Namibia’s mining sector ends 2023 with promising developments

The Chamber of Mines is delighted to announce three pivotal developments that have emerged just before the conclusion of 2023, consolidating Namibia’s stance in the establishment of three new mines. These ventures are poised to fuel growth and expansion within the sector, especially amid the prevailing high prices of gold and uranium.

Firstly, two mining licenses for advanced uranium projects have been granted, marking a significant turning point for the industry. Bannerman and Deep Yellow (Reptile Uranium) have secured these licenses, perfectly timed with the resurgence of the uranium market. This breakthrough allows them to capitalize on improved uranium prices and fast-track the development of their projects.

The Chamber of Mines is grateful to the Minister of Mines and Energy and the MME colleagues for their commitment to resolving issues and granting these licenses, particularly in the context of a resurgent uranium market.

Additionally, Osino Resources had received two offers for the purchase of its Twin Hills project. In December 2023, Osino Resources entered into a purchasing agreement with Dundee Precious Metals, and more recently, another investor has submitted a higher bid for the project. Once the transaction with the preferred bidder is finalised, the subsequent steps for developing Namibia’s third gold mine will be pursued. This acquisition is also strategically timed with the current favorable gold price, further improving the project’s economics and positioning it for mine development.

Looking ahead, the Chamber anticipates the concurrent development of two new uranium mines and a gold mine in the next three years. This exciting progress will contribute to the industry’s continued growth and the nation’s economic prosperity. This simultaneous growth, reminiscent of past success stories such as B2Gold’s Otjikoto mine, Swakop Uranium’s Husab mine, and the Tschudi operation, will grow Namibia’s mining sector and contribute to the country’s economic prosperity.