Ethiopia Eyes Two Billion USD in Gold Revenue This Year, PM Abiy Announces

Addis Ababa November 20/2024 (ENA)  Prime Minister Abiy Ahmed has inaugurated a state-of-the-art gold exploration and mining factory in Dima Woreda, Gambella Region of Ethiopia, today. 

The factory is established by ETNO Mining, a subsidiary of Akobo Minerals, which is a Scandinavian-based gold exploration and mining company operating in partnership with the Ethiopian Government through Ethiopian Investment Holdings.

The Premier expressed optimism that Ethiopia could achieve a historic milestone by generating up to two billion USD in gold revenue this year, which is a historic first. 

"For the first time in Ethiopia's history, we anticipate earning up to two billion USD solely from gold exports this year. This goal is achievable thanks to sustained efforts over the past three years," he stated. 

However, the Prime Minister emphasized that this revenue potential reflects only a fraction of Ethiopia's untapped mineral wealth, which includes tantalum, iron ore, lithium, and other valuable resources. 

He called for leveraging Ethiopia’s rich mineral deposits for national development, noting that illegal mining and limited investment have long hindered the sector’s growth along with others.

PM Abiy highlighted the transformative impact of the new factory, which will modernize gold extraction in a region previously dominated by small-scale traditional mining. 

"Dima’s abundant gold resources have been underutilized for decades due to traditional practices that result in substantial wastage. This investment ensures efficient, high-quality extraction," he said. 

The factory is designed to process large quantities of gold with unparalleled efficiency in Africa, making it a strategic asset for the country. 

Its advanced technology will triple production in a short time, significantly boosting Ethiopia’s mining capacity, he elaborated.

PM Abiy reiterated the government’s commitment to prioritizing the mining sector as a key driver of Ethiopia's economic transformation. 

He announced plans to establish additional factories in a short period of time to harness the country’s extensive mineral wealth. 

This is only the beginning. Ethiopia’s mining sector is poised for remarkable growth, with investments like this laying the foundation for broader industrialization and development, he remarked.

The Premier urged collective efforts to realize Ethiopia's vision for sustainable growth across agriculture, mining, technology, tourism, and other sectors, ensuring shared prosperity for all citizens. 

"Together, we can transform Ethiopia into a beacon of economic progress," he concluded.

ETNO Mining, operating in partnership with Ethiopian Investment Holdings, represents Ethiopia’s first major foreign-private sector and government collaboration in the mining industry. 

The factory’s launch underscores the government's focus on fostering strategic partnerships to unlock the nation’s mineral potential and propel Ethiopia into a new era of economic success.

He congratulated ETNO Mining on this significant investment in Dima Woreda, Gambela Region. "For the past three decades, the town of Dima in Akobo has primarily engaged in small-scale, traditional gold mining, often resulting in considerable wastage,” Abiy said.

This new investment marks a transformative step towards ensuring efficient and high-quality gold extraction in a shorter time frame while addressing the challenges posed by illegal mining. 

The project also signifies a commitment to the sustainable development of Gambela’s abundant resources for the benefit of the region and its people.