Artisinal Miners in Gambella Extract Gold Worth $59m

May 14 , 2022


Artisanal miners from the Gambella Regional State have sold over a tonne of gold to the central bank over the first 10 months of the financial year. Regulators estimate the gold can generate 59.4 million dollars in export revenues. It was sourced from the Dima, Abebo, and Gambella weredas of the western region. Artisanal miners in the area have extracted over 200Kg more than what they managed last year. Close to 4,500tn of gold was exported over the first half of the fiscal year, generating 272 million dollars. The figure is slightly less than gold export revenues from the same period last year. Over 600 million dollars worth of gold was shipped abroad last year. The Oromia Regional State was the largest contributor, with miners there putting out a whopping two tonnes of the precious metal. Benishangul-Gumuz followed close behind, while around 1.5 tonnes of gold was sourced from the conflict-torn Tigray Regional State.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email