Gold takes the lead

At its 45th Annual General Meeting (AGM) on 23 April 2025 in Windhoek, the Chamber of Mines of Namibia elected George Botshiwe as its new president.Botshiwe is the Managing Director of QKR Navachab Gold Mine near Karibib, which achieved record production levels last year, pushing national gold production up by 2.7% for 2024.The industry’s leading lobby organisation also elected a new Vice President: John Roos, Country Manager for B2Gold Namibia, which recorded remarkable success in 2024 and early 2025, announcing profits of N$2.59 billion for the 2024 financial year.Looking ahead, the mine is targeting production of 175 000 ounces of gold in 2025. “You can see that with current gold prices, this means significant profits and a substantial contribution to the Namibian economy,” Roos said earlier that month.The new second Vice President is Irvinne Simataa, Executive Vice President of Swakop Uranium. He represents the uranium mining sector, which has historically alternated leadership of the chamber with the diamond mining sector, once the backbone of the Namibian economy.Kasete bows outOutgoing president Zebra Kasete, Executive Vice President for Business Development at Sinomine Tsumeb Smelter (formerly Dundee Precious Metals), was commended for his exceptional leadership during his term from 2023 to 2025.“Kasete’s impact is further underscored by his previous service as president from 2018 to 2021, leaving an enduring legacy within the mining industry,” the chamber said.Kasete concluded his final president’s report with these words: “Looking back, we can all take pride in the milestones we have reached and the resilience we have shown. These achievements provide a strong foundation to propel the mining sector forward, leveraging emerging opportunities and strengthening partnerships to ensure a sustainable and prosperous future for Namibia.”The AGM also honoured the lifetime contribution of Inge Zaamwani, granting her honorary life membership of the Chamber of Mines.“Zaamwani embodies the chamber’s values and vision for sustained industry leadership and national development, making her a deserving recipient of this prestigious honour,” the chamber noted. Zaamwani’s leadership roles include serving as CEO of Namdeb, Director of Mines, and Senior Presidential Advisor.In her acceptance speech, Zaamwani stated: “While strides have been made, I believe there remains significant untapped value within our natural resources. It is our responsibility to harness this value and advance local participation across the mining value chain. We must leverage our procurement muscle to contribute meaningfully to enterprise development and ensure our industry’s impact extends far beyond the mine gate.”Strong performance despite diamond slowdownAccording to the chamber’s June mining update, Namibia’s mining sector continues to perform strongly in 2025, with uranium and gold emerging as key pillars of growth and resilience.Uranium production increased by 59% year-on-year as of April 2025, making it Namibia’s most valuable export that month, contributing N$2.86 billion (26%) of total exports. Gold exports also surged, generating N$1.69 billion in April and accounting for over 15% of total exports. Despite short-term fluctuations, gold’s value remained resilient, supported by record-high global prices averaging US$3,309 per ounce in May, a 41% year-on-year increase. Namibian gold mines have steadily increased output in response.In contrast, diamond production declined by 26% in April 2025 compared to the same period in 2024. The sector’s export share fell to 10.5%, down from 12.9% a year earlier. The chamber attributed this to deliberate production cuts by Debmarine Namibia throughout 2024 and early 2025 to stabilise global prices.Encouragingly, inflationary pressures are easing, with the annual inflation rate declining to 3.5% in May 2025, down from 4.9% in May 2024, helping reduce operational costs across the sector.Exports from the mining and quarrying sector reached approximately N$5.4 billion in April, accounting for nearly half of Namibia’s total export earnings.Commodity markets also showed strength, with tin and copper prices remaining elevated due to global demand from the technology and energy sectors. Tin averaged US$32.007 per metric ton - 72% above pre-COVID levels - while copper reached US$9.740 per metric ton in March, driven by electric vehicle and green infrastructure demand.These positive trends highlight the resilience and adaptability of Namibia’s mining industry. Despite ongoing challenges in the diamond sector, the chamber remains optimistic about the future of mining, supported by the strong performance of gold and uranium.

Gold takes the lead

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Republikein 2025-08-05

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Gold takes the lead

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