Chamwe Kaira
Diamonds production rose on a yearly basis by 8.8% to 617 780 carats during the second quarter of 2023, Bank of Namibia data revealed.
The rise was attributed to more carats mined onshore owing to ongoing expansion of the mining area at the land operations as well as more carats mined offshore ascribed to additional output from the Benguela Gem, operated by Debmarine Namibia.
The central bank said production of uranium rose on a yearly and quarterly basis during the second quarter, predominantly ascribed to base effects resulting from fewer water supply interruptions experienced during the quarter.
Uranium production rose both on a yearly and quarterly basis by 32.8% and 7.5%, respectively, to 1 967 tonnes of uranium oxide.
The yearly rise was prominently ascribed to low base effects emanating from water supply challenges experienced in the previous year, coupled with a loss in production hours brought about by industrial action at one of the uranium mines during the second quarter of 2022.
The international spot prices of uranium rose both year-on-year and quarter-on-quarter by 8.7% and 7.6%, respectively, to an average of US$54.53 per pound over the same period.
Gold production rose both on a yearly and quarterly basis during the second quarter of 2023, primarily driven by high grade ore mined at one of the mines. The production of gold increased both on a yearly and quarterly basis by 42.3% and 7.7%, respectively, to 2 031 kg. International gold prices increased both on a yearly and quarterly basis by 5.6% and 4.8%, respectively, to an average of US$1978 per ounce during the quarter. This was ascribed to investors turning to gold as a safe haven asset amid stubborn inflationary pressures globally and the instability in the banking sector.
The production of zinc concentrate declined year-on-year and quarter-on-quarter largely due to lower-grade ore mined. Production of zinc concentrate decreased both on a yearly and quarterly basis by 11.8% and 20.3%, respectively. The international price of zinc declined both on a yearly and quarterly basis by 35.1% and 19%, respectively, averaging US$2 540 per metric tonnes.
