Amhara Region Delivers 357 Kilograms of Gold to NBE

Addis ababa: The Amhara National Regional State supplied 357 kilograms of gold to the National Bank of Ethiopia (NBE) for the first time during the 2018 Ethiopian fiscal year. According to Ethiopian News Agency, the supply has marked a significant milestone as the regional government stepped up efforts to formalize the mining sector and curb illegal mineral trade.The remarks were made by Amhara Region Chief Administrator Arega Kebede while presenting an annual performance report to the Amhara Regional Council during its 12th regular session. The Chief Administrator emphasized that the achievement resulted from strengthened regulation of the mining sector and coordinated measures to combat illegal mining and illicit mineral trading.According to Arega, the unprecedented gold supply will enhance the region's contribution to the national economy while supporting Ethiopia's foreign exchange earnings and overall financial stability. The chief administrator said the regional government also intensified enforcem ent against illegal mining activities throughout the fiscal year.As part of the crackdown, authorities seized more than 133,500 cubic meters of illegally extracted minerals, he clarified, adding that the enforcement campaign also generated more than 27.19 million Birr through corrective measures and confiscations, with the proceeds deposited into the government treasury.The Chief Administrator further revealed that mineral exploration and reserve verification identified an estimated 5,148 tons of iron ore within a 10 square kilometer area. He added that exploration activities also confirmed reserves of approximately 2.5 billion tons of granite and 1.625 billion tons of basalt across a 440 square kilometer area, highlighting the region's vast mineral resource potential.The chief administrator said the regional government will continue strengthening regulatory oversight to prevent the illegal exploitation of mineral resources, improve governance in the mining sector, increase the legal supply of minerals, and ensure greater availability of raw materials for domestic industries.