Gold prices boosting Ethiopia’s mining revenue
Strong gold prices are raising mining revenues in Ethiopia and drawing more competition from investors in a market largely dominated by artisans and smaller players. Coronavirus-linked border closures forced miners back into the formal sector’s arms; a welcome boost for the central bank of Ethiopia, which needed hard currency. Ethiopia generated mining revenue of $303m in the past five months, according to the ministry of mines. That total is more than six times the amount recorded – $49m – in the fiscal year 2018/2019. It is more than what was…
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