WINDHOEK, Aug. 20 — Namibia‘s mining sector held firm in July as uranium output surged 36 percent year-on-year, supported by stronger gold production and a monthly rebound in diamonds, the Chamber of Mines of Namibia said Tuesday.
In its monthly mining update, the chamber said uranium has maintained its role as Namibia‘s top export commodity, accounting for 29.3 percent of the country’s exports in May, valued at 3.45 billion Namibian dollars (about 196 million U.S. dollars), the bulk of which was shipped to China.
According to the chamber, gold production rose 7 percent in June compared to both the previous month and a year earlier.
At the same time, international gold prices averaged 3,352 U.S. dollars per ounce in June, 44 percent higher than the previous year, strengthening Namibia‘s export earnings, the chamber said.
Meanwhile, diamonds showed a 24 percent monthly rebound in production during June, but annual output remains in decline, the chamber said, adding that prices have fallen 45 percent since 2022 due to oversupply and competition from lab-grown alternatives.
The chamber said the gemstones made up 10.2 percent of exports in May, with sales largely to Botswana, the United Arab Emirates, and Belgium.
However, it warned that the recent reduction of U.S. tariffs on Namibian exports from 21 percent to 15 percent still creates uncertainty for exporters because of frequent changes in policy.
It noted that while the latest adjustment offers some relief, the lack of stability in tariff regimes makes it difficult for Namibian producers to plan ahead and secure long-term trade agreements. (Xinhua)
