In 2023, Mozambique broke records by producing over 1.6 tons of gold, surpassing both previous and expected figures for the next year.
The Ministry of Economy and Finance MEF report showed a production of 1,666.4 kilograms, a 32% increase from 2022’s 1,263.8 kilograms.
This growth in gold production pushed Mozambique’s earnings close to $111.6 million (€102.8 million), with the market price of gold nearing $67,000 (€61,700) per kilogram.
Achieving 124% of the government’s target, Mozambique also beat the forecast for the year, initially expected at 1,583 kilograms.
Future projections for 2024 suggest a 3% growth in gold production, attributed to better management of artisanal mining and the strong output from production companies.
Notably, Explorator, Lda., in collaboration with Mutapa Mining Processing, Lda., and the revitalization of KD Prospero’s activities have been pivotal.
The Mozambican government is optimistic about the extractive sector’s future, forecasting an 18.6% growth in 2024.
This optimism is backed by the increased production of crucial minerals, including gold, which highlights the mining sector’s significant contributions to the country’s economy and development.
Background
This performance, while modest, positions Mozambique on the global gold production map.
These are the world’s top producers:
- China led with 375 MT,
- Australia added 313.9 MT to the global supply,
- Russia maintained its output at 310 MT,
- Canada contributed 194.5 MT,
- United States followed with 172.7 MT.
Mozambique’s record-breaking output in 2023 underscores its emerging significance and suggests a bright future in the industry.