In the first half of 2017 gold production fell by 1.7 percent to 317,096 ounces, compared to the same period in 2016. In fact, the mining and quarrying sector contracted by 4.0 percent during this period.
Total earnings from gold exports also declined marginally from US$390.7 million, in the first half of 2016, to US$388.8 million, in the first half 2017, on account of falling production due to poor weather, despite a marginal increase in average export price over the period.
The 2017 Midyear Economic Report which was laid in Parliament yesterday explained that of the total gold declared, 65.7 percent came from small and medium-sized miners and dealers whose declarations were above projections while the two large gold companies were below projections.