WINDHOEK, Dec 17 – Gold and uranium have overtaken diamonds as Namibia’s largest sources of mining tax revenue for the first time, reflecting a major shift in the country’s mineral income base as weak diamond prices weigh on state finances.
Diamond revenue has historically been a cornerstone of Namibia’s export earnings, contributing roughly 30% of total exports. However, the natural diamond market has faced sustained price pressure since mid 2022, largely due to the growing acceptance of lab grown alternatives.
According to data from Namibia’s tax authority, diamond related tax revenue in the six months to September plunged 79% year on year, following a 49% decline in the previous financial year.
In contrast, tax income from other minerals has surged. The Chamber of Mines of Namibia said in its October report, published late Tuesday, that revenues from non diamond minerals have now exceeded diamond revenues for the first time.
“As a result, 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 said.
Tax revenue from minerals such as uranium and gold rose to 2.87 billion Namibian dollars, or about $171 million, in the last financial year, nearly double the original budget estimate. Authorities expect that figure to climb further to 3.54 billion Namibian dollars in the current financial year.
Non diamond royalty income also outperformed projections, rising to 1.03 billion Namibian dollars from a budgeted 747.8 million in the previous year and maintaining momentum in the current fiscal period.
Namibia’s gold sector benefited from a sharp rally in global bullion prices. Output from the Navachab mine and B2Gold’s Otjikoto mine was supported by spot gold prices that climbed as high as $4,380 an ounce in October, around 60% higher than a year earlier.
Uranium production, a key input for nuclear energy technologies, rose 22% year on year in the first 10 months of 2025. Namibia is currently the world’s third largest uranium producer, behind Kazakhstan and Canada.
The mining chamber said the shift highlights the country’s growing resilience as it reduces reliance on a single commodity amid volatile global markets.
