Ethiopia Opens Gold Refinery With 600-Tonne Capacity
Ethiopia opened a national gold refinery in Addis Ababa on 10 October. Abiy Ahmed says it could support up to US$80 billion in exports a year. The post Ethiopia Opens Gold Refinery With 600-Tonne Capacity appeared first on The Rio Times .
Ethiopian Prime Minister Abiy Ahmed inaugurated a national precious metals refinery with a 600-tonne capacity on Saturday, 10 October, in Addis Ababa. The refinery, located in the Bole Lemi Special Economic Zone, is designed to process more than 600 tonnes of precious metals per year, transforming Ethiopia into a regional hub for refining precious metals.
Prime Minister Abiy Ahmed emphasized that this move aims to add greater value at home by refining gold and other precious metals, rather than exporting raw gold. The plant is a partnership between Ethiopian Investment Holdings (51%) and Sam Precious Metals (49%), an international investor. Officials claim the refinery could support exports worth up to US$80 billion annually, depending on the volume of gold and other precious metals it processes.
The refinery will assay, refine, and cast gold into export-ready bullion, as well as produce gold and silver bars. Ethiopian Airlines will transport gold from other African countries to the refinery for refining. This refinery project is part of Prime Minister Abiy Ahmed's strategy to promote industrial transformation and increase value-added exports in Ethiopia.
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