The first quarter of 2026 has been the best start to a year for uranium exports in Namibia’s recorded history, with the country exporting over six million pounds (2.72 million kilograms) of uranium oxide concentrate, AKA yellowcake.
The uptick in production over the past two years aligns with a surge in the uranium price, which has moved from hovering around the US$20-30/lb range a decade ago to now comfortably above US$80/lb.
The direction in which the world seems to be moving regarding nuclear energy gives us a positive outlook for uranium prices going forward.
This could not have come at a better time for Namibia, as the country is currently feeling the pain of one of its legacy sectors, diamonds, collapsing, and uranium has done a remarkable job at filling the hole in the balance of payments, as well as the fiscus.
Namibia currently has three operating uranium mines, all in the Erongo region: Husab, Rössing and Langer Heinrich.
Langer Heinrich restarted production in March 2024 after being placed on care and maintenance in 2018.
The mine is not yet at full production, with Paladin targeting full production around 2027.
Husab is Namibia’s largest uranium producer and is also expected to increase production over the next few years.
New production is expected from several projects over the coming years, with Bannerman’s Etango project and Deep Yellow’s Tumas project currently the most advanced.
Etango appears to be slightly further progressed, although both projects are still awaiting final investment decisions.
Less certain sources include Orano’s Trekkopje, where they are optimistically hopeful about restarting operations, as well as longer-term projects such as Forsys’ Norasa and Elevate Uranium’s Koppies project.
All things considered, Namibia’s future as a leading uranium producer appears to be well underway.
