Gold stockpile talks advanced, says B2Gold

Namibia is moving closer to establishing its own gold stockpile, with discussions between the Bank of Namibia (BoN), B2Gold and QKR Navachab at an advanced contractual stage.

Under the proposed arrangement, gold produced at the Otjikoto and Navachab mines would be refined in South Africa before being returned to Namibia for storage in the BoN’s vaults.

Speaking at the fifth Canada–Africa Business Conference in Windhoek, B2Gold country manager John Roos said the initiative was a positive step towards strengthening Namibia’s gold holdings.

The central bank confirmed that it is in the final stages of preparatory work to integrate gold into its foreign exchange reserve portfolio.

“This initiative will be implemented in a phased manner, in line with the Bank’s internal governance processes. The Bank will formally communicate further details through its official platforms in due course,” the BoN said in response to Market Watch.

In May 2025, the BoN formally expressed its intention to President Netumbo Nandi-Ndaitwah to include gold as part of its reserves.

“We plan to acquire gold from local mines, namely B2Gold and Navachab (QKR). We want the gold we acquire to meet international standards, so we will purify the gold that we acquire. We want to keep it in the vaults of the BoN, and we want to regard that as part of our reserves,” said then BoN governor Johannes !Gawaxab.

!Gawaxab said discussions had also been held with the Rand Refinery in South Africa to refine the gold to 99% purity, enabling it to qualify as reserve-grade bullion.

“We want to acquire gold for strategic purposes, and this is a long-term view that we are taking. We have engaged the management of Rand Refinery in South Africa, since the local mines can only refine to about 80% purity,” he said.