The Gambella Region of Ethiopia announced that in the past seven months the region has produced more than 4,488 kilograms of refined gold (up 45 percent from its plan) and summited to the National Bank of Ethiopia.
The production is which is 988 kilograms higher than the plan, according to Gambella Regional Mineral Resources Development Deputy Director General Mr. Elias Gedamu stated that the amount of gold production submitted to the National Bank is more than 1,175 kilograms higher compared to the same period of the previous year, according to the state media Ena report.
Ethiopia Gold Rich Regions
Mr. Elias Gedamu mentioned the result was achieved due to the government’s focus on the sector and the implementation of regulation, monitoring, and support activities. The gold production submitted to the National Bank was produced in the Dima, Abobo, Gambella, and Mengesh woredas of the region through traditional methods, special small scale, and large-scale gold companies.
Mr. Elias Gedamu confirmed that work is being done with focus to further strengthen the activities started in the region and submit more than the planned 6,000 kilograms of gold to the National Bank in the budget year.
Gold is one of the major minerals Ethiopia has been producing followed by tantalum, potash, gemstones (opal, emerald), platinum, and industrial minerals like limestone and soda ash. Ethiopia’s gold deposits are clustered in a Proterozoic basement, which covers about 18% of the country. Tigray, Benishangul-Gumuz, Oromia, and Gambella are the major gold deposit regions in Ethiopia.
With increased production and global gold price hikes following the geopolitical tensions and uncertainty, Ethiopia’s export revenue has been showing increment over the past few years from less than half a billion f\dollar per annual to over 3.5 billion last year.
Global gold price, which was around $2,858 per ounce at the benign of March last year, has now surpassed $5,17o.
