MINING REFINING

Ethiopia Gains USD 274 Million from Gold Export

Fri May 31 2024

The Ministry of Mines announced that USD 274 million has been earned from gold exports in the last nine months, reflecting an 83% growth compared to the same period last year.

The revenue is attributed to a rise in gold production by both commercial mining companies and traditional miners. Combined, they delivered 3.023 tons of gold to the National Bank of Ethiopia.

The Ministry of Mines emphasizes its focus on producing high-quality minerals for the global market, thereby boosting foreign exchange earnings – a crucial factor for Ethiopia's economy.

The Ethiopian government announced in March this year the discovery of gold deposits exceeding 517 tons across several regions, including Benishangul-Gumuz, Gambella, Oromia, and Tigray. This discovery is the culmination of extensive geological surveys conducted over the past 15 years. The country's first major gold processing plant is also under construction in Benishangul-Gumuz. Plans are underway to build additional facilities in Wollega, Guji, Gambella, and Tigray within the next two years.

Source: https://www.2merkato.com/