Namibia's Uranium Sector Expands as Global Nuclear Demand Rises

Namibia’s uranium sector is experiencing significant growth as increased global demand for nuclear energy aligns with the country's substantial reserves.

Uranium is a key element in nuclear fuel, and as countries look for new sources of energy, Namibia’s vast reserves of the metal are creating new economic opportunities for the southern African nation.

As the world's third-largest uranium producer, Namibia supplies approximately 10% of global output and holds roughly 5% of known uranium resources. The World Nuclear Association projects global uranium demand will increase nearly 30% by 2030 and more than double by 2040, driven by new reactor construction, small modular reactors, and rising electricity requirements from data centres supporting artificial intelligence.

This demand surge is already affecting Namibia's economy. In late 2025, revenues from uranium and gold exceeded diamond revenues for the first time, nearly doubling original budget estimates. Annual uranium production is expected to continue to grow, supported by the restart of the Langer Heinrich mine in western central Namibia and expansion at existing operations.

Several major powers are pursuing access to Namibian uranium supplies.

China maintains the strongest commercial position. State-owned Chinese companies hold majority stakes in Namibia's two largest mines, Husab and Rössing. In 2023, China accounted for approximately 77% of Namibia's uranium exports by value. Chinese entities have also invested in supporting infrastructure, including desalination facilities for mining operations.

Russia is expanding its engagement. Following recent high-level meetings between Namibian officials and Rosatom, Russia's state nuclear corporation, the countries agreed to establish a legal framework for co-operation on nuclear projects. Rosatom has conducted uranium exploration in Namibia since 2011 and identified sizeable deposits in 2018. The company plans to complete exploration this year and begin mining by 2029.

The United States has established a small presence through private sector channels. In June 2025, NANO Nuclear Energy signed a memorandum of understanding with the Namibia Industrial Development Agency to explore developing a local nuclear fuel supply chain and potentially deploying microreactors in the early 2030s.

Beyond exports, Namibia intends to develop domestic nuclear capabilities. In September 2025, the Namibian Cabinet approved a nuclear industry strategy establishing a framework for integrating nuclear energy into the national energy mix. This is relevant for a country that imports up to 70% of its electricity.

The strategy includes consideration of building Namibia's first nuclear power plant. Such a facility could serve domestic needs and potentially enable regional electricity exports through the Southern African Power Pool. Russia has indicated interest in supporting this infrastructure development.

Namibia has applied to join the Nuclear Suppliers Group, a 48-nation body that regulates nuclear technology trade. Membership would give Namibia access to advanced processing equipment, allowing it to enrich uranium domestically for use in power reactors, a key step toward building a complete domestic nuclear fuel supply chain.

The transition presents both opportunities and challenges. Nuclear infrastructure requires substantial capital investment and technical expertise. Managing relationships with multiple international partners involves complex diplomacy. Converting resource revenues into sustained economic development will require effective governance and planning.

For Namibia, uranium represents a significant shift in its economic base and an opportunity to develop energy infrastructure. How effectively the country navigates this transition will shape its economic trajectory in the coming years.