Nation Earns 513 Million USD from Mines Export

Addis Ababa May 14/2021 (ENA) Ministry of Mines and Petroleum disclosed that it has earned 513 million USD from export of mines during the last ten months.

Briefing journalists today, Mines and Petroleum Minister Takele Uma pointed out that the income is remarkable when compared to same period of last Ethiopian year, which was 90 million USD.

Out of the total revenue, USD 504.7 million was obtained from gold export, he added.

According to Takele, the inclusion of mining among the 5 pillars of priorities in the Homegrown Economic Reform shows the commitment of the government to the sector.

Legal reform, improving productivity, and increasing the price of gold for traditional miners were among the factors that contributed to the success, it was learned.

Meanwhile, the ministry has canceled mines exploration licenses of 27 companies for not becoming operational as per the agreements.

Takele finally stated that his ministry will give more attention to petroleum exploration and luring giant companies to come and invest in the sector.