The National Information Agency of Mozambique has published data from the Q1 2023 on the Economic and Social Balance of the execution of the State Budget, reporting that gold production increased by 53%, amounting to a total of 346.3 kg so far.
According to the report, quoted by the national news agency, "this represents 26% of the total expected for 2023."
The government stated economic growth in the gold industry, based on the short term industry indicators of the National Statistics Institute of Mozambique. In the first quarter of 2023 the amount was higher, compared with the 226 kg of the first quarter of 2022.
“This figure is higher when compared to the 226 kilos of gold produced in the first quarter of 2022. This performance is the result of good development of the companies in the sector, as well as the continuous exploration of hard deposits of rock, the launch of a new processing plant and the resumption of exploration activities in the central province of Manica,” reads the document.
Other metals have likewise seen a surge in production, with tantalize, ilmenite and zircon production also recording growth of 53% (64.5 tonnes), 48% (747.734 tonnes) and 11% (33.345 tonnes), respectively.
The Trading Economic analytic website predicted an increase in GDP Annual Growth Rate in the country by the end of the current quarter, largely driven by the mining sector.
The East African nation is expecting important growth over the next two years, the report indicated.
"GDP Annual Growth Rate in Mozambique is expected to be 4.5 percent by the end of this quarter," the website reported based on global macro models and analysts expectations. "In the long-term, the Mozambique GDP Annual Growth Rate is projected to trend around 8.1 percent in 2024 and 12.0 percent in 2025, according to our econometric models."
However, the UN ECA African Minerals Development Center, explained that there is no large scale gold mining and artisanal miners account for around "90% of Mozambique’s gold,” therefore, “artisanal mining has expanded considerably," which means it creates diversification in the Mozambique mineral industry.
The top exports of Mozambique are gold, raw aluminum and coal briquettes, according to the Observatory of Economic Complexity analytic platform.