Ethiopia Expects to Generate USD 500 Million this Year from Mining

The mining sector in Ethiopia is expected to generate more than USD 500 million in revenue during the current fiscal year, according to the Ministry of mines. The utilization of the nation’s enormous mineral resources has not yet reached its full potential.

The mining industry has been given priority by the government, which intends to produce over USD 17 billion from it over the following ten years, in accordance with its 10-Year Perspective Development Plan.
According to the Ministry, the government is working closely with businesses in the sector. With a view to assisting and developing these businesses’ capacity for growth. Diversifying mineral exports to include industrial minerals is also the government’s priority.

There is a growing participation of foreign businesses in mineral exploration and development. In this regard, Benishangul Gumuz region’s Kumrock Mining firm, a branch of Allied Gold Mining and an Australian gold mining firm has finished its exploration of a gold mine and is building a production facility. It is anticipated that this facility, which would cost over USD 500 million, will grow to be Ethiopia’s greatest gold producer. Its completion in the upcoming years is anticipated to significantly increase the nation’s mining sector’s foreign exchange revenues.

As a result of government initiatives, the quantity of gold deposited in the National Bank of Ethiopia has exhibited significant improvement. In the 2022/2023 fiscal year alone, Ethiopia earned USD 226.8 million from mineral exports.

Source: Ethiopian News Agency

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