Miners Extract 9.4tn of Gold


Miners Extract 9.4tn of Gold

Almost 9.4tn of gold was extracted last year, the Ministry of Mines & Petroleum announced. The gold was sold to the National Bank of Ethiopia (NBE) and a portion was exported, helping the country generate 681 million dollars over the same period, the highest ever-recorded. Minerals account for close to a fifth of proceeds from all exports, which stood at 3.6 billion dollars in 2020/21, another record-breaking performance. Less than one tonne of gold was sourced from mining companies, with the vast majority coming from artisanal miners. Miners in Oromia Regional State accounted for the largest share of gold extracted, well over 2,000tn, while Benishangul Gumuz Regional State followed close behind. The export of other minerals, such as tantalum and gemstones like opal, generated a total of 10 million dollars. The Ministry of Mines revoked over 90 mining licenses last year, citing a lack of progress by the companies. In contrast, 22 companies were granted licenses and concessions last year, 12 of which are owned by local investors. Exports of minerals are expected to generate one billion dollars this year.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email