Ministry, ECX ink MoU for modernizing minerals market

ADDIS ABABA – Ministry of Mines and Petroleum and Ethiopian Commodity Exchange (ECX) signed a Memorandum of Understating (MoU) to modernize the market system of strategic Ethiopian minerals.

Signing the MoU, Mines and Petroleum Minister Takele Uma said that the MoU would help develop strategic Ethiopian minerals market, ensure transaction transparency and minimize illegal minerals trading with a view to benefiting miners, increasing domestic revenue and expanding international market access.

 Digitalizing the marketing system of strategic or precious minerals would enable the nation to penetrate the market to be competitive in East African and free trade market and other international markets. Moreover, the linkage between the Ministry and ECX would diversify mineral export market destination and create job opportunity for the youth.

The activity would also help properly grade, create market linkage and pave ways to enjoy strategic mineral trading apart from modernizing and digitalizing the market of ornamental minerals such as gold and opal, he added.

 ECX CEO Wondimagenehu Negera on his part said that digitalizing and establishing marketing of minerals via ECX will enable producers and others to enhance their income. It is also of paramount importance in generating additional foreign exchange earnings, standardizing product quality and reducing illegal transaction and trading.

According to him, ECX has efficient capacity to run the marketing system of minerals. We have full laboratory centers across the country to run the marketing system. The agreement was signed by Takle Uma, the Minister of Mines and Petroleum and Wondimagenehu Negera, CEO of ECX.

 BY TSEAGYE TILAHUN

The Ethiopian Herald May 8/2021

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