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Mozambique projects record gold production for 2024

The expected growth is part of an overall rise in extractive industry production in the southern African nation.

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The expected growth is part of an overall rise in extractive industry production in the southern African nation.

ARTICLE BY

PUBLISHED

UPDATED: 21 Dec 2023, 11:07 pm

Mozambique predicts record-setting gold production in 2024, increasing at least 3 percent year-on-year to more than 1.5 tonnes, according to reports.

The government projections cite greater control of artisanal mining, long a clandestine practice, and the positive performance of production companies as the source of the expected growth in gold production. 

The United Arab Emirates, Hong Kong, Switzerland and France are the primary destinations for Mozambique’s gold exports. The UAE and Switzerland are consistently among the world’s top gold hubs, while China dominates as a producer.

[See more: Mozambican government predicts that extractive sector will lead GDP growth]

After a boom and bust in the 1990s, gold production in Mozambique has remained relatively low. Recent years, however, have shown promising growth and stabilisation in the industry.

Gold production in 2021 jumped 56.7 percent year-on-year, from 487.9 kg in 2020 to 764.4 kg. Last year production rose by 42.2 percent to 1,087 kg and estimates for this year predict a total of 1,537 kg, an increase of 41.4 percent.

Mozambique projects the extractive industry sector will grow by 18.6 percent in 2024 on the strength of increased production in gold, heavy sands, graphite and coal. Coal is the country’s largest single export, accounting for much of the mineral fuels sector that makes up nearly half of Mozambican exports.

 

UPDATED: 21 Dec 2023, 11:07 pm

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