Ethiopia’s 600-Tonne Precious Metals Refinery Has Potential for $80 Billion in Annual Exports — PM Abiy Ahmed

Addis Ababa, October 10, 2026 (FMC) — Prime Minister Abiy Ahmed has outlined the National Precious Metals Refinery’s potential to position Ethiopia as a major centre for precious-metals refining in Africa, with the facility designed to process more than 600 tonnes annually and the potential to support exports valued at up to 80 billion US dollars a year.

Speaking at the refinery in Bole Lemi Special Economic Zone, the Prime Minister said the facility could serve not only Ethiopia but also neighbouring countries and mining companies across the continent, enabling more gold to be refined, tested, certified and marketed within Africa rather than sent elsewhere for processing.

According to information released by the Office of the Prime Minister, the refinery has the capacity to process more than 600 tonnes of precious metals annually at full operation. It is designed to assay, refine and cast gold into export-ready bullion, as well as produce cast and minted gold and silver bars in different purities.

Abiy said the potential annual export value of up to 80 billion dollars would depend on the volume of gold and other precious metals the refinery could attract and process. The figure represents potential export capacity, not a guaranteed annual export value.

The Prime Minister pointed to Ethiopia’s air transport infrastructure, including Ethiopian Airlines, as an advantage in attracting precious metals from across the region and Africa. By offering refining and testing services, he said, the facility could enable neighbouring countries and regional mining companies to bring their gold to Ethiopia for processing, certification, value addition and sale.

The refinery was established through a partnership between Ethiopian Investment Holdings (EIH) and Sam Precious Metals. According to the Prime Minister’s remarks, EIH holds a 51 percent stake, while the international partner owns the remaining 49 percent.

Abiy said the investment reflects the Medemer Government’s wider economic strategy of moving beyond the export of raw materials towards domestic processing and manufacturing. He cited gold refining as an example of how Ethiopia can retain more value from its natural resources while expanding industrial capacity and export opportunities.

The refinery is also intended to strengthen transparency and confidence in gold valuation through improved assaying, refining and certification, while supporting the jewellery industry and creating opportunities for skilled employment.

The initiative marks a strategic step in Ethiopia’s ambition to build a regional precious-metals refining and manufacturing hub, connecting the country’s mineral resources and industrial capacity with wider African and international markets.