The Bank of Namibia reports that gold exports have increased by 27.9%, reaching N$3.4 billion attributed to increased export volumes, a higher US Dollar gold price, and the depreciation of the local currency.
According to the Bank of Namibia’s Quarterly Bulletin, export revenue from other minerals also increased annually but decreased on a quarterly basis mainly due to changes in the volume of gold exports.
Annual export earnings from other minerals grew by 23.7% to N$4.2 billion, driven by higher gold export volumes and increased international prices. The value of gold exports specifically rose due to the same factors.
“Gold prices increased, supported by strong buying by central banks for safe haven purposes and concerns over sluggish global economic activity,” the bank said.
Conversely, export revenue from other minerals dropped by 6.7% on a quarterly basis to N$4.2 billion.
“This decline resulted from lower zinc concentrate export receipts, influenced by decreased prices and volumes, as well as reduced gold export receipts due to lower volumes,” said the report.
Gold production saw a year-on-year increase due to the mining of higher-grade ore but declined on a quarterly basis in the first quarter of 2024.
Year-on-year, gold production rose by 24.4% to 2,345kg in the reviewed quarter compared to the same quarter in 2023.
“This increase stemmed from higher-grade ore mined from both the underground mine and open pit mining areas. However, on a quarterly basis, gold production significantly declined by 31.5% from 3,422kg recorded in the preceding quarter,” the report noted.
The Bulletin highlighted that these fluctuations were due to variations in the grade and quantity of ore processed during the first quarter of 2024.
