Namibia Uranium Exports Jump 438% to US$205M

NAMIBIA · MINING

Namibia’s August uranium exports reached NAD 3.36 billion (about US$205 million) as Husab restarted. Diamond output fell 12%, pulling total mining output down 4%.

Namibia uranium exports jumped 438% in August to NAD 3.36 billion (about US$205 million), the Chamber of Mines of Namibia says. The surge followed the full restart of the Husab uranium mine in July, which matters for world fuel supply.

The same update shows a weaker picture across the wider sector. Diamond production fell 12% in August, which pulled the Mining Production Composite Index down 4% from July.

What the Namibia Uranium Exports Data Show

The Namibian reported the figures on Thursday 22 October, and The Villager confirmed the main numbers the same day. Minerals made up 72% of domestic exports in August, up from 62% in July.

The Villager puts mineral exports at NAD 6.69 billion (about US$409 million). That is 72% of NAD 9.33 billion (about US$570 million), the domestic export total.

The Namibian printed the NAD 9.33 billion figure as the mineral total, which the arithmetic shows is wrong. The newsroom uses the Villager’s NAD 6.69 billion for minerals.

Uranium output rose 8% in August, while zinc rose 27% and gold 4%, the Chamber says. Those gains could not offset diamonds, which carry a larger weight in the production index.

Chamber chief economist Lauren Graham said the gains were insufficient because of the diamond weighting. Her point is that a handful of strong minerals cannot lift an index that diamonds dominate.

The jump also rests on a low base, since uranium earned about NAD 0.62 billion (about US$38 million) in July. That July figure is newsroom arithmetic, and Husab had a planned shutdown in June.

Official Trade Figures for August

The Namibia Statistics Agency (NSA), the official statistician, published August trade data in early October. Total exports reached NAD 12.7 billion (about US$776 million), up 18.8% on July and 65.3% above August 2025, New Era reports.

Imports were NAD 16.6 billion (about US$1.01 billion), leaving a deficit of NAD 3.9 billion (about US$238 million). The deficit narrowed from NAD 5.9 billion (about US$360 million) in July, according to New Era.

Uranium was the top export at 26.5% of the total, shipped mainly to France and China, New Era and The Villager say. The Villager puts the value at NAD 3.4 billion (about US$208 million), in line with the Chamber’s NAD 3.36 billion.

Non-monetary gold ranked second at 11.9% of exports, all of it sent to South Africa. Diamonds were third at 11.5%, mainly to Botswana, the United Arab Emirates and Belgium.

That diamond share is about NAD 1.46 billion (about US$89 million) by newsroom arithmetic. New Era and The Villager give no Namibian dollar value for diamonds.

New Era says France became the top export market in August and counts mining exports at NAD 6.4 billion (about US$391 million). The Chamber’s NAD 6.69 billion is higher, probably because the definitions differ.

Why Diamonds Are Dragging Output Down

The Villager says diamond exports still rose 5% in August even as production fell 12%. Sales can run ahead of output when stockpiled stones are shipped, though the sources do not explain this month’s gap.

The Villager also reports average 2026 production growth of 0% for diamonds and minus 2% for uranium. It gives minus 15% for zinc and minus 29% for gold, which The Namibian links to mines moving underground.

The Namibian said then that July was the first month of 2026 in which mines out-produced the same month of 2025. NSA data in that report showed mining shrinking 7.1% in the first quarter and 3.1% in the second.

The Villager reports a 2026 mining contraction forecast of 6.2%, against 2.2% earlier. The sources differ on whether that is the Chamber’s figure or the Bank of Namibia’s.

Costs and the Outlook for Namibian Mining

The Chamber warns that higher fuel prices and inflation are squeezing mines. Graham said persistent inflation and elevated interest rates pose risks to further price gains.

The Villager adds that some developers have delayed a final investment decision on a key project, without naming it. Mining accounts for roughly 13.5% to 14% of Namibia’s nominal gross domestic product, The Namibian says.

Chamber chief executive Fabian Shaanika said near-term cost and macroeconomic pressures are real. He added that firm gold and uranium prices and a strong project pipeline keep the outlook positive.

The pipeline includes Bannerman’s Etango uranium project, Reptile Uranium’s Tumas project and Osino Resources’ Twin Hills gold project. It also covers the ramp-up of Langer Heinrich uranium mine and the Rosh Pinah zinc expansion known as RP2.0.

What It Means for US Readers

The NSA data show Namibian uranium went mainly to France and China, so the direct link to the United States is thin. The indirect link is the world market, where extra supply eases competition for fuel among buyers.

President Joe Biden signed the Prohibiting Russian Uranium Imports Act on 13 May 2024, with waivers allowed through 2027. US utilities therefore need non-Russian sources, and Namibia is one of the producers they can look to.

Namibia’s diamonds went mainly to Botswana, the United Arab Emirates and Belgium in August, not to the US. The 12% fall in output still matters to jewellery supply chains that depend on African rough stones.

This article gives no advice on any company or share price. The Namibian dollar is pegged one to one to the South African rand, so rand moves shift the US$ value.

What Is Not Known

No tonnage of uranium exported or produced in August is given in the Chamber or NSA material reviewed. The newsroom could not open the Chamber’s update or the NSA’s August bulletin, and relied on Namibian outlets quoting both.

The Chamber’s domestic export total of NAD 9.33 billion (about US$570 million) is below the NSA total. The NSA figure of NAD 12.7 billion (about US$776 million) may include re-exports, but no outlet says so.

The source of the 6.2% contraction forecast is reported inconsistently. The unnamed project with a delayed investment decision is also not identified.

What Comes Next

The NSA and the Chamber both publish monthly, so September figures should follow within weeks. Those releases will show whether uranium holds near NAD 3.36 billion (about US$205 million) or falls back.

A strong August does not mean a strong year, since 2026 production is still forecast to shrink. One restarted mine lifted the value of exports, but it did not repair the diamond decline.

Frequently Asked Questions

Why did Namibia’s uranium exports jump 438% in August?

The Husab mine returned to full production in July after a planned maintenance shutdown in June, the Chamber of Mines says. The rise is measured against a very low July figure.

How much did Namibia earn from uranium in August?

Uranium exports were NAD 3.36 billion (about US$205 million), the Chamber says. The NSA data put uranium at 26.5% of all exports.

Why did mining output fall if uranium rose?

Diamond production fell 12%, and diamonds weigh more in the production index than uranium. The index fell 4% from July as a result.

Where does Namibian uranium go?

The NSA data show shipments went mainly to France and China in August. The sources do not report a US share.

Does this affect the US?

Only indirectly, through world uranium supply as US buyers move away from Russian fuel. No direct US sale is reported in the data.

Sources: The Namibian, 22 October 2026; The Villager, 22 October 2026; New Era, 12 October 2026; The Villager, 10 October 2026; The Namibian, 5 October 2026; Namibia Statistics Agency; Chamber of Mines of Namibia; Jones Day on the 2024 US uranium act (all accessed 22 October 2026). Conversions use NAD 16.37 per US$1, the open.er-api.com rate of 22 October 2026 (00:02 UTC), rounded.