Ethiopia announces launch of its first gold refinery

Prime Minister Abiy Ahmed announced the launch of the refinery over the weekend, describing the facility as a strategic investment that will process gold from both Ethiopia and neighbouring countries.

The refinery is a $50 million joint venture in which state-owned Ethiopian Investment Holdings holds a majority stake. According to Abiy, the facility will offer a range of services, including gold melting, testing, refining, casting, bar minting and die-making.

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The move comes as Ethiopia seeks to maximise returns from its mineral resources. Gold exports are one of the country’s largest sources of foreign exchange earnings, generating $5.6 billion last year, according to government data.

Abiy said the refinery would enable mining companies from across the region to refine and certify gold within Africa rather than sending it overseas for processing.

“It enables neighbouring countries and regional mining companies to bring their gold to Ethiopia for advanced refining, certification, value addition, and sale, eliminating the need to export it outside the continent,” the prime minister said in a post on social media platform X.

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The government expects the refinery to support greater beneficiation of locally produced gold while attracting business from regional mining operators, potentially strengthening Ethiopia’s role in the African precious metals value chain.

The launch forms part of broader efforts by the East African nation to boost export earnings and expand industrial activity through local processing and value addition in key sectors.