Uranium and gold overtake diamonds in Namibia's mining tax take

Tax revenue from Namibia's non-diamond mining sector, driven mainly by uranium and gold, rose to N$2.87bn (about $171.09m) in the past financial year — almost double the original budget estimate — and is forecast to climb further to N$3.54bn in the current year, according to the Chamber of Mines of Namibia's October report.

A structural shift under way

"Non-diamond mineral revenues have surpassed diamond revenues for the first time, reinforcing a structural shift towards a more diversified and resilient mining revenue base," the Chamber of Mines said. Non-diamond royalty income also beat expectations, rising from a budgeted N$747.8m to N$1.03bn in the past financial year, with the trend continuing into the current year.

Uranium production climbs, gold prices rally

Uranium production rose 22% year on year in the first ten months of 2025, reinforcing Namibia's position as the world's third-largest uranium producer behind Kazakhstan and Canada. At the same time, Namibia's two gold mines — Navachab and B2Gold's Otjikoto — benefited from a bullion rally that pushed spot gold prices as high as $4,380 an ounce in October, up about 60% on a year earlier.

Diamonds lose their historic dominance

Diamond income has traditionally anchored Namibia's state coffers, accounting for roughly 30% of export earnings, but a slump in diamond prices has weakened that contribution just as uranium and gold have strengthened. The shift illustrates how the recovery in uranium markets, driven by renewed global interest in nuclear power, is reshaping the balance of Namibia's mining economy alongside more traditional gemstone revenue.

What it means going forward

With Langer Heinrich fully restarted, Husab expanding through drilling and heap-leach trials, and Rössing marking 50 years of production, Namibia's uranium sector is positioned to keep growing its share of state revenue — a trend the government will be keen to sustain as it seeks to diversify away from historic dependence on diamonds.

Sources

• MINING.COM (Reuters): Gold and uranium boost Namibia's tax revenue after diamond prices plunge, 17 Dec 2025

Photo: Landscape near Namibia's uranium mining region in the Namib Desert. Olga Ernst & Hp.Baumeler, Wikimedia Commons, CC BY-SA 4.0.