May 7/2021(ENA)  Ethiopia Commodity Exchange and Ministry of Mines and Petroleum have signed a memorandum of Understanding (MoU) that aims at modernizing the mining market chain.

Mines and Petroleum Minister Takele Uma and Ethiopia Commodity Exchange (ECX) Chief Executive Officer (CEO) Wondemagegnehu Negera signed the MoU today.

On the occasion, ECX Chief Executive Officer Wondemagegnehu said the agreement will help to establish a modern mining marketing center and system, besides enhancing transparency, and traceability for the benefit of investors and Ethiopian operators (miners, suppliers, and exporters).

According to him, implementation of the agreement would enable to increase domestic revenue from mineral and minimize illegal trading of gemstones (opal, sapphire, emerald), among others.

Moreover, the CEO added that digitalization in mining market at ECX would enhance to monitor and analyze (collection, analysis and dissemination of local /international prices of other useful data).

Mines and Petroleum Minister, Takele Uma said on his part that the agreement would benefit mine producers as they could sale produces at global price.

He further explained that the agreement would improve the production chain besides modernizing the informal market system.

Source: Ethiopian News Agency