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Ethiopian Gold Export Soars

Ethiopian Gold ExportJuly 20, 2010 -- Gold exports have grown massively in the past twelve months, sending the shiny solid into a list of most valuable export items, reports Capital. The global prices climb for gold is encouraging local traditional miners. The same boost has been registered in other precious minerals as well.

In the just concluded fiscal year, the nation pocketed 260 million dollars from the export of gold. “Both the volume and revenues registered surpassed our expectations and we are way over the previous year’s figures,” Alemayehu Tegenu, Mines and Energy Minister, told Capital.

With the global gold price shooting, from 20 dollars to 35 dollars per gram over the past twelve months, the maximum the Ministry of Mines and Energy (MoME) had targeted to ship was 2,225 kilograms of gold produced by local traditional artisans. The artisans sell their gold to the National Bank of Ethiopia (NBE), who in turn drives it to foreign markets. Account records now show that 2,866 kilograms of gold were shipped off, landing the target at 128% performance completion.

The boost is even more staggering when compared to the previous year’s performance that stood at only 426 kilos of gold exported.

Sheik Mohammed Hussein Ali Al-Amoudi’s Midroc Gold, the only corporate level gold mine in the nation, has sold the total amount of gold it had planned for its annual export. However, it benefited from the global price situation; it actually earned most of the 260 million dollars.

Capitalizing on the global gold price increment, Midroc, exporting 5000 kilograms of gold, has pocketed 160 million dollars. Midroc Gold is currently working to generate 564 million dollars from a recently authorized new gold mine- Sakaro Mine, located in Oromia Regional State.

Source: Capital

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