The new Bole Lemi facility aims to process 600 tonnes of precious metals annually amid unconfirmed reports of drone strikes near the capital
Borkena Desk
TORONTO, Canada — Amid unconfirmed reports of drone strikes in the capital, Addis Ababa, and the Debrezeit Air Force base, the Ethiopian government announced on Saturday the launch of a National Precious Metals Refinery on the outskirts of Addis Ababa.
Constructed in the Bole Lemi Special Economic Zone, the facility has a processing capacity of 600 tonnes of precious metals per year.
The plant is a public-private partnership between the Ethiopian government (Ethiopian Investment Holdings – EIH) and Sam Precious Metals, a United Arab Emirates company.
Prime Minister Abiy Ahmed wrote on his Facebook page:
“I am proud to announce the launch of the National Precious Metals Refinery at Bole Lemi Special Economic Zone, established through a partnership between Ethiopian Investment Holdings (EIH) and Sam Precious Metals.”
However, the Ethiopian government did not disclose ownership percentages for this public-private partnership. The facility plans to offer internationally credible refining and testing services.
Ethiopia’s revenue from gold exports has increased significantly over recent years, generating $5.65 billion in the last Ethiopian fiscal year. With the new refinery, the country aims to export value-added minerals and generate tens of billions of dollars annually. The prime minister told state-owned media that gold exports have the potential to generate about $80 billion per year.
Notably, the Tigray region—one of the country’s areas with significant gold deposits—has re-emerged as a conflict zone over the past three weeks.
In events appearing related to the conflict, reports surfaced of drone strikes in Addis Ababa and the Debrezeit Air Force base, though the government denied any drone attack. Earlier this week, the U.S. Embassy in Addis Ababa issued a security alert regarding potential strikes on Ethiopian military installations.
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Let’s assume this new factory will be able to refine to 24 carat 600 tons of gold at a given time. That will be worth close to $70 billion in US dollars. Even if it’s refined gold weighs 300 tons that will be worth close to US $35 billion. That is huge. But hold your horses before you start celebrating. It will also open a new opportunity for bigots and connivers to come in and have a bumper crop season pilfering and pick-pocketing. I hope true patriots close to this project will put in place now a fire proof check and balance system to safeguard this vulnerable national asset just like what Botswana did to protect the wealth from its precious metals right after its independence and the discovery of vast diamond deposits.