Nation Earns Close to 514 Million USD from Gold Exports in 11 months

Addis Ababa June 22/2022 /ENA/ Ethiopia has generated 513.9 million USD from the export of gold in the past 11 months of the current Ethiopian fiscal year, according to Ministry of Mines.

During his media briefing today, Mines Minister Takele Uma said Ethiopia has generated 513.9 million USD from the export of gold in the past 11 months.

Gold, which is exported through the National Bank of Ethiopia, has became the second export product generating highest foreign currency next to coffee exports, it was indicated.

The ministry is working with the National Bank of Ethiopia to further boost the gold deposits and export trade in the country.

The government has been undertaking reform of the mining sector to maximize the benefits the country needs to get from the resource in the past few years.

Noting that the government has enacted inviting policy and revised workable proclamation to create enabling business environment for investors to engage in the mines sector, the minister said “the government has created enabling environment for both domestic and foreign companies to invest in the country.”

According to him, there are many companies engaged in the mines sector in Ethiopia and are working in good faith complying with the law to benefit themselves and the country from the mineral resources.

However, the minister revealed that the licenses of 972 mining companies engaged in exploration, extraction and export activities have been revoked recently for failing to comply with the law and fulfill what was expected of them.  

He explained that the companies who got their licenses revoked were unable to fulfill what is required of them, they did not comply with the terms of their licenses for the activities they engaged in and many were engaged in theft and contraband activities among other things.