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Ethiopia Launches $50 Million Mega-Refinery at Bole Lemi to Rewrite Regional Precious Metals Trade

  • October 16, 2026
  • Dagmawi Zeleke

Prime Minister Abiy Ahmed officially inaugurated the National Precious Metals Refinery today at the Bole Lemi Special Economic Zone. Established through a strategic partnership between Ethiopian Investment Holdings (EIH) and Sam Precious Metals, the $50 million-plus facility fundamentally alters the logistics of the East African trade in raw gold and silver. With a capacity to process over 600 tonnes of precious metals annually—roughly the physical weight of 15 fully loaded Boeing 737 commercial jets—the plant operates at a scale that dwarfs Ethiopia’s domestic output. If that full 600-tonne capacity were gold, the equivalent metal value would be approximately $80 billion at current gold prices, an indicative figure for the value of gold processed rather than a forecast of annual throughput.

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