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Ethiopian Company to Carry out Gold Exploration

Ambo Gnemer announced plans to carry out gold exploration in Oromia Regional State, Ethiopia. The company is set to invest in cement manufacturing, vegetable and fruits, animal husbandry and sugar development as well as gold exploration.

Ambo Gnemer will carry out its exploration on 21,000 hectares of land outside of Ambo in Oromia Regional State according to Nigussie Gedefa, Marketing and Project Office Coordinator.

The company has high hopes for the gold exploration site as local miners are actively producing precious minerals in the area where Ambo Gnemer expects to be producing gold said Nigussie.

There are an estimated 200 miners in the area who are producing gold traditionally he noted.

Gold bearing rocks have also been discovered in the area over the last three years he said.

The company will also launch a sugar development project including a sugar cane plantation and a sugar manufacture plant explained Nigussie.

The company plans to launch integrated industries that will be interrelated to each other according he said.

Ambo Gnemer is expected to announce its performance and activities for the year as well as its future plans to its shareholders said Nigussie.

Ambo Gnemer has raised 10 million birr form over 400 shareholders. The money raised so far is below the 2 billion birr subscribed capital the company registered when securing an investment license to run integrated industries.

Source: The Reporter