Mozambique: Gold production rose 19% YoY in H1
Gold production in Mozambique grew 19% in the first half of the year, year-on-year, to more than 917 kilograms, according to official data that Lusa has accessed to today. According to a report from the Ministry of Economy and Finance that details mining production and extraction in the first half of the year, this figure compares with almost 769 kg in the same period in 2023 and represents 58% of the target of 1,583 kg for the whole of 2024.
Each kilogram of gold is currently worth around €73,000 on the international market, so total Mozambican production in the first half of the year represents almost €66.9 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 for 2024, according to budget execution data previously reported by Lusa.
According to a report by the Ministry of Economy and Finance on the budget execution for 2023, in that year, the country produced 1,666.4 kg of gold, an increase of 32% compared to the 1,263.8 kg in 2022, 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 of gold.
“The gold production plan indicates a growth of 3% compared to projections for 2023,” read the supporting documents for the proposed Economic and Social Plan and State Budget (PESOE) for 2024.
The document added that this expected growth is the result of “greater control over artisanal mining”, but also due to 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 of the company KD Prospero,” the document also reads.
Source: Lusa