Gold reserves increased by 65% in 2025, reaching the equivalent of 35 billion meticais (467 million euros), according to data from the Bank of Mozambique (BdM) compiled and cited by Lusa. This growth represents a significant increase compared to the previous year.
According to the central bank’s financial statements, in 2024 gold reserves were valued at 21.2 billion meticais (283 million euros). The increase recorded in 2025 adds to the 27.1% rise observed in the previous fiscal year.
The evolution in the value of reserves is mainly attributed to the rise in international gold prices, as the physical stock of the precious metal remained relatively stable. Thus, the growth reflects primarily developments in the global market.
According to the BdM framework, foreign reserves consist of coined gold, bars or bullion, fine silver and platinum, Special Drawing Rights, foreign currency, and other foreign-currency-denominated assets with guaranteed convertibility.
In March, the Government announced that investors from the United Arab Emirates intend to establish Mozambique’s first gold refinery. The proposal was presented during a meeting between the Minister of Economy, Basílio Muhate, and representatives of the Arab-Mozambique Chamber of Commerce (CCAM) in Maputo.
A gold refinery involves an industrial purification process that transforms raw or recycled gold into high-purity gold. According to a statement from the Ministry of Economy, business representatives also expressed interest in investing in agriculture, the food industry, and fisheries.
Despite the increase in reserves, Mozambique’s gold production fell by 17% in 2025, to 1,349 kilograms, corresponding to only 82% of the annual target. “This reduction resulted from the suspension of gold extraction activities in Manica, one of the main producing provinces with large-scale and small-scale artisanal mining operations,” the government document states.
Nevertheless, for 2026 the Government forecasts production above 1,723 kilograms, which could represent a new annual record, arguing that “the increase in gold production will result from the strong performance of the two main companies in the sector and investment in expanding production capacity.”
