COMMODITIES
COMMODITIES
A
part from diamonds, Namibia is known for its
rich uranium deposits and according to the
World Nuclear Association it was ranked as
the world’s fourth largest producer of uranium. In
2018, the country produced more than 5 525 tonnes
(t) of uranium. The top producer of uranium in 2018
was Kazakhstan, followed by Canada and Australia
(World Nuclear Association) (see Table 1).
Table 1: Production from mines in tonnes of Uranium
2018 [adapted from World Nuclear Association].
Country
Kazakhstan
Tonnes (t)
21 705
Canada 7 001
Australia 6 517
Namibia 5 525
Niger 2 911
Russia 2 904
Uzbekistan (est) 2 404
China (est) 1 885
Ukraine (est) 1 180
USA
582
*Data from the World Nuclear Association. NB: the figures
in this table are subject to change as new data becomes
available.
If all uranium mines in Namibia would fire on all cylinders,
estimates are that uranium output in Namibia could
provide about 10% of the world’s supply by 2035, possibly
making it the third largest global producer.
The uranium sector in Namibia has seen some boom
times, but more recently suffered a series of misfortunes.
The success of uranium projects is not only dependent
on market demand and fluctuating prices, but also
public sentiments regarding nuclear energy, specifically
following the Fukushima disaster in July 2012 in Japan,
which left the country, and the uranium market, in tatters.
But memories are short, nonetheless, and uranium
demand has gradually started to pick up. There is
renewed interest in uranium projects, and it is projected
that uranium prices may improve in the next two to three
years as new uses for the metal are discovered. Apart from
its use in nuclear energy, possible future application for
uranium include nuclear medicine, composite materials,
robotics and supercomputers.
Exploration gets green light
In May 2019, the Namibian government announced that
it had lifted a ten‑year moratorium on new applications
for uranium mines, and repealed rules mandating
that companies seeking mining exploration licences
be partially owned and managed by Namibians. This
decision will hopefully revive interest in new uranium
deposits and attract international interest from
companies outside of China.
Currently, the uranium sector in Namibia is dominated
by Chinese-owned and -operated mining companies.
However, the big challenge for mining companies in
Namibia is the availability of surface water. Namibia is an
26
African Mining March 2020
26
African Mining March 2020
www. africanmining.co.za