Ethiopia anticipates that revenue generated from the mining sector will add up to 849 million US dollars in the newly started financial year according to the Ministry of Mines.
Artisan miners are expected to raise 70.7% of the revenue projected for the financial year, revenue estimated at 600 million US dollars from the supply of 13,200 kilograms of Gold to the National bank of Ethiopia and selling 18,000 kilograms of artisan mined minerals.
The Ministry also plans to increase the investment levels in the sector by 2.55 billion birr by issuing 10 mining production licenses to investors. MoM also plans to push petroleum investment in the country by 100 million US dollars and enhancing petroleum related revenues to an estimated 2.7 million US dollars through supervising companies that are in possession of petroleum exploration and production licenses.It is to be remembered that Ethiopia has earned 654 million US dollars from the export of minerals including gold, platinum, tantalum and decorative stones and gem stones in the just concluded fiscal year according to the Ministry of Mines.
The mining sector is becoming a significant source of export income according to Bacha Fuji Director of the Public Relations and Communications Directorate with the ministry.
The sector targets generating foreign currency as well as adding value to the GDP with 455 Million US dollars of the total revenue earned by artisan miners he noted.
Source: Capital
