Yellowcake, a powdered uranium concentrate on its way to enrichment.
The "Uranium Bubble of 2007" was a cataclysmic market event. Possibly caused by the flooding of one of the world's largest mines in Saskatchewan, the result was an exponential surge in price per pound of uranium. Namibia was already operating a series of first-generation large mines left over from a similar boom in the 70's, but in 2007 it suddenly became lucrative enough for small companies to prospect for the element.
 Image courtesy of (http://commons.wikimedia.org/wiki/User:Celuca), using data reported by the IMF.
Uranium operations ranged from multi-billion dollar behemoths supplying the national reactors of Australia, France, and China, to small, fly-by-night operations. The latter would turn out to be particularly hasty and destructive prospectors, many companies skimming miles of sensitive desert crust off of the surface.
Now, in 2011, many of the smaller companies have disappeared, leaving only a few new, active operations. The uranium bubble may have burst, but Namibia has been left without many of the benefits- the nation has no processing facilities or nuclear reactors. It remains the world's 6th greatest exporter of the stuff. Then again, African turf may remain hotly contested for its strategic value more than anything else. Australian mines are major players internationally, partly because their home country limits them to two operating uranium mines. France, which derives 79% of its power for a nuclear source, has staked large mineral claims in the central Namib. And China has begun to make aggressive claims, backed by a cozy relationship with the top government leaders.

Only time will tell if this plays out for the benefits of Namibians. People are hungry for national income and employment (as of 2010, Namibia suffered 33.8% unemployment, barely losing to Macedonia as the world's most under-employed nation.) Experts doubt that the mining will bring long-term stability, having seen the smaller prospectors crumple after the boom. The environmental and health impacts of uranium mining are yet unquantified-but will likely be great in operations where the entire surface layer of soil is scrapped off in order to leach out uranium dioxide.
This will be a great test both for Namibian regulators, but also the international community, which needs to provide legal and moral support for a nation trying to achieve balance. When the Namibian people wake up in the morning, what will they find? A home rich in diverse arid flora and fauna? A new highway system? Or just wistful regret that no one paid attention while Namibia's mineral heritage slipped away?
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