Ethiopian Gold Mines Set to Generate Millions

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Ethiopian gold mines are set to tremendously boost the economy after the government agreed to liaise with China. The two governments are set to establish a gold refinery plant in Ethiopia. This is as per the news released by the Ethiopian state minister of mines, petroleum and natural gas Tewodros Geberegziabher.

Refining was done in Switzerland

According to Geberegziabher, the venture will help Ethiopia save approximately $250 million which is used to refine five kilograms of gold. The refining activity is currently done in Switzerland. The collaboration between Ethiopia and china comes at time of decline in revenue earned from gold export.

Price fluctuation  

Ethiopia is one of the countries which has benefited from Ethiopian gold mines. By July 2017, the country had approximately generated $230 million from the companies that exports gold. However, the activity didn’t hit the usual target following price fluctuation in the international market. The challenge was also heightened by illegal traders of gold along the borders.

To curb the current looming Ethiopian gold mines crisis, the ministry has reduced the quantity of gold supplied to the National Bank of Ethiopia. The ministry has also embarked on buying this precious item from suppliers with good economic package.

In the recent past, the country has greatly benefited from various natural resources found in different parts of the country. The endowments have attracted various foreign mining companies. The renown in Ethiopian gold mines among them being Nyota Minerals from Britain. Its expertise in the mining sector earned it a tender in Tanzania in the 1990’s.

Other minerals endowment

In addition to Ethiopian gold mines, the country benefits from other minerals like diamond, sapphires, and potash among others. The spirited mining of these precious items has reduced the overreliance of the agriculture sector which has recently been riddled with drought. DireTube

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