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Mineral value increases by 37.7 pc

THE value of mineral recovered increased by 37.7 percent to 1.28ri/- compared to 932.54bn/- recorded in the corresponding quarter last year.

The Central Bank’s Consolidated Zonal Economic Performance Report shows that all zones with mineral recovery activities recorded an increase in value with the exception of the northern zone.

The improvement was registered particularly in gemstones, salt and gold; with the growth in the value of gold being influenced by a rise in global prices following an increase in demand for gold as a safe haven asset for investors in the wake of outbreak of Covid-19.

The Lake zone accounted for the largest share at 83.3 percent of the total value of minerals extracted, followed by the Southern Highlands zone (10.0 percent).

During the period under review, the value of mineral generated in the Southern Eastern zone was 59.28bn/- compared to 33.54bn/-, which is equivalent to 76.7 per cent change.

The value of minerals generated in the central zone 8.19bn/- compared to 5,67bn/- in the corresponding quarter, which represent 44.5 per cent increase in the reference period.

Moreover, the value of minerals in the northern zone declined by negative 7.5 per cent to 18.39bn/- compared to 19.88bn/- in the same period last year.

The establishment of minerals centers of excellence and mining markets in the country is among the factors that have contributed to the outstanding performance of minerals from various zones.

Mineral markets established in many regions have positive results in combating mineral smuggling.

They have platforms for local jewellers processors to have access to raw materials and therefore, maximize earning and graduate into industries as well than just being centres for controlling mineral smuggling.

Small scale artisanal miners plays a major role in micro economy for their areas of working feels direct impact of urbanization, money earned is circulated directly in the circulation despite being regarded as environmental polluters.

The government has been conducting various programs in the mining sector namely the opening up mineral centers and more is to be done to support the small scale miners to benefit from their labor and natural resources.

THE government has embarked on ...

Author: DAILY NEWS Reporter

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