The revenue Ethiopia earns from the mining sector has grown notably in the last two years according to the Ministry of Mines.
Mining investment projects in Ethiopia were valued at 13 billion birr in 2010 but this sum has increased by 1.1 billion birr to reach 14.1 billion birr according to Bacha Faji, Ministry of Public Relations and Director of Communication.

The ministry has also licensed 56 more investment projects in the last two years with most of the licenses issued in the petroleum exploration and mineral exploration sectors he noted.

Ethiopia has been able to secure 162 million US dollars from petroleum exploration licenses, royalty tax, signing bonus and building payments in the previous fiscal year.

There are currently nine petroleum companies who are licensed to undertake exploration and seismic survey work in the country. A total of 135 international and domestic companies have received 250 mining investment licenses with 45 companies already launching production in a range of sectors he said.

Mining investment has contributed to the transfer of technology on a national level and opened up employment opportunities for 3000 permanent and more than 10,000 casual employees explained Bacha. The Ministry intends to increase the amount of investment in the sector to 20 billion birr by the end of the national development plan.

Source: Walta Info