Namibia eyes uranium crown
Namibia is projected to produce 17,800 tonnes of uranium oxide if the Tumas and Etango projects currently under development proceed as planned, augmenting existing production from the Husab and Langer Heinrich mines.
The projects would likely also position Namibia as the world's second-largest uranium producer.
The analysis is contained in Capricorn Asset Management's mid-year review report titled "Namibia: Comprehensive Economic Assessment, Funding Dynamics, and Sovereign Bond Yield Analysis (2008–2030)".
In its scenario narratives, CAM said the Langer Heinrich mine restart contributed more than 20% to the uranium sector's output in 2025 alone.
Uranium output set to double by 2030
Paladin Energy's Langer Heinrich mine restarted commercial operations in early 2024 after being placed on care and maintenance in 2018 due to depressed prices, and is ramping up to its full capacity of 2,700 tonnes uranium oxide per annum, contributing to the 20.8% sector growth in 2025, CAM said.
Tumas, located in the Erongo region, has a projected mine life of 30 years and a total uranium deposit of over 60,000 tonnes. Bannerman Energy's Etango is one of the world's largest undeveloped deposits, with approximately 90,000 tonnes.
If the projects proceed as planned, Namibia's total uranium output will more than double from 8,647 tonnes in 2024 to nearly 18,000 tonnes by 2030, positioning the country to overtake Canada as the world's second-largest uranium producer, CAM said.
Twin Hills project lifts gold tax take
CAM credited B2Gold's strong 2025 performance and said the addition of the Twin Hills project to the existing Otjikoto and Queenkind Resources mines was likely to generate N$14 billion in projected annual tax revenues—compared with N$3.2 billion collected in 2018.
"Although Otjikoto is transitioning from open-pit to underground mining, high-grade underground ore and record-high global gold prices, which exceeded US$4,500 per ounce in May 2026, have generated strong corporate tax revenues," CAM said.
