The Ministry of Finance, together with the Ministry of Fisheries and Marine Resources, plan to raise N$183.75 million in a new round of governmental objective fish quota auctions.
The auction is part of efforts to raise additional funds for Government activities. The allocation is split 60 percent (52, 500MT) horse mackerel freezer and 40 percent (35 000MT) horse mackerel wet, with the reserve price per metric ton set at N$3000 and N$750 for freezer and wet respectively. Bids according to the Ministry of Finance must be in multiples of 100 metric tonnes, and bidding entities should quote a price to the nearest two decimal places.
“Allotment of the bids will be determined by the Ministry of Finance as soon as possible, following the closure time of the auction. Quota will be allocated to the highest bidders at their bid-price, ascending from highest to lowest, until the full 87,500 MT have been allocated, or the reserve price has been reached.”
This is the second auction held by the ministry this year, with 11,164 MT of wet hake and 4,784 MT of freezer hake having been auctioned in March to raise N$105 million for government. The results of that auction are yet to be shared.
“Bidders that submit bids below the lowest clearing price or the reserve price, will be deemed unsuccessful. Should there be multiple bidders at the lowest clearing price, these bidders will receive a pro-rata allocation.”
Last year the Government only managed to raise a paltry N$8.4 million in its first auction from initial bids valued at N$627.9million.