Ethiopia PM announces launch of its first gold refinery

Ethiopia’s Prime Minister Abiy Ahmed announced a $50 million joint venture to establish its first gold refinery and regional processing hub.

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Ethiopia Prime Minister Abiy Ahmed has announced the launch of his country’s first gold refinery, ​a $50 million joint venture aimed ‌at turning the East African nation into a regional processing hub for precious metals.

The big news hit the rest of Africa and the world on Monday, and this refinery comes a fortnight after Captain Ibrahim Traore of Burkina Faso announced his nation’s first gold export refinery before Kenya followed suit days later.

According to government data, gold exports are one ⁠of Ethiopia’s main sources of ​foreign exchange, earning the country $5.6 billion last ​year.

Abiy Abiy revealed that the new refinery would process gold from Ethiopia ​and elsewhere, and it is one that all of Africa is keeping close tabs on to see how much earnings and impact it can make.

“It enables neighbouring countries and ​regional mining companies to bring their gold to ‌Ethiopia ⁠for advanced refining, certification, value addition, and sale, eliminating the need to export it outside the continent,” wrote Abiy ​Ahmed ​in ⁠a social media post Saturday.

Also, this new refinery in Ethiopia is expected to provide services including melting, ​testing, ⁠refining, casting, bar minting and die-making.

The initial investment in the refinery is $50 million, ⁠with ​state-owned Ethiopian Investment Holdings ​taking a majority stake, Abiy stated.

Sign up to our newsletter to get the latest updates and events from the leading Afro-Diaspora publisher straight to your inbox.

Ethiopia Prime Minister Abiy Ahmed has announced the launch of his country’s first gold refinery, ​a $50 million joint venture aimed ‌at turning the East African nation into a regional processing hub for precious metals.

The big news hit the rest of Africa and the world on Monday, and this refinery comes a fortnight after Captain Ibrahim Traore of Burkina Faso announced his nation’s first gold export refinery before Kenya followed suit days later.

According to government data, gold exports are one ⁠of Ethiopia’s main sources of ​foreign exchange, earning the country $5.6 billion last ​year.

Abiy Abiy revealed that the new refinery would process gold from Ethiopia ​and elsewhere, and it is one that all of Africa is keeping close tabs on to see how much earnings and impact it can make.

“It enables neighbouring countries and ​regional mining companies to bring their gold to ‌Ethiopia ⁠for advanced refining, certification, value addition, and sale, eliminating the need to export it outside the continent,” wrote Abiy ​Ahmed ​in ⁠a social media post Saturday.

Also, this new refinery in Ethiopia is expected to provide services including melting, ​testing, ⁠refining, casting, bar minting and die-making.

The initial investment in the refinery is $50 million, ⁠with ​state-owned Ethiopian Investment Holdings ​taking a majority stake, Abiy stated.

About 10 days ago, Nigerian billionaire Aliko Dangote and President of Kenya William Ruto broke ground on a $16bn (£12bn) oil refinery on Kenya’s northern coast in Lamu.