Minister of Finance, Ipumbu Shiimi, has indicated that uranium miners are waiting for prices to recover before reviving projects in Namibia. Bloomberg reports that there’s been a revival in demand for nuclear power since Russia’s invasion of Ukraine as nations scramble to reduce their dependence on fossil fuel. That’s spurred a rally in uranium, with prices more than tripling from a 2016 low to $63.75 a pound in April with Shimi saying that “if the price reaches $65 to $70 a pound, then that will trigger more investment in uranium”. Currently only the Rossing Uranium Mine and Husab Uranium – controlled by Chinese investors are producing while Australia’s Paladin Energy plans to resume commercial production at its Langer Heinrich mine by 2024. There are also five mining areas currently under exploration.
