Ethiopia Earns $178mln from Mineral Export in 3 Month

ADDIS ABEBA – Ethiopia’s earning from mineral export has surged after the country collected over 178 million US dollars in the first quarter of the current fiscal year.

The revenue earned in the past three-month is only $29 million short of the total revenue garnered from the sector in the previous fiscal year, which was $207 million.

The minister said the revenue from the sector has increased due to the increase in demand for minerals in addition to policy intervention made by the ministry.

The increase in central bank’s price offers for artisan gold miners was also one of the major reasons, Minster of mine and petroleum, Takele Uma said while briefing reporters about the ministry’s quarterly performance report.

Gold, Tantalum, Emerald, Sapphire, and Marble were among the major sources of revenue for the country, said Takele.

Duringthe period, at least 2, 200 kilogram of gold – mined mostly by traditional miners – were exported, accordingto the Ministry. Opal [766 kilogram], Tantalum [15 tons], and Salt [25,000 tons] also made up the larger portion of the total export, the minister added.

Authorities have been saying that they were undertaking several measurements to curb the dwindling account of gold produced by artisanal miners coming into the central bank.

These measures and effects work to minimize the expanded contraband activities in various border checkpoints and airports are now starting to affect the sector’s performance.

On the day the ministry gave the presser, police have intercepted 1.4 kilograms of gold going out of the country via Addis Ababa international airport.

Police apprehended the person who attempted to smuggle the gold worth over 3.4 million birr. [$1 = 37 Birr]

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By Sisay Sahlu