Namibia’s Mining Revenue Shifts from Diamonds to Gold and Uranium

West Africa WeeklyDecember 17, 20251 Mins read15

Namibia’s mining revenue landscape is undergoing a significant transformation, with income from gold and uranium overtaking diamond earnings following a sharp downturn in global diamond prices.

For decades, diamonds have been Namibia’s most important mineral export and a major contributor to state revenue. However, weakened demand, falling prices and the rise of lab-grown alternatives have cut deeply into diamond tax receipts.

In contrast, soaring gold prices and increased uranium production have boosted government revenue. Namibia is now among the world’s leading uranium producers, benefiting from renewed global interest in nuclear energy as countries seek alternatives to fossil fuels.

Tax data from 2025 show that while diamond revenue fell dramatically, gold and uranium generated higher-than-expected returns, helping stabilise public finances. Primary mining operations have expanded output, capitalising on favourable market conditions.

Economists say the shift highlights the importance of diversification within the extractive sector. While diamonds remain significant, the growing contribution of other minerals reduces vulnerability to price shocks and strengthens long-term fiscal resilience.

The government says it will continue to support exploration and investment across multiple minerals while maintaining oversight to ensure sustainable and responsible mining practices.