Ethiopia's Ministry of Mines and Petroleum is overseeing the construction of three new gold mining plants that are expected to boost the sector's profits to $800 million this financial year, Mines and Petroleum Minister Million Mathewos told the Ethiopian Press Agency.
Ethiopia's 2024-2025 fiscal year began on July 8 this year and will end on July 7, 2025.
With construction progressing rapidly, the plants in Benishangul, Gambela, and Tigray states are expected to be operational within 18 months. Once completed, these projects will add another 10 tonnes per year to the country's gold production, according to the minister.
The ministry is also supporting the expansion of the Gugi Gold Mining Company and plans to launch potash mining projects in Afar State.
The government is prioritizing the development of the mining sector and aims to exceed last year's mineral exports of $420 million. It is attracting both local and international investors through incentives and support for the import of industrial inputs, while promoting job creation across the country.