The Ministry of Mines (MoM) announced that the construction of three gold mining factories was progressing rapidly, with the aim of generating USD 800 million from the sector this fiscal year.

The three factories, located in Benishangul, Gambela, and Tigray, are expected to become operational within 18 months, adding 10 tons of gold annually to the country's production.

The largest facility, situated in Kurmuk District, Benishangul-Gumuz State, is projected to produce nine tons of gold per year. These projects are seen as key to increasing Ethiopia’s gold exports and foreign currency earnings. In addition, the Gugi Gold Mining Company is undergoing a major expansion.

Ethiopia earned USD 420 million from mineral exports in the previous fiscal year, and the ministry aims to exceed this in the current year.

In March this year, MoM announced the discovery of over 517 tons of gold deposits in Benishangul-Gumuz, Gambella, Oromia, and Tigray, the result of 15 years of geological surveys. While extraction is expected to commence in the coming years, the Ministry stated it would support existing gold processing companies and developing infrastructure for large-scale production.

Source: The Ethiopian Herald

Additional source: 2Merkato Archives