The Ethiopian Privatization and Public Enterprises Supervising Agency (PPESA) has offered the Ethiopian Mineral Development S.C. for full acquisition, Capita reported.

The Agency auctioned the tantalum mining enterprise, along with eight other companies, on a full acquisition basis. The Agency previously offered the enterprise for sale on a joint venture with the government.

According to Wondafrash Assefa, public relations head of PPESA, the mining enterprise, over the last two years it had been put up for auction several times but it failed to attract much interest primarily because it requires a huge investment capital.

Ethiopian Mineral Development S.C., was established in 1996, and restructured in 2000 as a share company with a total paid up capital of over 128.5 million birr.

The company extracts and processes rare metals and industrial minerals. The company also mines Tantalum at its Kenticha exploration and mining concession area, located in Adola 550 Km south of Addis Ababa.

Other companies included in the Agency's latest privatization bid include; Bahir Dar Textile, Kombolcha Textile, Weyra Transport, Shebele Transport, Agricultural Mechanized Service Enterprise, and Transport Construction Design.

Source: Capital