June 11, 2012 - Minister of Mines, Sinkinesh Ejigu, presented her ministry’s 10 month performance report to the House of People's representatives last week showing much higher profits than before - almost 150 million dollars more profit than the year before, according to Capital.
The USD 541.3 million the country earned largely came from exports of gold, USD 368 million, with service charges and fees making up a large part of the remaining amount. The ministry collected close to USD 157 million birr in royalty fees on gold, industrial minerals and geological services while more than USD 16 million came from landlease, signature fees and training from companies currently exploring for oil.
The ministry’s plan for the reported period was to export 13,200Kg of gold, 18,000Kg of artesian minerals, and 125tns of tantalum. In reality only 6,786Kg of gold was exported, earning the country USD 368.4 million. Still Ethiopia exported 13,682Kg of artesian minerals and 155ts of tantalum cashing in 14 million dollars.
Meanwhile as compared to the previous year, gold export has increased by 971Kg and export revenue by USD 125 million. 350 grams of platinum was also exported, which brought in USD 18,000.