The Ethiopian Ministry of Mines and Petroleum announced that it has issued 24 investment project licenses for exploration and licenses of minerals and petroleum. The investment projects have a combined capital close to $170 million (4.95 billion birr).

Of the 24 licenses issued in the Ethiopian fiscal year that ended on July 7, 5 are for production, while 19 are for exploration. In a statement, the Ministry also said the export of minerals earned Ethiopia close to $49 million, which still falls short of the target set. Arsenal mining, it was reported, created some 179,000 jobs.

The Ministry of Mines and Petroleum plans to generate $265.5 million from minerals export in newly started Ethiopian fiscal year.

Source: Fana BC