Ethiopia’s gold industry is currently dominated by small-scale artisanal miners, but Newmont Corp. and Australia’s Allied Gold Corp. are among the companies exploring for the precious metal in the Horn of Africa nation. “The rush is sort of starting,” said Harry Anagnostaras, executive chairman of London-listed Kefi Gold and Copper Plc, which is developing the Tulu Kapi mine in western Ethiopia. Exports could climb further after the central bank boosted the prices it offers by more than the increase in spot gold since the beginning of June. Bullion’s surge to a record this year is pushing African governments to maximize the benefits from their gold resources. Nigeria plans to stem illegal gold exports worth hundreds of millions of dollars a year to boost the country’s foreign reserves.

Source: Ethiopian News October 02, 2020 04:30 UTC