Uranium, diamond production drops, sales up this year

COMPARED to last year, Namibia produced about 23 per cent and nine per cent less uranium and diamonds respectively during the first five months of 2011.

According to the latest IJG Data Bulletin, based on figures released by the Ministry of Mines and Energy, the country produced nearly 3,6 million pounds of uranium for the year to May. Diamond production for the same period stood at 528 333 carats.Sales for both commodities, on the other hand, picked up slightly compared to last year.For the first five months of the year, Namibia sold about 4,1 million pounds of uranium. This is approximately 0,2 per cent more than the same time period last year.Diamond sales for the year to April reached 348 965, about 0,3 per cent more compared to last year.The total value of uranium exports to May was N$1,666 billion compared to N$1,622 billion for the same period in 2010. Total diamond sales to April had a value of N$1,347 billion, yielding royalties of N$118,9 million. The average value per carat sold was N$2 549, significantly less than the average of N$3 784 of last year.The average stone size produced last year was 0,59 carats compared to 0,56 carats in 2009.’If production levels to May continue for the whole year, total production should come in at around 1,3 million,’ IJG said.The market watcher expects total production from Namdeb to be broadly similar to the 1,47 million of 2010. ‘Furthermore, we do not expect this level to change significantly over the coming years,’ IJG said.On the uranium front, IJG said it expects total production for 2011 to reach about 8,59 million pounds, a drop of 26 per cent compared to last year.’We will wait until Rio Tinto and Paladin publish their quarterly results later this month before revising our forecast for the year,’ IJG said.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.

The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.