By: Nghiinomenwa-vali Hangala
According to the Chamber of Mines, beyond the immediate production cycle that is mixed, the medium-term outlook remains considerably positive due to the new mines.
The Chamber expressed its optimism in the Monthly Mining Update for June – July 2026, which was released earlier this week.
The optimism is based on the advancement of Twin Hills, Etango Uranium Mine, continued ramp-up of Langer Heinrich, and underground developments at Navachab and Otjikoto Gold, among other projects.
Given the upward movement of commodity prices, especially minerals, the Chamber will support the expansion of mining activities in the country.
“Combined with favourable market conditions for uranium, gold and several base metals, these developments should support a more diversified mining industry and provide the basis for renewed production growth over the medium term,” the update revealed.
ALL MINERAL COMMODITY PRICES INCREASING
All minerals that are being extracted in Namibia are recording price windfalls, except for dimaonds.
Gold, which dominated exports this year, experienced strong overall prices in July 2026, despite some short-term moderation.
On a year-to-date basis, gold prices increased by 34%, reflecting substantial gains since the beginning of the year, the Chamber observed.
The average gold price in July 2026 compared to the average price of 2025 rose by 18%, while prices were 22% higher year-on-year compared with July 2025.
This confirms the sustained strength of the gold market.
However, prices declined by 4% month-on-month from June to July 2026, indicating continued correction following the strong gains recorded earlier in the year.
As for uranium, according to the Chamber of Mines, prices maintained a strong upward trend in July 2026, supported by continued strength in the global uranium market.
Prices were 18% higher on a year-to-date basis, while the average price in July 2026 compared to the average price in 2025 increased by 19%.
In comparison with July 2025, uranium prices were also 19% higher year-on-year, confirming sustained price strength over the past year.
Monthly, prices increased by 1% from June to July 2026, suggesting that while the market remains firm, the pace of monthly price growth has moderated.
The observations show that copper prices remained firm in July 2026, reflecting sustained strength in the global copper market.
On a year-to-date basis, prices increased by 32%, while the average price in July 2026 compared to the average price in 2025 rose by 36%.
Compared with July 2025, copper prices were 39% higher year-on-year, highlighting a significant price increase over the past year.
On a month-on-month basis, copper prices were broadly unchanged from June to July 2026, suggesting that prices stabilised at elevated levels following the strong gains recorded earlier in the year.
Tin prices performed exceptionally strongly in July 2026, according to Chamber insights, with substantial gains recorded over the course of the year.
On a year-to-date basis, tin prices increased by 48%, while the average price in July 2026 compared to the average price in 2025 rose by 56%.
Compared with July 2025, prices were 58% higher year-on-year, pointing to significant and sustained upward pressure in the global tin market.
On a month-on-month basis, prices were unchanged from June to July 2026, indicating that tin prices stabilised at elevated levels following the sharp increases recorded earlier in the year.
Zinc prices also remained strong in July 2026, continuing the positive momentum recorded over the year.
On a year-to-date basis, prices increased by 18%, while the average price in July compared to the average price in 2025 rose by 26%.
Compared with July 2025, zinc prices were 30% higher year-on-year, indicating a substantial improvement in market conditions over the past year.
On a month-on-month basis, zinc prices increased by 2% from June to July 2026, showing that upward price momentum continued into July, albeit at a more moderate pace.
As for lead, prices weakened in July 2026, reflecting softer conditions in the global lead market.
On a year-to-date basis, prices declined by 2%, while the average price in July compared to the average price in 2025 was 6% lower.
Compared with July 2025, lead prices were 8% lower year-on-year, pointing to sustained downward pressure over the past year.
On a month-on-month basis, lead prices fell by 5% from June to July 2026, indicating a continued downward trend in lead prices.
As for diamonds, the Chamber found that their prices remained under sustained pressure during the review period, extending the broader downward trend observed since the second half of 2025.
The diamond price index declined from around 91 points in September 2025 to approximately 82 points by August 2026, despite brief episodes of recovery along the way.
The index showed some improvement during May and June 2026, rising to above 85 points, but these gains proved temporary.
Prices fell sharply again towards the end of June and weakened further during July and August, with the index reaching below 82 points, among the lowest levels recorded over the period shown.
Overall, the trend indicates that conditions in the global natural diamond market remain subdued, with intermittent price recoveries failing to translate into a sustained improvement.
The continued weakness in diamond prices remains a key concern for Namibia’s diamond industry, particularly given the sector’s exposure to global demand conditions, wrote the Chamber.
PRODUCTION FIGURES
Diamond production was the strongest performer in June, increasing by approximately 44% month-on-month and 28% year-on-year.
Production rose from 137,955 carats in May to 198,573 carats in June, exceeding the 155,691 carats produced in June 2025.
Production in June 2026 was also around 16% above the average production in 2025, signalling a marked improvement in output during the month.
However, production remained approximately 1% lower year-to-date, suggesting that the strong June performance largely represents a recovery from weaker production earlier in the year rather than sustained growth throughout 2026.
Gold production remained subdued, declining marginally by approximately 1% month-on-month and by 27% year-on-year.
Production amounted to 607 kg in June, compared with 613 kg in May and 836 kg in June 2025.
The weakness is evident beyond the monthly movement, says the Chamber. June production was approximately 29% below the 12-month average, while cumulative production was around 28% lower year-to-date.
This points to a structural reduction in Namibia’s gold production rather than simply a poor June performance, the miners’ representative stated.
A major factor is the changing production profile at B2Gold’s Otjikoto Mine.
Open-pit mining at B2Gold concluded in 2025, and production is now centered on the Wolfshag underground mine together with processing of existing stockpiles. B2Gold attributes the lower 2026 production profile relative to 2025 to the completion of open-pit mining.
The mine nevertheless performed better than initially expected during the first half of 2026, prompting B2Gold to raise its 2026 production guidance from 70,000–90,000 ounces to 80,000–100,000 ounces.
Zinc concentrate and contained zinc production also weakened across all comparison periods.
Output declined by approximately 9% month-on-month and 7% year-on-year, falling from 4,002 tonnes in May to 3,656 tonnes in June.
The broader trend has been weaker, with June production approximately 36% below the average production in 2025 and cumulative production around 24% lower year-to-date.
This suggests that the June contraction forms part of a more sustained period of subdued zinc production rather than an isolated monthly decline, according the Chamber.
As for uranium, it recorded the sharpest deterioration among the selected minerals in June.
Production contracted by approximately 49% month-on-month and 51% year-on-year, reversing the 11.7% monthly increase recorded in May.
Output declined from 945 tonnes in May to 484 tonnes in June, compared with 978 tonnes in June 2025. June production was also approximately 44% below its 12-month average.
The sharp decline was largely attributable to a planned 10-year maintenance shutdown at Swakop Uranium, which lasted approximately 22 days and temporarily constrained production during the month.
Importantly, the shutdown was scheduled maintenance and is not expected to have a material impact on Swakop Uranium’s overall annual production.
The year-to-date decline was therefore considerably more moderate at around 5%, indicating that the weak June performance largely reflects a temporary operational interruption rather than a sustained deterioration in uranium production.
Overall production during the first half of the year remained comparatively resilient.
erastus@thevillager.com.na
