27 January 2013

Ethiopia: Nation Earns $1.5 Billion From Minerals Export

Ethiopia earned 1.5 billion dollars from the export of minerals within the last two and half years of the Growth and Transformation Plan (GTP), the Ministry of Mines (MoM) announced last week.

During 2010/11 fiscal year, the country managed to earn 495.7 million dollars by exporting 11tn of gold, 331tn of tantalum and 878tn of decorative and gem stones. Gold, which contributes 96pc to the total export earnings from minerals, also brought 461.7 million dollars during the period.

The export revenue in 2011/12 fiscal year, however, shows a 26.6pc increment, which is the lowest since 2008. During the year, The country has earned 654 million dollars from the export of minerals including gold, platinum, tantalum and decorative stones and gem stones in 2011/12.

Ethiopia anticipates that revenue generated from the mining sector will add up to 447 million dollars in the first six months of the current fiscal year. However the country only managed to achieve 81pc of the plan, according to the data obtained from the MoM.

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