(Ecofin Agency) - Namibia is the world's third-largest producer and Africa's largest producer of uranium. Spurred by the recent surge in uranium prices, new investors are flocking to the country. 

Australian mining company Gibb River Diamonds has acquired two uranium projects in Namibia, the continent's leading nuclear fuel producer. The firm announced the acquisition via a press release dated June 24, 2024. 

The company's new projects, Erongo and Kunene, are located in the heart of Namibia's vast uranium region, home to the Husab and Langer Heinrich mines. The Erongo project covers an area of 48 km², while the Kunene project covers 1,780 km², comprising six exclusive prospecting licenses covering 1,828 km².

The firm expects to secure the necessary authorizations to begin exploration within five to six months. Recently, Nico Scholtz was appointed Gibb River Diamond’s Exploration Manager for Namibia. 

Uranium prices have been rising steadily since 2021, recently exceeding $100 per pound. Renewed interest in nuclear power drove the surge, prompting investors to seek new assets.

Namibia, being the world's third-largest producer and Africa's largest, is a prime destination for these new investors. According to the country's Chamber of Mines, mining accounted for 14.4% of GDP and 53.1% of exports in 2023. 

Emiliano Tossou