ADDIS ABABA – The Tigray State Land and Mine Bureau has announced plans to supply 800 kilograms of gold to the National Bank of Ethiopia (NBE) in the current fiscal year.
The State’s Communication Director Fiseha Girmay told the Ethiopian Press Agency (EPA) that efforts are also underway to bring 60 kilograms of sapphire ore to the market this year. However, Fiseha pointed out that security challenges in the state have hindered the revenue potential from mining activities.
“To ensure that mining operations are carried out legally, laws and procedures have been implemented,” he added.
The bureau has set a target to collect 35 million Birr in revenue from the mining sector. This income will be directed toward the development of construction materials, as well as industrial and decorative minerals. Following the Pretoria Peace Agreement, the bureau is also working to empower ex-militants by integrating them into the mining sector, offering them opportunities to contribute and benefit from the industry.
Fiseha further emphasized efforts to revitalize the country’s economy by addressing the shortcomings in the mining sector and improving the supervision and support provided to mining operations. To encourage productive investments, the bureau has introduced new regulations for investors seeking mining licenses, aimed at ensuring better returns.
With plans to increase income from the mining sector this fiscal year, the director highlighted the importance of tapping into the sector’s potential to create job opportunities for the youth, all while ensuring compliance with the law. He added that the mining industry plays a significant role in driving social and economic change in Tigray, offering hope to many young people and helping to support their families.
Tigray State is known for its rich mineral resources, particularly gold. Historically, it was one of the largest gold producers in the country, contributing significantly to the national economy.
BY MISGANAW ASNAKE
The Ethiopian Herald September 27/2024
