The National Mining Corporation announced that it has 128 tons of gold ready to be mined in Ethiopia. The Gold is to be found at the Okote project operated by National Mining.
It is expected that the reserve will translate into a significant mine with little exploitative work and an appropriate definitive feasibility study claimed the corporation in the statement it released.
The overall reserves of the Okote concession to be found in Oromia Regional state are estimated to total 454 tons of Gold elaborated the statement. The site could potentially produce about 10 tons annually effectively doubling the gold output of Ethiopia explained a statement from National last March.
The extraction process will require 121.5 million US dollars in investment while the mine could potentially generate 4.3 billion dollars in profits over the next 20 years according to NMC.If the projected outputs prove to be true then Ethiopian can earn 2 billion US dollars in tax and royalty from the mine in the coming 2 decades.
It is to be remembered that Gold exports from Ethiopia grew by 40% to 405.3 million US in the first three quarters of the current Ethiopian financial year.
Source: Businessweek
