Prime Minister Abiy Ahmed inaugurates landmark facility
Ethiopia has taken a major step towards expanding its domestic precious metals industry with the inauguration of the National Precious Metals Refinery on October 10.
Prime Minister Abiy Ahmed officially opened the facility at the Bole Lemi Special Economic Zone in Addis Ababa.
The refinery was developed through a partnership between Ethiopian Investment Holdings (EIH), the country's state investment enterprise, and international precious metals company Sam Precious Metals.
The investment forms part of Ethiopia's broader strategy to move beyond exporting unrefined resources and establish domestic processing industries capable of generating greater economic value.
Annual capacity exceeds 600 tonnes
According to Ethiopia's Office of the Prime Minister, the refinery is designed to process more than 600 tonnes of precious metals annually once it reaches full operational capacity in its first phase.
The government estimates that the total annual market value of the metals processed at full capacity could reach approximately $80 billion.
The projected figure represents the estimated value of precious metals handled by the refinery, rather than confirmed sales, government revenue or net economic earnings.
The facility is expected to become one of Africa's major precious metals refining centres and strengthen Ethiopia's position in regional mineral processing.
Gold and silver refining to support international trade
The new refinery is equipped to conduct precious metals testing, refining and bullion production.
Its operations are expected to include the production of gold and silver bars with different purity levels suitable for international markets.
By developing these capabilities domestically, Ethiopia aims to reduce dependence on overseas refining services and retain more value within its own economy.
The facility is also expected to support the jewellery industry, improve quality assurance and strengthen traceability throughout the gold supply chain.
Ethiopia seeks to become a regional refining hub
Prime Minister Abiy Ahmed described the refinery as an important component of Ethiopia's industrial development and economic diversification strategy.
The government expects the project to support export earnings, create skilled employment opportunities and encourage further investment in the mining sector.
Beyond processing domestically produced gold, Ethiopia aims to develop refining services capable of serving the wider East African region.
The government has not yet announced when the plant is expected to reach its full annual processing capacity or how much precious metal it will refine during its first year of operation.