The government received only two bids for the auction of pilchard fishing quotas held earlier this month, with 3 500 metric tonnes (MT) ultimately allocated at prices above the set reserve price.
The auction, held on 4 September by the Ministry of Finance and the Ministry of Agriculture, Fisheries, Water and Land Reform, offered 5 000MT of pilchard quota, but only 3 500MT was subscribed and allocated, leaving 1 500MT unallocated.
The two successful bids resulted in a weighted average price of N$3 962.86 per MT, compared with 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 auction generated N$13.87 million, including N$2 000 in application fees.
“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 ministries says.
The statement, however, notes that only 3,500MT was successfully allocated, leaving a residual 1 500MT following the auction.
The limited participation contrasts with the monk fish auction, which attracted six bids and resulted in the full 1 000MT quota being allocated.
The monk fish auction, held on 17 July, achieved a weighted average price of N$15 250 per MT, against a reserve price of N$10 000 per MT. Bids ranged from N$12 000 to N$15 400 per MT.
It generated N$15.26 million, including N$6 000 in application fees.
Combined, the two auctions generated approximately N$29.12 million from 4 500MT of successfully allocated fishing quota.
