Mozambique recorded gold production of 1.62 tons in 2024, which represents a slight reduction of 2% compared to the volume of 2023, when 1.66 tons were extracted, according to the State Budget execution report released by the Ministry of Finance.Despite the drop, production exceeded the government’s annual target of 1.5 tons by 3%. For comparison purposes, in 2022, production was 1.22 tons, showing an upward trend in recent years. Currently, each kilogram of gold is valued at around 5.7 million meticais on the international market, which means that total production in 2024 represents approximately 9.3 billion meticais.
Gold mining growth and trends
The report indicates that 2023 was a record year for gold production in the country, with growth of 32% compared to 2022, when 1,263.8 kilograms were extracted. The figures for this period also exceeded 124% of the targets initially set for the year, highlighting a performance above expectations in the mining industry. For 2024, the Economic and Social Plan and State Budget (PESOE) predicted growth of 3%, driven by greater control over artisanal mining and the good performance of companies in the sector. However, current figures show that this projection has not materialized.
Companies in the spotlight and projections for the sector
Among the companies that have boosted the sector, the report mentions Explorator, Lda, which operates in partnership with Mutapa Mining Processing, Lda, as well as the resumption of activities by KD Prospero, factors that have helped consolidate mining in the country. Despite the slight drop in production, Mozambique continues to be an important player in gold mining in the region. The projections indicate the need to strengthen the sector, improve oversight of artisanal mining and encourage a more solid performance from companies, guaranteeing sustainable growth.
The government intends to continue to monitor and regulate mining, ensuring that the activity contributes to economic growth and increased public revenue, in a context of gold’s appreciation on international markets.
