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Ministry Reports Jump in Mining Revenues as Output, Exports Rise


Ministry Reports Jump in Mining Revenues as Output, Exports Rise

The Ministry of Mines (MoM) reported earnings of over 3.5 billion dollars from gold, gemstones, and industrial minerals over the past eight months. Several mining projects began operations during the current fiscal year, contributing to improved performance in both export trade and the production of import substitutes. Compared to the same period last year, export volume increased by 27pc, while revenue rose by 92pc. Authorities plan to support ongoing mega projects in the remaining months of the fiscal year to enable them to reach full operational capacity. Priority areas have been identified to sustain current performance and extend recent gains. Gold production and exports accounted for the bulk of the growth, driven by a notable increase in output. A recent review meeting outlined next steps towards maintaining momentum and bringing additional large-scale projects into operation.

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Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


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Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


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ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...