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.


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