Amman:The newly inaugurated National Precious Metals Refinery is set to significantly enhance Ethiopia's foreign trade balance by adding value to its mineral resources, Prime Minister Abiy Ahmed stated during the inauguration ceremony.
According to Ethiopian News Agency, the state-of-the-art facility has an annual capacity to process over 600 tonnes of precious metals. Prime Minister Abiy highlighted the government's Medemer strategy, which aims to gradually reduce the export of raw materials and the import of finished products. The initiative seeks to process natural resources domestically, creating jobs and increasing foreign exchange earnings.
Prime Minister Abiy cited the example of coffee, explaining that its value increases significantly when processed and marketed internationally. He noted that the same applies to gold, which Ethiopia exported last year at a value of 5.6 USD. With adequate refining capacity, Ethiopia could have generated higher earnings from gold exports.
The new refinery will enable Ethiopia to recover valuable by-products such as silver and improve the quality of its gold exports. The facility is poised to strengthen Ethiopia’s position in the regional and international precious metals market. It holds the potential to export up to 80 billion USD annually, contingent on the availability of gold supplies.
Ethiopia has a 51-percent stake in the refinery, with an international partner owning the remaining 49 percent. This partnership aims to bolster Ethiopia’s participation in the international market and expand its role in the mining sector. The government is extending strategic investments across various sectors, including mining and infrastructure, to ensure more direct benefits from natural resources.
The Prime Minister emphasized the development of local expertise, with Ethiopian professionals increasingly managing major industrial operations. He reiterated the importance of the refinery in addressing structural weaknesses in Ethiopia's export economy and its role in the country's economic transformation towards becoming a leading economic force in Africa.
In conclusion, Prime Minister Abiy praised all those involved in the establishment of the refinery and urged Ethiopians to take pride in expanding the nation's industrial capacity to maximize resource benefits.
