By: Energy capital & power

Namibia has recorded its highest mineral exploration expenditure, investing N$1.23 billion in collaboration with international partners in 2024.

According to Namibian President Netumbo Nandi-Ndaitwah, members of the Chamber of Mines of Namibia increased exploration spending by 38.1% in 2024 compared to the previous year.

The spending increase was driven by the uranium and gold sectors, as global demand for uranium grows amid increased focus on nuclear power for decarbonization and energy security.

“The recent recommissioning of the Langer Heinrich Uranium Mine, along with accelerated developments at the Tumas and Etango uranium projects, signals a new era of growth,” stated Nandi-Ndaitwah.

Between 60% and 80% of the spending was on locally-produced goods and services.

Namibia is finalizing its Minerals Bill to modernize the sector, make its more investor-friendly and attract fresh investments for economic growth, job creation and export revenue expansion.