Positive uranium outlook

The global uranium market is expected to maintain its upward trajectory in 2026, fuelled by the worldwide transition to nuclear energy. With rising demand from Asia, Europe and Africa, uranium prices are anticipated to remain high. Market fundamentals are likely to be further strengthened by ongoing geopolitical considerations and efforts to diversify supply chains.

More than 30 countries have pledged to triple nuclear capacity by 2050. Utilities face large, uncovered uranium requirements over the next decade, and new-build programmes in Asia, the Middle East, and parts of Europe are accelerating. At the same time, supply is constrained by under-investment, concentration in a few jurisdictions, and geopolitical risk – making stable, rules-based producers like Namibia increasingly attractive to utilities, financiers, and strategic investors. Namibia continues to stand out as one of the top three leading players in the global uranium sector.

Uranium remains central to nuclear energy generation, and Namibia’s sizeable reserves continue to draw international attention. As the world seeks cleaner energy solutions, Namibia’s stable political environment and established mining infrastructure are expected to attract further foreign investment and multinational partnerships in 2026.

The next wave of uranium growth is taking shape. In addition to established producers, a strong pipeline of projects is advancing through studies and approvals, including Etango-8 (Bannerman), Tumas (Deep Yellow), Norasa (Forsys) and Elevate Uranium’s portfolio (Koppies and others).

A dynamic sector

• Rössing Uranium: Building on past technological upgrades, Rössing plans to modernise operations in 2026, introducing more automation and digital mining tools to boost productivity and reduce environmental impact.

• Husab: Operated by China General Nuclear Power Group (CGN), Husab is targeting record production levels through innovative extraction methods aimed at conserving water and lowering energy consumption. The mine is also piloting new sustainability protocols.

• Langer Heinrich: Having restarted in late 2024, Langer Heinrich is expected to reach full capacity by mid-2026, capitalising on strong uranium prices and increased demand from both mature and developing nuclear markets.

• Tumas as flagship asset: Tumas, located in Namibia’s world-class uranium province near Husab, is central to Deep Yellow’s long-term strategy. It has a 79.5 Mlb U₃O₈ reserve, a planned 30-year mine life (with potential to extend to about 40 years), and is described as a Tier-1 project. The timing of Namibian production is subject to market conditions and board approval. Tumas is targeting first production around mid-2027; however, Deep Yellow has deferred the final investment decision (FID) until uranium prices reach a level that clearly supports new greenfield supply.

• Exploration activities: With uranium prices holding firm, domestic and international companies are intensifying exploration across the Erongo region, aiming to discover new reserves and diversify Namibia’s mining portfolio.

Continued challenges

• Water scarcity: Ongoing drought makes water management a priority. Many mines are investing in desalination and advanced recycling technologies to secure operations.

• Global market volatility: While uranium prices are expected to remain stable, changes in global nuclear policy or the adoption of alternative energies could affect demand and investment.

• Environmental and societal impact: Advocacy groups and communities continue to call for greater transparency and accountability from mining companies regarding land use, biodiversity, and long-term health and safety concerns.

Namibia is poised to capitalise on the global shift towards low-carbon energy, provided technological upgrades and sustainable practices remain front and centre. International partnerships and a commitment to innovation will be essential for responsible growth.

As uranium prices and long-term contracting cycles continue to reflect tightening fundamentals, Namibia is well placed to anchor a new wave of African uranium supply and, in time, potentially its own nuclear power generation.