Forget diamonds, think uraniums

Five years from now Namibia would be perched on a pedestal as one of the world’s major producers of uranium, thanks to the uranium mines that are presently at exploration and pre-production stages coming on stream. Up till now, Namibia’s mining sector has been famous for diamond mining. For the first time, uranium manufacture outstripped diamond output last year, as Langer Heinrich Mine reached its optimal production stage, while the global economic crisis suppressed require for diamonds.

For 2009, uranium sales reach N$4 billion compared to N$3,8 billion for diamond sales. Although require for diamonds would pick up over the course of the year, the country’s growing uranium sector would continue to grow stronger, says the International Monetary Fund (IMF). “Over the coming years, we predict uranium playing an ever more important role within the Namibian mining sector, becoming more precious to the country than diamonds,” says the IMF.

A number of uranium mines are premeditated to enter production stage between 2011 and 2015. Forsys Metal Corps is predictable to open its Valencia project, while Areva SA is expected to begin operations at its Trekkopje Mine. Extract Resources is predictable to start mining at the Rossing South Mine and Bannerman Resources is predictable to begin extraction at its Etango and Swakop River mines.