Ethiopia has launched its first gold refinery, a $50 million joint venture aimed at expanding domestic gold processing, increasing export earnings and positioning the country as a regional hub for precious metals.
Prime Minister Abiy Ahmed announced the launch on a post on the social media platform X, saying the facility would process gold from Ethiopia and neighbouring countries.
Abiy said the refinery would offer services including gold melting, testing, refining, casting, bar minting and die-making.
He explained that the facility would enable regional mining companies and neighbouring countries to refine, certify and add value to their gold in Ethiopia, reducing the need to send the precious metal outside Africa for processing.
According to the Prime Minister, the project involves an initial investment of $50 million, with state-owned Ethiopian Investment Holdings holding a majority stake.
Government data showed that gold exports generated $5.6 billion for Ethiopia last year, making the precious metal one of the country’s major sources of foreign exchange.
The refinery is expected to strengthen Ethiopia’s position in the regional gold value chain by providing advanced processing services, attracting mining businesses and creating opportunities to retain more economic value from gold production within Africa.
The development also represents a step towards expanding local value addition in the mining sector, potentially reducing reliance on overseas refining facilities while supporting regional trade in precious metals.
