Ethiopia has obtained more than 500 million US dollars from mineral exports in the last fiscal year said Sinknesh Ejigu Minister of Mines this week.  

The Mining sector is making valuable contributions towards national development goals according to Sinknesh. The mining industry is a significant source of foreign currency even though it is not yet well developed she said.

The Minister discussed the opportunities available in the mining sector at a meeting with 80 companies engaged in mining. The meeting aimed to facilitate the exchange of current information amongst investors involved in mineral extraction. This in turn is expected to create a forum for sharing experience in regards to best practices and issues encounter.

The number of investors entering into the mining industry in Ethiopia is increasing all the time Sinkenesh said. This is primarily due to the untapped mineral resources available in the country she explained.

There exists a beneficial investment climate in Ethiopia as well as good policy structures according to Sinkenesh.  

It is to be remembered that three international companies engaged in the mining industry made announcements of progress just this month.

Allana Potash Corp announced that it has intersected three zones of strong potash mineralization in hole DK-11-28, found in the northwestern region of the company’s potash concession in Ethiopia.

Nyota Minerals, an East African focused gold miner, also announced said it discovered three new gold reserves. While Tigray Resources Inc has completed nine diamond drill holes since mid-August in Ethiopia.

Source: Ethiopian News Agency