October 19, 2017

Ethiopia secures over US$ 2.3bn from mineral exports

Ethiopia’s mining industry has aided the country in securing more than US$ 2.3bn from exports of gold, tantalum, opal, marble and other minerals; this is according to a new published report.

Ethiopia’s mines minister, Tolosa Shagi confirmed the reports and pointed out that they anticipate that the returns will double, if more investment is channeled in the mining sector.

Shangi further said that reports from a recent Geological Survey conducted in the country revealed that   the region had a wide range of mineral deposits, whose exploration would lead to the increase of their economy, hence making the country earn US$ 5bn annually from the mining sector and by tapping into geothermal energy sources.

Currently, Ethiopia has more than 130 companies involving themselves in minerals operations and oil and gas exploration activities. Apart from other mining proceeds, the country will also receive US13m from the World Bank through BioCarbon Fund to advance the carbon neutrality programme.

Ethiopia has recently announced that it will undertaking a US$ 100m potash exploration project in the Afar Regional State.

Related posts