Ethiopia Earns $368 Million from Traditionally Mined Gold

Ethiopia has earned more than 368 million US dollars from the sale of traditionally mined gold in the first ten months of the current Ethiopia financial year according to the Ministry of Mines.

The revenue was earned by an estimated 6700 kilograms of gold supplied to the National Bank of Ethiopia said Bacha Fuji, Director of Public Relations with the Ministry.

The revenue earned this reporting period has increased by more than 125.1 million US dollars in comparison to the revenue earned during the same period last year he said.

The sum made up 89% of the target revenue set by the ministry which aimed to earn 427 million US dollars.

The difference was primarily due to the instability of the price on the international market and the low levels of awareness amongst suppliers it was said. The gold was primarily supplied from the Amhara, Oromia, Benishangul-Gumuz, Tigray and the Southern Regional states.

The ministry is partnering with other stakeholders to halt illegal gold trading and to increase supplies from traditional mining said Bacha.

Source: Walta Info

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