Ethiopia has inaugurated its first gold refinery, a $50 million joint venture that the government hopes will establish the country as a regional hub for precious metals processing, Prime Minister Abiy Ahmed announced over the weekend, according to Reuters.
Gold exports are a vital source of foreign currency for Ethiopia, generating $5.6 billion last year, government data shows.
Ahmed said the refinery will handle gold from Ethiopia and beyond.
In a post on social media platform X on Saturday, he said: “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.”
The facility will offer services such as melting, testing, refining, casting, bar minting, and die-making.
The initial investment is $50 million, with state-owned Ethiopian Investment Holdings holding a majority stake, Ahmed said.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
