Swakop Uranium plans N$235m Husab drilling push for 2026

Namibia's Chinese-backed uranium mine will drill 100,000 metres across five deposits this year

10 May 20262 min read

Swakop Uranium plans N$235m Husab drilling push for 2026

Swakop Uranium, operator of the Husab uranium mine near Swakopmund, plans to invest N$235-million in exploration during 2026, with drilling expected to reach about 100,000 metres of reverse circulation and diamond drilling. The Chamber of Mines of Namibia said the programme would "intensify further" after a step-up in drilling the previous year.

Building on a stronger 2025

Husab completed 72,000 metres of drilling across five deposits in 2025, a 41% increase on 2024, as Swakop Uranium worked to extend the mine's resource base. The mill processed 12.31-million tonnes of ore during the year and produced 5,429 tonnes of U3O8, while the mine moved 114-million tonnes of total ex-pit material, about 4% above target.

A heap-leach option in the wings

Alongside the drilling push, Swakop Uranium has been trialling a heap-leach process aimed at economically recovering uranium from lower-grade ore that would otherwise be stockpiled. The company has reached the final investment decision stage on the project, with construction slated to begin before the end of 2026 if approved — a move that could lift Husab's output further without a conventional plant expansion.

Why it matters

Husab, majority owned by China General Nuclear Power Group through Swakop Uranium and 10%-held by the Namibian state, is one of the largest uranium mines in the world by capacity. Sustained exploration spending signals confidence that the current uranium price cycle justifies extending the mine's life well beyond its original design, at a time when Namibia is competing with Kazakhstan and Canada to supply an expanding global reactor fleet.

What happens next

The 2026 drilling campaign will run through the year, with results expected to feed into updated resource and reserve estimates. A positive outcome on the heap-leach decision would add a second production stream at Husab, reinforcing Namibia's position as the world's third-largest uranium producer.