June 20, 2024

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ethiopian ministry of mines

Ethiopian Ministry Makes Tall Claims About Its Performance

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Minister of Mining Industry has presented a report to the House of Peoples Representatives stating that the mining industry of Ethiopia is working well and delivering results. Habtamu Tegegne, the minister, said the Ethiopian ministry is playing a crucial role in the economy of the country.

The minister highlighted the mining sector’s improved performance in gold, coal, and cement production, as well as trading. He also emphasizes efforts to curb illegal activities in the sector, noting that necessary actions have been taken against those involved.

Interestingly, in the last nine months, the National Bank of Ethiopia could collect only 3 tons of gold. This is just 50% of the planned amount. The country was supposed to earn $363 million from gold sales, but it has only made 67% of that money because of the illegal smuggling of gold.

Ethiopian ministry reported that four new gold processing facilities are under construction to enhance production capacity. Two of these facilities have already begun operating, while the remaining two are expected to start production shortly.

However, last month, the National Bank of Ethiopia warned about the illegal gold trade. The bank could not achieve its target of monthly gold collection. Faqadu Dgafe, Deputy Governor and Chief Economist of the National Bank of Ethiopia (NBE) said that the bank could not collect 100 kg of gold this month. He said that since the start of this year, NBE has not been able to collect more than 100 kg of gold every month from traditional gold producers and small associations.