According to a research that came out on Tuesday, October 07, 2014 revealed Ethiopia has the potential to earn U.S. $ 5 Billion every year from the mining sector.

The research is dubbed “Strategic Assessment of the Ethiopian Mineral Sector” and it was conducted wit the assistance from the World Bank and other developmental partners from Australia, Canada, Denmark and United Kingdom.

Tolosa Shagi, Minister for Mines, disclosed during the report’s launching Ethiopia secured more than U.S. $ 2.3 Billion from the export of gold, tantalum, opal, marble and other minerals during the last four years.

“The mineral and petroleum exploration conducted so far on limited part of the country both by the Geological Survey of Ethiopia and private companies, showed that Ethiopia is endowed with a favorable geological environment that hosts a wide range of mineral and geo-energy potentials,” he furthered.

According to him, currently there are over 130 companies operating in Ethiopia on solid minerals operations and oil and gas activities.

A Senior Mining Specialist at the World Bank, Kirsten Hund, noted Ethiopia has a great geological opportunity, which he claims enables it to attain sustainable development which needs commitment in working hard in the sector.

Source: Ethiopian News Agency