Abiy Ahmed Opens Ethiopia's First National Precious Metals Refinery

Prime Minister Abiy Ahmed inaugurated Ethiopia's first National Precious Metals Refinery on October 10, 2026, in the Bole Lemi Special Economic Zone of Addis Ababa. The $50 million facility is a joint venture between the state-owned Ethiopian Investment Holdings, which holds a 51% stake, and Cairo-based Sam Precious Metals, which holds 49%.

With an annual processing capacity of over 600 tonnes, the plant will assay, refine, and cast gold and silver into minted bars and export-ready bullion. The refinery provides services including melting, testing, and die-making, aiming to transition Ethiopia from exporting raw gold to higher-value processed metals. This shift is intended to reduce losses and increase foreign exchange earnings, building on the $5.6 billion generated by gold exports last year.

Abiy Ahmed stated the facility could support annual exports worth up to $80 billion if it attracts sufficient volume from other African nations. To facilitate this, Ethiopian Airlines will utilize its cargo capacity to transport gold from neighboring countries to the refinery. The project is part of the government's Medemer agenda to strengthen the mining sector and eliminate the need for regional mining companies to export gold outside the African continent for certification and refining.