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International Mining Firms Interested in Investing in Ambo Nyemer, Ethiopia

Three international companies have expressed interest in investing in gold exploration and extraction with Ambo Nyemer in Ethiopia. Ambo Neyer is launching its first project to explore and extract gold deposits in Oromia Regional State.

The potential investment from foreign firms was confirmed by Niguse Gedeffa, Marketing Head for Ambo Nyemer. Discussions are still in early states according to Niguse who declined to identify the parties interested in investing in the project.

Ambo Nyemer is expected to be the first Ethiopian company to invest in mechanized gold extraction. The company shares have been available to the public as of last September. Ambo Nyemer has acquired licensing from the Ministry of Mines, to explore and extract gold deposits from its concessions in the Oromia Regional state.

The Oromia Mining Bureau identified the gold exploration area 3 years ago. Farmers in the area are extracting high standard gold through traditional mining methods to supply the National Bank with an estimated 10Kgs of gold every month.

Ambo Nyyemer expects to begin exploration activities on parts of the area it has been allocated this financial year.

The company also plans to undertake an in depth feasibility study to engage in cement production as part of its general plan according to Niguse. The area where the Ambo Nyemer concession is located has been identified as having larger limestone deposits, a significant ingredient in the production of cement.

Ambo Nyemer projects plan to include animal husbandry, sugar manufacture. Cement manufacture, poultry farming as well as mineral development.

Source: Capital