Talks Underway to Establish Gold Refinery Company in Ethiopia

Gold

Talks are underway with China Gold Group, a state-owned enterprise in China’s gold industry, to establish a gold refinery plant in Ethiopia. The government of Ethiopia has been taking various measures following the decline in foreign exchange earnings from gold export.

Recently, it reduced the amount of gold that artisanal miners could supply to the National Bank of Ethiopia (NBE) to 50 grams from 150 grams.

Moreover, it resumed buying gold from suppliers with the highest transaction value in the month, a system which it suspended six years ago.

Ethiopia pays 250 million US dollars to refine 250 gram or five kilograms of gold in Switzerland.

According to Tewodros Geberegziabher, State Minister of Mines, Petroleum and Natural Gas, the establishment of the refinery plant would help Ethiopia save the foreign exchange which it has been paying for Switzerland.

[www.fanabc.com]