The government has raised N$29.1 million from the auction of 4,500 metric tonnes (MT) of pilchard and monk fish quotas, with successful bids exceeding the reserve prices set for both species.
The Ministry of Finance and the Ministry of Agriculture, Fisheries, Water and Land Reform said the two auctions generated combined proceeds of approximately N$29.12 million.
The pilchard auction raised N$13.87 million after 3,500MT of the 5,000MT quota offered was successfully allocated.
The auction, held on 4 September, attracted two bids and recorded a weighted average price of N$3,962.86 per MT, well above the government’s reserve price of N$2,700 per MT.
The highest successful bid was N$4,310 per MT, while the lowest was N$3,500 per MT.
“The Pilchard Fish auction raised a total of N$13.87 million from the sale of 5,000 MT, inclusive of N$2,000 raised from application fees. The auction showed a substantial improvement in the price compared to the N$2,700.00 reserve price. A residual of 1,500 MT was recorded following the auction,” the ministries said.
However, while the statement refers to the sale of 5,000MT, it also states that only 3,500MT was subscribed and allotted, leaving 1,500MT unallocated.
The monk fish auction generated N$15.26 million from the allocation of the full 1,000MT quota offered.
Held on 17 July, the auction attracted six bids and achieved a weighted average price of N$15,250 per MT, compared with the reserve price of N$10,000 per MT.
Bids ranged from N$12,000 to N$15,400 per MT, with the entire quota allocated and no residual tonnage remaining.
“The Monk Freezer Fish auction generated total proceeds of N$15.26 million from the sale of 1,000 MT, including N$6,000 raised from application fees. The auction recorded a substantial increase in the price above the N$10,000 reserve price, with the entire allocated 1,000 MT sold and no residual MT recorded,” the ministries said.
Based on the quantities reported as successfully allocated, the government sold a combined 4,500MT of pilchard and monk fish quota through the two auctions, while 1,500MT of the pilchard quota remained unallocated.
