Mozambique’s gold reserves valued at around US$230 M – Lusa

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Mozambique’s gold reserves valued at around US$230 M – Lusa

8:10 CAT | 12 Jul 2023

File photo: Lusa

The value of the gold reserves held by the Bank of Mozambique last year fell by almost 4%, to around $230 million, according to central bank data compiled on Wednesday by Lusa.

According to the annual report by the Bank of Mozambique, the value of country’s gold reserves – in coins and bars – stood at approximately $230.3 million (€208.9 million) on 31 December 2022, with 126,575 ounces (3,588 kilograms) in gold and “based on the average price of gold quoted in US dollars at the reporting date on the London gold market.”

On 31 December 2021, the value of these reserves, then totalling 126,530 ounces (3,587 kilograms), was $239.7 million (€217.5 million), meaning that there has been a $9.3 million (€8.4 million) reduction in the value of these assets.

According to the international gold price, each ounce was in May worth $1,992 (€1,807), while in December 2022 the price was $1,797 (€1,630) and a year earlier $1,790 (€1,624).

Portugal, meanwhile, according to this month’s data from the World Gold Council, consulted on Wednesday by Lusa, is the 15th country with the largest gold reserves in the world (382.6 tonnes).

Portugal is also the leader among Portuguese-language countries, followed by Brazil, with 129.7 tonnes (31st worldwide), then Mozambique, with 3.9 tonnes (88th), while Cabo Verde – outside the World Gold Council’s top 100 countries holding gold reserves – had about 1 tonne in such reserves at the end of 2022.

Source: Lusa