Mineral revenues drop 32% to P5bn

Expansion work is due at both, Jwaneng and Orapa Mines
Expansion work is due at both, Jwaneng and Orapa Mines

Inflows of mineral revenues to the national purse slowed to P4.9 billion in the first six months of the year, compared to P7.2 billion last year, figures in a Finance Ministry memo have revealed.

The drop comes even though production across the country’s mines was uniformly higher in the first half of the year, pointing to weaknesses in pricing across the board.

At the recent Budget Pitso, the Finance Ministry said it expects mineral revenues to end the 2018-2019 financial year at P20.3 billion, from the original forecast of P24.6 billion. The difference, the Ministry said, would be due largely to government’s commitments to Debswana.

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