Ethiopia opens first national precious metals refinery at Bole Lemi

Prime Minister Abiy Ahmed launched Ethiopia's first national precious metals refinery at the Bole Lemi Special Economic Zone in Addis Ababa on 10 October 2026, the Ethiopian news outlet Addis Media Network (AMN) reported the same day. In a message on his official social media account, Abiy said the plant can process more than 600 tonnes of precious metals a year.

The refinery was set up through a partnership between Ethiopian Investment Holdings (EIH) and Sam Precious Metals, AMN and the Ethiopian broadcaster Fana Media Corporation reported. The Kenyan news site Eastleigh Voice described EIH as state-owned and Sam Precious Metals as an international gold and silver refiner headquartered in Cairo, Egypt.

According to the Office of the Prime Minister, as quoted by Eastleigh Voice, the plant is designed to assay, refine and cast gold into export-ready bullion. It will also produce cast and minted gold and silver bars of varying purities.

Eastleigh Voice reported that Abiy described the refinery as a major step towards strengthening Ethiopia's mining sector. He said the plant positions Ethiopia as "a regional hub for precious metals refining", as quoted by Xinhua on 10 October. Abiy also said: "From resource extraction to industrial transformation, we are creating greater value at home," according to AMN and Fana.

Abiy said the refinery is expected to raise export earnings, create skilled jobs, support the jewellery industry and make the gold value chain more transparent and competitive, AMN and Xinhua reported. According to the Office of the Prime Minister, as quoted by Xinhua, the facility aims to become one of Africa's largest precious metals refineries by land area. Xinhua said the refinery is meant to move Ethiopia away from exporting raw gold.

Gold exports exceeded US$5.5 billion in the 2025/26 fiscal year, which ended on 7 July, Xinhua reported. Commercial and artisanal miners produced a combined 44 tonnes of gold, according to the Ethiopian Ministry of Mines, as quoted by Xinhua.

Xinhua also reported that the government has recently named mining one of the country's five primary economic pillars.