Liberia: Mining output crashes in Q3 2015
Thursday, 28 January 2016 12:24
Liberia’ mining industry as professionals forecast, had a disastrous third quarter in 2015. This is what statistics from a financial and economic report by Central Bank of Liberia (CBL) revealed. Ores hit by the storm include gold, diamond and cement.
Output for gold slumped to 990 ounces in Q3 from 2,744 ounces the previous quarter. The report says this performance is due to the fall in price of gold caused by dollar hike.
The output for diamond fell 46.4% to 11,769 carat, as a result of flooding of mines during this period which coincides with the raining season.
The drop in the prices of diamond and gold was cushioned by a rising output for iron. Indeed, provisional estimate shows that 2,151,190 tons of Iron was produced during Q3 against 1,350,302 tons the previous quarter.
Like diamond, cement also suffered rains which impaired demand in the construction sector. The output for the commodity which was at 80,843 tons the quarter before fell to 56,000.03 tons during the third quarter.
Stéphanie. C TOHON
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