Ethiopia Mineral Development Share Company (EMD) concluded a memorandum of understanding (MoU) with CVMR Ltd during the Canadian Council of Africa’s Canada-Africa Business 2014 summit.

According to Walta Information Center the proposed partnership has a preliminary estimation of U.S. $ 3 Billion.

The aim of the farming partnership is concentrate production and refining of Tantalum, Niobium, Lithium, Nickel, Iron, and PGM for quarter of a century.

Commenting on the occasion EMD’s CEO, Dr. Zerihun Desta, said; “EMD is very pleased to have fund a partner with whom it can fully realize the economic potential of its rich mineral deposits”.

The Company’s board chairman and State Minister of Ethiopia’s Prime Minister Office, Bogale Feleke, noted the Ethiopian government welcomes CVMR to its economic expansion process towards attracting manufacturing industries to Ethiopia.

According to Walta, premium-priced specialty metal powders’ demand is growing at a 26 percent annually. The Center further explained CVMR’s patented production methods produce metal powders up to 99.999% purity and the company has higher recovery rates ad more economically than other mineral extraction methods.

CVMR’s chairman, Kamaran Khazan, on his part said his company is pleased its technology can help unlock much wealth and generate economic development for the Ethiopian economy.

Tolessa Shagi, Minister of Mines, also commented on the occasion saying; “The CVMR refining technology’s ability to simultaneously refine multiple metals is very valuable to our mine sites and has the potential to transform Ethiopian mining economics and attract investment.”

The memorandum of understanding was concluded on Thursday, September 18, 2014.

Source: Walta Information Center