Mozambique: Gold production rises 5% to almost 1.3 tonnes in nine months

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Mozambique: Gold production rises 5% to almost 1.3 tonnes in nine months

2:06 CAT | 15 Nov 2024

File photo: Notícias

Gold production in Mozambique grew by 5% in the first nine months of the year, year-on-year, to almost 1.3 tonnes, according to official data to which Lusa had access on Friday.

According to a Ministry of Economy and Finance report detailing mining production and extraction from January to September, Mozambique produced 1,291 kilograms of gold in this period, a figure that compares with 1,228 kg in the same period in 2023 and represents 82% of the target of 1,583 kg for the whole of 2024.

Each kilogram of gold is currently worth around €80,000 on the international market, so total Mozambican production up to September represents almost €98.2 million.

Mozambique had already broken its gold production record in 2023, with more than 1.6 tonnes, above what was projected for last year and this year, according to budget execution data previously reported by Lusa.

According to a report by the Ministry of Economy and Finance on last year’s budget execution, in 2023, the country produced 1,666.4 kg of gold, an increase of 32% compared to the 1,263.8 kg in 2022, which was already a record.

This was also an achievement of 124% compared to what was initially planned by the Mozambican government, but also above the projections for this year, which point to the production of 1,583 kg.

“The gold production plan indicates a growth of 3% compared to projections for 2023,” reads the supporting document for the proposed Economic and Social Plan and State Budget (PESOE) for 2024.

The document adds that this expected growth is the result of “greater control over artisanal mining”, but also of the “positive performance of the country’s producing companies”.

“With a greater focus on the company Explorator, Lda., due to the fact that, on one of the exploration fronts, the company relies on Mutapa Mining Processing, Lda. On the other hand, we have the resumption of activities by the company KD Prospero,” the document also reads.

Source: Lusa