Mining, oil top contributors

By HARLYNE JOKU
THE mining and petroleum sector is a major exporter and top contributor to the gross domestic product (GDP), Secretary for Commerce and Trade Anton Kulit said last week.
Mr Kulit said an increase in mineral production was expected next year from new and existing licences.
He said this year, a total of 62 tonnes of gold would be produced from the combined output of the country’s gold miners.
He said currently there was a global price boom which had caused the price of copper to increase 500%, oil 300% and gold 250% starting 2000.
Last year, the total value of mineral exports was over K10 billion, in which copper contributed K4.3 billion, oil K3 billion and gold K3 billion, Mr Kulit said.
He said this was the main reason for the recent budget surpluses announced by the Government.
On the other hand, Mr Kulit had noted that oil production was declining but this had been offset by an increase in revenue due to oil price increases.
He said revenue varied between US$400 million (K1.220 billion) and US$600 million (K1.829 billion) due to changes in production levels during the years 2001 to 2004.

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