The Ministry of Mines of Ethiopia said the country’s gold production will soon increase by 10 tons when there gold mining companies go operational.
This is indicated by the state minister of the Ministry, Million Mathewos, who spoke to the state-owned Ethiopian News Agency. The new goldmining are located in Benishangul, Gambela, and Tigray states, with the largest facility in KurmukDistrcit, Benishangul-Gumuz State, projected to produce about nine tons of gold per year.
The Minister stated that once completed, these projects will boost the country’s gold production by an additional 10 tons annually, significantly contributing to mineral exports and increasing foreign currency earnings.
In addition to these developments, the Gugi Gold Mining Company is undergoing major project expansion, and plans are in place to launch potash mining projects in Afar State, Million revealed. Reports show that last year Ethiopia secured $420 million from mineral exports with the majority of earning coming from gold.
When all the new gold mining projects go operational, Ethiopia expects to earn some $800 million from the sector this fiscal year. Over the past few years the mining sector in Ethiopia has been negatively affected by the insecurities and instability leading to the decline of foreign currency earning.