Ministry of Mine disclosed Ethiopia earned more than U.S $ 500 Million from gold and precious minerals.

According to Bacha Fuji, Communication Director at the Ministry said U.S 514.5 Million was earned from, along with others, gold, tantalum, opal and platinum.

Gold obtained from gold mining contributed about U.S $ 194 Million of the total revenue while the rest was secured from traditional miners organized under micro and small scale enterprises, Bacha commented.

The price of gold at the global market has been fluctuating but the foreign currency Ethiopia derived from gold and precious minerals has in general significantly increased. Bacha attributes this to the fact National Bank increased the purchasing price of gold from traditional miners and expanded gold collecting centers.

He furthered, increased quality and volume of mineral as well as scientific information supplied to the traditional micro and small scale miners by the Ethiopian Geological Survey have attributed to the increase in the revenue.

Ethiopian gold and precious minerals were exported to 28 countries, from which the major destinations were China, India, Germany and USA.

In related news, the Ministry issued exploration and survey license to 62 companies. it also has succeeded in its plan to increase the capital of exploration companies to 15 Billion Birr by exceeding the plan by 3 Billion Birr.

Source: Ethiopian News Agency