable resurgence in 2025.
Prices have climbed nearly 24% since January, recently breaking above US$35 per ounce — their highest level in more than 13 years.
Analysts now believe the metal could reach US$40 this year, driven by strong demand from renewable energy and safe-haven investors.
HSBC has revised its forecast upwards, expecting silver to average about US$35.14 per ounce in 2025, underscoring the bullish outlook.
Technical studies at Rosh Pinah Zinc in the ǁKaras Region confirm more than 7.8 million ounces of contained silver reserves, with annual production averaging around 300,000 ounces of payable silver once the RP2.0 expansion comes online.
These ounces, however, are not the result of dedicated silver mining but emerge as by-products of zinc and lead extraction.
Other deposits carry the same story. Kombat Copper in the Otavi Mountain Land reports copper intercepts with significant silver credits, in some cases exceeding 35 g/t silver.
At the same time, Khusib Springs, now under Golden Deeps, shows high-grade copper-silver sulphide zones. Even Skorpion Zinc has recorded minor silver by-products, though the deposit is primarily a zinc system. In total, industry estimates suggest Namibia holds about 26 million ounces of silver across its by-product resources.
The cost factor
Silver in Namibia does not command the same investment spotlight as uranium or diamonds because it is not mined independently of other minerals.
The economics of silver production here are tied directly to the profitability of zinc, lead, or copper.
In practice, this means that the cost of silver recovery is already factored into the operating costs of the host metal mines.
Silver is often a financial sweetener—sold to streamers or refiners to improve cash flow—rather than the central driver of mine development.
What silver is used for
Globally, silver is indispensable. Its conductivity and reflectivity make it essential in solar panels, electronics, and electrical contacts.
It is a crucial input in green technologies, including photovoltaic cells and electric vehicles, while traditional uses in jewellery and silverware remain steady.
Silver is also increasingly valued in medical applications for its antibacterial properties. Rising demand from the green energy sector is forecast to keep prices buoyant, even as new production is constrained.
Silver from Kombat Mine
At Kombat, silver recovered alongside copper concentrate is typically exported for refining and then enters the global industrial supply chain.
While copper from Kombat is directed into wire, cabling, and electrical systems, the accompanying silver finds its way into electronics manufacturing, jewellery, and investment bars and coins.
Because the silver is refined overseas, Namibia does not capture downstream benefits such as minting or fabrication.
Instead, the metal is sold into international markets, where it supports industries ranging from smartphone production to solar panel manufacturing, linking the Otavi Mountain Land to modern technology hubs worldwide.
How much silver does Kombat actually produce?
When Kombat is operating at planned underground rates, quarterly disclosures indicate ~34,000 oz of Ag per quarter, which implies ~130,000–140,000 oz of silver per year in a steady-state scenario (e.g., 33,852 oz in Q2-2024; 32,949 oz in Q3-2024).
Output dipped during 2025 due to a temporary suspension (6,878 oz in Q4-2025), but that’s not representative of normal operations.
Kombat’s latest resource work also reports silver as a by-product in the orebody (Indicated: 13.65 g/t Ag across 12.2 Mt), underscoring that silver credits are structurally embedded in the mine plan rather than a one-off.
Why Namibia does not exploit silver alone
Despite its global importance, Namibia has no standalone silver mines.
The geology here means silver is rarely concentrated in sufficient volumes to justify dedicated operations. Instead, it appears as a secondary mineral in polymetallic deposits.
Building processing plants designed to recover only silver would not be viable given the scale of reserves. The economics work only when silver is recovered as part of broader zinc, lead, or copper production.
This reality explains why Namibia’s silver remains invisible mainly in the country’s mineral narrative. It is there—in millions of ounces—but hidden behind the economics of base-metal extraction.
As demand for silver in renewable energy continues to rise, Namibia’s role may quietly grow, not through a new “silver rush,” but through the incremental expansion of its existing polymetallic mines.
