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MEF: Gold Production Up 33% to Over 461Kg in Q1

MEF: Gold Production Up 33% to Over 461Kg in Q1

The Ministry of Economy and Finance (MEF) revealed that gold production in the country reached more than 461 kilogrammes in the first quarter of this year, representing a 33% increase compared to the 346.3 kilogrammes recorded in the same period of 2023.

According to a report drawn up by the institution, this corresponds to 29% of the total production of 1.5 tonnes forecast for the whole of 2024.

The document also highlights that each kilogramme of gold is currently worth around 68,000 euros (4.6 million meticals) on the international market, so total Mozambican production for the period in question represents almost 31.5 million euros (2.1 billion meticals).

Recently, the Bank of Mozambique (BoM) revealed that reserves of almost four tonnes of gold will increase by 13.4% in 2023, to more than 261.1 million dollars (16.5 billion meticals).

“In 2022, Mozambique held approximately 126,500 ounces, worth 230.3 million dollars. However, at the end of 2023, that same amount of gold, which is part of the central bank’s foreign exchange reserves, became worth 261.1 million dollars,’ the organisation explained in a report released in April.

At the time, the BoM pointed out that the foreign exchange reserves are made up of gold bullion, fine silver and platinum, special drawing rights, foreign currency and other assets denominated in foreign currency with guaranteed convertibility.

On 31 December 2023, Mozambique’s foreign exchange reserves exceeded 229.6 billion meticals, less than half in one year, compared to 537.3 billion meticals in 2022.

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