Ethiopia Launches $50 Million Gold Refinery

Ethiopia has launched its first gold refinery in a $50 million joint venture aimed at establishing the country as a regional hub for precious metal processing, Prime Minister Abiy Ahmed has said.

Abiy announced the launch on Saturday, saying the facility would process gold from Ethiopia and neighbouring countries, allowing regional mining companies to refine and certify their gold within Africa rather than sending it overseas.

The refinery will offer services including melting, testing, refining, casting, gold bar minting and die-making, according to the prime minister.

State-owned Ethiopian Investment Holdings holds a majority stake in the venture, Abiy said, describing the facility as an opportunity to increase value addition within the region’s gold industry.

Gold exports are among Ethiopia’s main sources of foreign exchange. Government data cited by Reuters showed the country earned $5.6 billion from gold exports last year.

The refinery is expected to provide regional mining companies and neighbouring countries with access to advanced processing and certification services, supporting Ethiopia’s ambition to capture more value from the precious metals trade.

SOURCE: Reuters