Ethiopia has launched its first gold refinery in a 50-million-dollar investment aimed at strengthening domestic processing, increasing value addition and positioning the country as a regional hub for precious metals.
Prime Minister Abiy Ahmed announced the development over the weekend, saying the facility would process gold sourced from Ethiopia and other countries in the region.
In a post on X on Saturday, Abiy said the refinery would enable neighbouring countries and regional mining companies to process, certify and sell their gold in Ethiopia, reducing the need to send the precious metal outside Africa for refining.
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The facility will offer services including gold melting, testing, refining, casting, bar minting and die-making.
According to Abiy, the initial investment in the project stands at 50 million dollars, with state-owned Ethiopian Investment Holdings holding a majority stake.
Gold exports are among Ethiopia’s major sources of foreign exchange earnings. Government data showed that the country generated 5.6 billion dollars from gold exports last year.
The refinery is expected to support the development of Ethiopia’s mineral processing industry by enabling more activities to be carried out locally and attracting business from regional mining operators.
