Ethiopia earns $456 million from gold exports

ADDIS ABABA (AA) – Ethiopian earnings from gold exports have dropped during the last fiscal year, earning over $456 million from the metal, an Ethiopian official said Saturday.

“The revenues decreased by over $122million compared to the amount the country earned during the same period in the previous year,” Abdurahman Se’id, spokesman for the Trade Ministry, told Anadolu Agency.

He said that Ethiopia earned over $456 million from exporting gold during the last fiscal year, which ended in July.

“The decrease in the revenues resulted from the plunging gold price in the world market,” he said.

He, however, said that Ethiopian gold exports rose to 12.35 tons during the reported period compared to 12.32 in the previous year.

Ethiopia exports gold to the world market through traditional miners and big companies as MIDROC Gold Mine PLC, which is owned by the Ethiopian-born Saudi billionaire Sheikh Mohammed Hussein Ali Al-Amoudi, ASCOM, an Egyptian company, and NYOTA Minerals Ltd. an Australian-based company.

While MIDROC is working in southern Ethiopia, NYOTA Minerals Ltd is working in western Ethiopia. A domestic firm called Ethiopian Mining Company is also engaged in gold mining in the northern Tigray State.

ASCOM has recently found gold reserve in Benishangul Gumuz regional state, southwest of Ethiopia.

“Nearly $194 million of the revenue was secured from mining companies while the rest from small-scale enterprises engaged in traditional mining,” Bacha Fuji, communication director with the Mines Ministry, told AA.

Bacha said in addition to gold exports, Ethiopia is also exporting gemstone, tantalum and opal to different countries.

“The country is working to export more minerals and earn increased foreign currency during the current budget year,” Bacha said.


© 2014, Abebech Tamene. All rights reserved. – The views expressed here are purely those of the author and not necessarily those of the publishers. – Newstime Africa content cannot be reproduced in any form – electronic or print – without prior consent of the Publishers. Copyright infringement will be pursued and perpetrators prosecuted.

9,318 total views, 3 views today

Leave a Reply

Your email address will not be published. Required fields are marked *