ADDIS ABABA – Prime Minister Abiy Ahmed has officially inaugurated Ethiopia’s National Precious Metals Refinery at the Bole Lemi Special Economic Zone, marking a pivotal industrial transition from raw mineral extraction to domestic processing and value addition.
Established through a joint venture between state-owned Ethiopian Investment Holdings (EIH) and UAE-based Sam Precious Metals, the facility represents a strategic investment exceeding $50 million. Built as the country’s pioneer state-of-the-art refinery, the plant boasts an annual processing capacity of over 600 tonnes of precious metals, including gold and silver.
Operations at the Bole Lemi complex will encompass assaying, refining, casting, and minting gold into export-ready bullion as well as high-purity cast and minted bars. Beyond raw processing, the facility is designed to support the local jewelry manufacturing ecosystem, improve traceability across the gold supply chain, and enhance transparency in national mineral valuation.
“From resource extraction to industrial transformation, we are creating greater value at home,” Prime Minister Abiy stated during the launch. He emphasized that the initiative reflects the administration’s broader economic policy to maximize domestic natural resource revenues, boost foreign exchange earnings, and create specialized technical employment.
The project aligns with the government’s designation of the extractive and mining industry as one of five key national economic pillars. By providing local refining services, Ethiopia aims to curb illegal mineral flight, increase formal banking supply, and position Addis Ababa as a competitive regional refining hub for mining operators across East Africa.
