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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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Radar

Federal Prosecutors Accuse Public Officials, Contractors of Corruption, Alleged Illicit Fund Transfers

Federal prosecutors have filed corruption and money laundering charges against 11 defendants, including Nigstu Bogale, Coordinator of the Development Project for Response to the Impact of Refugees in the Horn of Africa at the Ministry of Agriculture, Biniyam Fantaye and Taye Habte, senior irrigation engineers involved in the Development Response to Displacement Impacts Project (DRDIP-II), as well as private individuals and construction company representatives. The case alleges losses and illicit...


Radar

EIH Transitions to New Headquarters as It Oversees Major State-Owned Enterprises

Ethiopian Investment Holdings (EIH) is relocating its headquarters from its current site on General Wingate Street. The former headquarters was located behind the Ministry of Industry and near Abrehot Library. The new office is expected to be on Mozambique Street, along the route from Mexico Square to Bulgaria Road. The building belongs to one of EIH's subsidiaries, and all departments are set to move there as interior design and finishing works continue. Under the leadership of Brook Taye...


Radar

Import Substitution Push Lifts Domestic Manufacturing, Industrial Recovery

A push for import substitution and industrial expansion has prioritised 96 strategic products for local manufacturing. The “Ethiopia Tamirt” initiative reports 4.85 billion dollars in savings, supported by trade fairs linking local producers to domestic and international markets. On average, 700 new projects enter the market annually, contributing to more than 2,800 investments over four years. At the grassroots level, 18,000 SMEs have been established, while 993 dormant factories have...