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Namibia’s mining revenue landscape is shifting as income from gold and uranium overtakes diamonds for the first time, following a sharp slump in diamond prices. Long a backbone of public finances, diamonds have struggled since mid-2022 amid weaker demand and the rise of lab-grown alternatives, triggering a steep drop in tax income from the mineral. This year, that shortfall was cushioned by soaring gold prices and rising uranium output, which have created a powerful counterweight. Revenue from these sectors has nearly doubled original forecasts, fueled by a rally in bullion prices and Namibia’s position as the world’s third-largest uranium producer. This mineral diversification coincides with the country’s emergence as a major energy frontier, following significant offshore oil discoveries that promise to further reshape its economic future.
Business Insider Africa