Gold export earnings recorded a significant increase in the fourth quarter of 2025, rising by 20.1% year on year and 13.4% quarter on quarter to N$4.3 billion, the Bank of Namibia (BoN) has reported.
According to the central bank’s latest quarterly bulletin, the surge in gold export receipts was largely driven by higher international gold prices and increased volumes exported during the period under review.
“The annual growth was predominantly due to the strong performance of gold, reflective of a stronger international price.
Consequently, gold export receipts rose by 20.1% and 13.4% on an annual and quarterly basis, respectively, to N$4.3 billion,” the BoN says.
The report highlighted that the international gold price climbed by 34.8% annually and 7.4% quarterly to an average of US$2 663 per ounce in the fourth quarter of 2025, contributing to the overall increase in mineral export earnings.
“During the period under review, the international gold price continued to benefit from growing economic uncertainty and geopolitical tensions, which have driven investors toward safe-haven assets, increased central bank purchases and lower interest rates,” the BoN says.
The value of other mineral exports also showed positive growth, increasing by 10% year on year, and 9.7% quarter on quarter, reaching N$5.6 billion.
The BoN attributed this growth to a combination of higher gold export volumes and favourable global pricing trends.
On the production front, gold output rose by 6.9% quarter on quarter, but declined by 19% on an annual basis to 2 772kg.
“The rise on a quarterly basis was boosted by high-grade ore mined from the open pits and a substantial contribution from the underground mining area at one of the mines during the quarter under review,” the BoN says.
However, the central bank also says “on an annual basis, gold production declined given the depletion of the mineral at the open pit as mining operations are being brought to completion”.
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