Gold and Uranium Revenues Surpass Diamonds in Namibia for the First Time
Non-Diamond Minerals Overtake Diamonds as Namibia’s Top Mining Revenue Source
Namibia’s mining revenue landscape has undergone a significant shift, with income from non-diamond minerals surpassing diamond revenues for the first time, according to the Chamber of Mines of Namibia. Strong gold prices and increased uranium production have helped offset the impact of persistently weak diamond prices.
Diamonds have historically been a cornerstone of Namibia’s public finances, accounting for roughly 30% of total export earnings. However, the natural diamond sector has been under pressure since mid-2022, largely due to falling prices driven by the rising popularity of lab-grown alternatives.
Tax revenue from diamonds fell sharply in the six months to September, declining by 79% year on year, following a 49% drop in the previous financial year, data from Namibia’s revenue authority showed.
“As a result, non-diamond mineral revenues have surpassed diamond revenues for the first time, reinforcing a structural shift toward a more diversified and resilient mining revenue base,” the Chamber of Mines said in its October report, published late Tuesday.
Tax receipts from other minerals—primarily uranium and gold—rose to N$2.87 billion (approximately US$171 million) in the last financial year, nearly double the original budget forecast. Revenues are expected to increase further to N$3.54 billion in the current financial year.
Royalty income from non-diamond minerals also exceeded expectations, climbing from a budgeted N$747.8 million to N$1.03 billion in the past financial year and continuing to outperform projections this year.
Namibia’s two gold operations, the Navachab mine and B2Gold’s Otjikoto mine, benefited significantly from a rally in gold prices, with spot bullion reaching highs of up to US$4,380 per ounce in October—around 60% higher than a year earlier.
Uranium production, a key driver of the revenue shift, increased by 22% year on year in the first ten months of 2025. Namibia remains the world’s third-largest uranium producer, behind Kazakhstan and Canada, underlining the growing strategic importance of the sector to the national economy.
