Gold exports slide on soft prices
Wednesday, January 08, 2014
Mupane Gold processing operations PIC- Galane Gold Ltd
The lower value of exports as at November, as revealed recently by the Bank of Botswana, was in spite of production increases by the country's sole mine, Mupane, which ramped up output throughout the year from its main deposit and surrounding leases.
While the depletion of a key deposit forced Mupane's production down 32 % in the year up to September 2013 when compared to the same period in 2012, figures show quarterly improvements in 2013 from 7,430 ounces in March to 9,941 in September.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...