Ethiopia secures 682 Million US Dollars from mining sector during concluded year

Addis Ababa, August 28, 2021 (FBC) – Ethiopia has secured 682 Million US Dollars from minerals and gemstones mining sectors during the concluded 2020/2021 fiscal year, Ministry of Mines and Petroleum announced.

The Mines and Petroleum State Minister, Simegn Wube stated that the revenue has been earned from supply of over 9,384 Kg of gold to the National Bank of Ethiopia and mining of gemstones including Tantalum and Opal.

Simegn announced a plan to generate more than 1 Billion USD from mining of gold alone during the already started fiscal year.

She also said that 37 potential areas have been identified for petroleum extraction as seven licensed companies are engaged in the sector in various areas of the nation.

The State Minister also indicated that activities are underway to develop 6.4 Trillion Cubic Foot of natural gas under Poly-GCL licenship.