Ethiopian Ministry of Mines announced, the country has earned USD 308.7 million from the export of gold supplied by artisanal miners in the past 8 months of the Ethiopian Fiscal Year.

During the period, traditional gold miners has supplied more than 5 thousand kilo grams of gold to the National Bank of Ethiopia.

The Ethiopian Ministry of Mine set the annual Growth and Transformation Plan (GTP) target of 5,250kg of gold supply with a projected annual revenue of USD 187 million. That target has already been surpassed within the first two years of the GTP period, the ministry’s performance report revealed.

MoM’s earning projection for the current Ethiopian Fiscal Year is USD 594 million by exporting 13,200kg of gold collected from both artisanal and modern mining sector.

Export of minerals has become Ethiopia’s second biggest foreign currency earner. The industry contributes to over 23 per cent of the overall export earnings of Ethiopia.

Source: Walta