Gold Boosts Mining Revenues

Jan 3 , 2021

Increasing market prices for gold, which accounts for over 90pc of mining exports, bolstered mining export revenue to 303 million dollars in the first five months of this fiscal year. The Ministry of Mines & Petroleum attributes the increase in earnings to the disruptions and border closures due to the Novel Coronavirus (COVID-19) pandemic, which have edged out the small players in the industry and allowed the formal sector to thrive. The revenues generated surpassed the amount for the last fiscal year, which stood at 207 million dollars and over six times the amount recorded in the 2018/19 fiscal year. The Ethiopian mining sector, which produces significant amounts of sapphire, limestone, salt, pumice, and tantalum, encourages investment in the sector through duty and tax exemptions among other advantages.