The Chamber of Mines warns that persistent inflation will keep weighing on mining operations, as rising fuel and diesel prices lift costs, erode margins, and have led some developers to postpone an investment decision on a key project. It expects central banks to keep raising interest rates, which could slow industrial demand and pressure mineral prices, though long-term fundamentals for gold, uranium, copper and critical minerals remain strong. The Bank of Namibia now projects mining to contract 6.2%, versus 2.2% in its previous outlook. The Mining Production Composite Index fell 4% month-on-month in September as diamond output dropped 12%, while uranium, zinc and gold rose 8%, 27% and 4%. Uranium exports reached N$3.4 billion in August after the Husab mine resumed full production, and the Chamber expects higher gold and uranium prices to offset lower volumes.
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