Namibia is solidifying its position as a key global supplier in the uranium market as the world stands "on the cusp of a nuclear revival," according to an analysis report released on Thursday.
Namibian research and investment firm Simonis Storm Securities analyst Almandro Jansen said that the southern African nation is already a significant producer, supplying around 10 to 11 percent of global mined uranium.
The Husab uranium mine will put Namibia's current output at between 8,000 and 9,000 tonnes in 2025, ranking the country firmly among the top three global suppliers, according to the analyst.
Jansen said that this strong output is only the beginning, with a robust project pipeline suggesting substantial future growth.
"Bannerman's Etango-8 and Deep Yellow's Tumas projects are both ready for implementation and have the potential to add an additional 1,400 to 1,600 tonnes annually, while Forsys Metals' Norasa project offers longer-term expansion potential," he said.
If these projects come to fruition, Namibia's uranium production could increase by 30 to 40 percent in the next decade, thereby solidifying its position as a key contributor to global supply.
According to Jansen, this supply story comes at a critical moment as "global electricity demand is projected to climb by as much as 30 percent this decade, fueled by the twin forces of electrification and the rapid growth of AI and data centers."
"The World Nuclear Association projects demand will rise from 69,000 tonnes today to 86,000 tonnes by 2030 and almost 150,000 tonnes by 2040," he said.
Editor:Leo
