11 August 2014

Ethiopia: Nation Earns U.S.500 Million From Precious Minerals

Over 500 million USD was earned from gold and other precious minerals during the last Ethiopian fiscal year, said Ministry of Mines.

According to Ministry's Communication Director Bacha Fuji, Ethiopia earned 514.5million USD from gold, tantalum, opal and platinum, among others.

About 194 million USD was obtained from gold mining and the remaining from traditional miners organized under micro and small-scale enterprises, he said.

Though the price of gold has been fluctuating in the global market, the foreign currency earned from gold and precious minerals has in general shown significant growth, he noted.

The revenue grew because the National Bank increased the purchasing price for gold from traditional miners and expanded gold collecting branches, according to Bacha.

The increased quality and volume of minerals, and the scientific information provided by the Ethiopian Geological Survey, he added.

The export destinations for the minerals were 28 countries, of which the major were China, India, Germany and USA.

On the other hand, the ministry issued licenses to 62 companies for exploration and survey, it was indicated.

The ministry, planning to increase the capital of companies engaged in various explorations to 15 billion birr, has succeeded in exceeding the plan by 3 billion birr, he said.



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