- New factories underway
ADDIS ABABA – The Ministry of Mines (MoM) announced that the construction of three gold mining factories is progressing swiftly, with the goal of generating approximately 800 million USD from the sector this fiscal year.
Speaking to the Ethiopian Press Agency (EPA), MoM State Minister Million Mathewos stated that Ethiopia is intensifying efforts to explore and harness its vast mineral and construction resources. He indicated that the three gold mining factories are expected to become operational within the next 18 months.
Once completed, these projects will boost the country’s gold production by an additional 10 tons annually, significantly contributing to mineral exports and increasing foreign currency earnings. The factories are located in Benishangul, Gambela, and Tigray states, with the largest facility in KurmukDistrcit, Benishangul-Gumuz State, projected to produce about nine tons of gold per year.
In addition to these developments, the Gugi Gold Mining Company is undergoing major project expansion, and plans are in place to launch potash mining projects in Afar State, Million revealed.
Given the sector’s critical role as one of Ethiopia’s top economic pillars, the government is prioritizing its development. The nation earned 420 million USD from mineral exports in the previous fiscal year, and the ministry is working tirelessly to surpass this target in the current year.
The state minister also noted that the government has introduced various systems and incentives to attract both local and international investors, thereby boosting income generation and promoting the sector. Furthermore, efforts are underway to support the importation of industrial inputs and enhance job creation across the country.
Ethiopia, a country with a rich geological history, has been increasingly exploring its mineral resources to boost its economy. The gold mining sector, in particular, has emerged as a significant contributor to the nation’s foreign exchange earnings.
BY ASHENAFI ANIMUT
The Ethiopian Herald September 29/2024
