The Ministry of Mines fell short of its revenue target for mining activities between 2018 and the first quarter of the current fiscal year (2023/24), according to a report by the Office of the Federal Auditor General.

The Ministry aimed to generate USD 4.2 billion but only managed to collect USD 1.2 billion, achieving a meager 28.9% of its goal. This shortfall has limited the country's expected foreign exchange earnings from the mining sector. The report further highlights the lack of a comprehensive policy for mineral resources and development, despite the Ministry's existence for over 50 years.

The audit also identified unutilized resources hindering progress. Nine Cuban companies licensed for coal production haven't begun operations. Additionally, while gold washing machines were distributed to traditional gold-mining areas and training was provided, there's been no follow-up on their utilization. This coincides with a reported decrease in gold supplied to the National Bank from the 2020/21 fiscal year onwards.

Source: Sheger FM 102.1