Artisan miners sold 109.5 million US dollars worth of gold to the National bank. The 2,064 Kg of gold sold by the miners was 52% more than the 1,357 kg the central bank expected to collect the first quarter.

Artisan miners increased production because of increases in the international market and the National Bank’s offer of 5% on the price, according to Tamrat Mojo, head of traditional mines, manufacturing & transactions department at the MoM.

The National Bank bought 6,615 kg of gold from Artisan miners in 2010/11. The Ministry of Mines plans to collect 13,200kg the 53 associations of 1,759 artisans in this fiscal year.

Artisan miners also produced 4,607Kg of gem stones 1.7 million dollars 350g of platinum and 66.3tn of tantalum.
588.3Kg of gold worth 35.4 million dollars was exported in the first quarter of this fiscal year. 

In related news the, Geological survey, the MoM and the National Bank agreed to decentralize the sale of gold. The sale of gold in regional states is designed to limit transportation costs. The Commercial Bank of Ethiopia has been delegated by the NBE to make purchases at its branches in gold producing regions.

Units of experts to establish the weight and quality of the gold and issue certification have been assigned at Commercial Bank branches expected to make purchases of gold. Artisans will be paid according to current International prices with 90% of payment effected with 24 hours of delivery.

Source: Addis Fortune