Ethiopia has launched its first gold refinery, a 50-million-dollar joint venture designed to boost gold processing, increase export earnings and position the country as a regional hub for precious metals.
Prime Minister Abiy Ahmed has announced the launch on Saturday through a post on the social media platform X, saying “the facility would process gold from Ethiopia and neighbouring countries.’
Abiy said the refinery would provide services including gold melting, testing, refining, casting, bar minting and die-making.
He said that the facility would enable regional mining companies and neighbouring countries to refine, certify and add value to their gold in Ethiopia, reducing the need to send the precious metal outside Africa for processing.
The initial investment in the project is 50 million dollars, with state-owned Ethiopian Investment Holdings holding a majority stake, according to the Prime Minister.
Government data shows gold exports generated 5.6 billion dollars for Ethiopia last year, making the precious metal one of the country’s major sources of foreign exchange.
The new refinery is expected to strengthen Ethiopia’s role in the regional gold value chain by providing advanced processing services and creating opportunities to retain more value from gold production within the continent.
Reuters
