Ethiopia has launched its first gold refinery in an effort to establish the country as a regional precious-metals processing hub. Gold is one of Ethiopia’s main sources of foreign exchange, bringing in $5.6 billion last year. The facility, a $50 million joint venture, will process gold from Ethiopia and neighboring countries. It will offer multiple services, including gold melting, testing, refining, casting, bar minting, and die-making. Ethiopia’s Prime Minister Abiy Ahmed said the refinery would enable regional mining companies to refine and certify their gold in Ethiopia rather than sending it outside Africa for processing. By capturing more of the processing chain at home, Addis Ababa hopes to increase local value addition and position itself as a regional hub for gold refining.