Uranium mining vital to economic growth – Nandi-Ndaitwah

Vice-President Netumbo Nandi-Ndaitwah says uranium mining plays a significant role in improving the perfomance of the local economy.

She was speaking at the opening of the 11th Mining Expo and Conference on Wednesday.

“Beyond becoming a potential supplier of critical minerals, Namibia’s immediate growth prospects in mining lie in the uranium and gold subsectors,” Nandi-Ndaitwah said.

She said Namibia is ranked as the world’s third-largest producer of uranium, a key component for sustainable and carbon-neutral energy production.

“The uranium market, pivotal for sustainable energy, has seen significant growth, with prices surpassing the US$100/pound mark in January 2024,” she said.

Nandi-Ndaitwah spoke about how the revival of the uranium industry is expected to boost production for Namibia’s key uranium mines, which include Rössing, Husab and Langer Heinrich, alongside new developments like Bannerman’s Etango-8 and Deep Yellow’s Tumas projects.

“Namibia’s mining industry is poised for further growth with the upcoming Twin Hills gold project, currently owned by Osino Resources and set for acquisition by Shinjan International Gold Co – formerly Yintai Gold – pending regulatory approvals,” she said.

Nandi-Ndaitwah also spoke on the potential of Namibia’s oil and gas sector to support import substitutions within the mining sector.

She said through completing the full value chain and refining our own oil, the mining industry and the Namibian economy stand to benefit from consuming domestically produced fuel, and, hopefully, at a much lower cost.

Nandi-Ndaitwah emphasised the importance of continued investment in exploration to ensure the growth of Namibia’s mining sector.

“The mining industry is alive with opportunities for us to take advantage of by cultivating and supporting continued investment into exploration,” she said.

“However, we must always keep it at the back of our minds that minerals are not a renewable resource, therefore we should be cognisant of what we are leaving behind for the next generation,” Nandi-Ndaitwah said.

She highlighted the importance of local content and the role of the upcoming local content policy in ensuring Namibians benefit from every part of the value chain.