Ethiopia earns over 63.6mln USD from gold exports in three months

Addis Ababa, November 27, 2023 (FBC) – Ministry of Mines stated that Ethiopia has earned more than 63.6 million USD from gold exports during the first quarter of the fiscal year.

While presenting the job performance the institution to the House of Peoples Representatives, the Minister of Mines, Habtamu Tegegn, stated that the National Bank of Ethiopia has bought 719.6 kg of gold from miners in the last quarter, he said.

Although the mining sector has experienced challenges resulted from conflicts and lack of infrastructure in some areas of the country, the income secured from the gold export has shown an increase compared to the same period of the previous fiscal year, according to the Minister.

According to the Minister, 78pct of the gold exported is mined by companies while the rest is processed by traditional means.

Ethiopia is working to amass 512 million USD from exports of gold, gemstones, lithium and other minerals till the end of the current budget year.