National Bank receives close to 5bln birr worth gold from Tigray

”Some 425 legally operating traders were involved in the collection and supply of gold to the bank.”

In Oromia Gold mining is monopolised by Midroc. Al Amoudi simply mines tones of Gold every year and pockets the sell while the local youth languish in poverty.

National Bank receives close to 5bln birr worth gold from Tigray

(ena) –Addis Ababa January 08/01/2016The National Bank of Ethiopia has received 4.9 billion birr worth gold mined from gold-rich zones of the state of Tigray, the bank announced.

The gold collection comes from 21 districts of the state which are rich in the precious resource.

Information obtained from the bank indicated that overall 597.7 tons of gold collection was supplied to the national bank between July 2012 and December 2016.

Some 425 legally operating traders were involved in the collection and supply of gold to the bank.

The share of last fiscal year alone hit over 903 million birr, obtained from supply of 1.18 tons of gold.

The current fiscal year so far saw the collection of 349 kilograms of gold worth over 257 million birr.

Zekarias Shiferaw, economic affairs advisor and chief administrator of North-West Zone of the state of Tigray told ENA that 7,850 locals are engaged in traditional gold mining, with 1,800 of them being women.

The advisor also mentioned efforts to modernize the traditional ways of gold mining in the areas.

The role of the public is immense in discouraging the ever increasing number of illegal gold-miners in the state, according to Zekarias.

 

 

1 Comment

  1. “1.18 tons of gold sold for 903 million Birr”? Where do they learn this kind of precise math??

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