Ethiopia’s Economy Receives Millions in Profits from Gold Sale

Gold

The Ethiopian Ministry of Mines has reported on February 8, 2018 profits of about $60 million USD in the past six months from the sale of gold, value-added opal, gemstones and tantalum by traditional companies and producers.

According to Public Relations Director at the Ministry, Kiros Alemayehu, the average were still below expectations, but did not specify what the proposed goal was. However, he pointed out that the causes of breach with profits were mainly the huge price dip for gold in the international market, the lack of integrated market chain and the spread of contraband in some states.

There are also other issues identified, according to the source, such as the fact that the gold mining system is not systematized and there is a shortage of adequately trained professionals and logistics.

The spread of illegal mining trade in border areas, the lack of attention given to monitoring production and income information of licensed producers; as well as giving the needed level of support in supplying produced gold to the Bank are also issues the ministry should face, Alemayehu said.

The official also explained that oil extraction and export and other mining works gave the country a profit of about $4 million USD in the last semester. (Prensa Latina)

[www.waltainfo.com]