Thursday, July 18, 2024

MEF: Mining sector grew 33% in the first quarter of 2024

The Ministry of Economy and Finance (MEF) has announced an increase in gold production in Mozambique, with more than 461 kilograms recorded in the first quarter of this year, marking a 33% increase compared to the same period in 2023.

According to information released by the MEF, gold production in the country in the first quarter of 2024 exceeded 461 kilograms, representing a notable increase on the 346.3 kilograms recorded in the same period of the previous year. This milestone corresponds to around 29% of the total production of 1.5 tons projected for 2024.

The report prepared by the institution also highlights that the value of each kilogram of gold on the international market is estimated at around 68,000 euros, which puts total Mozambican production for the period in question at approximately 31.5 million euros.

In addition, data recently released by the Bank of Mozambique (BdM) reveals that the country’s gold reserves increased by 13.4% in 2023, reaching a value of over 261.1 million dollars. These reserves, which include gold bullion, bars and ingots, are part of the central bank’s foreign exchange reserves.

At the end of 2023, Mozambican foreign exchange reserves totaled more than 229.6 billion meticais, showing a decrease on the previous year. This figure reflects a trend of variation in the value of reserves over time, influenced by global and local economic factors.

The increase in gold production in Mozambique signals a positive trend for the country’s economy, strengthening foreign exchange reserves and contributing to economic growth. The government and relevant authorities continue to monitor these developments closely, with a view to promoting an enabling environment for the mining sector and ensuring lasting benefits for the Mozambican population.

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