Energy and Mining

Ethio Potash Project Seeks 70MW of Dedicated Power

Ethio-Potash has requested 70 MW of dedicated power for its extraction project in the Danakil Depression of Ethiopia. The company needs the power supply to be available by 2014 as it launches extraction efforts after completing its feasibility study in the middle of this year.

The company has been in the process of negotiations with the Ministry of Water and Energy and the Ministry of Mines according to Jorgen Ole Haslestad,  Chief  Executive of Yara International which owns a 51% stake of the company.

Ethio-Potash can potentially extract 1.5 tons of potash a year according to the 2012 first quarter report released by Yara. The project costs at the Danakil Depression project can extend to as much  of 2 billion birr said Hoslestad.

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Pamela Hueston Named Director of Ethiopian Potash

Pamela Hueston has been named as director of the Ethiopian Potash Corporation effective. The appointment of Hueston will be effective immediately.

Hueston is currently serving as the Director of Finance with Premier African Minerals Limited, a company working in mineral exploration and development in the West and Southern parts of Africa.

She also worked for Deloitte in a range of international positions as a Senior Manager in Forensic Accounting previously. Pamela graduated with an MBA from the University of Cape Town and is a Chartered Accountant in Canada.

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BHP Billiton Transferring Equipment in Ethiopia to Other Mining Companies

BHP Billiton is transferring the equipment it imported into the country through tax free privileges to other mining companies, after withdrawing from mining explorations in the country two months ago. The company will be retaining some of its larger equipment.

The Anglo-Australian mining company imported the equipment estimated to be worth several millions of dollars and which includes vehicles and other production tools as part of the tax free incentive scheme facilitated for investors in the sector.

The companies given the go ahead to purchase the equipment from BHP are Ethio-Potash, Allana Postash and Sheba Mining.

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African Development Bank to finance Ethio-Kenya power line

The African Development Bank (AfDB) has approved the provision of USD 348 million loans for the financing of the Ethio-Kenya power line project, the second phase of the 1.26 billion project dollar project to boost cross-border power supply in the region. The World Bank has previously approved USD 684 million the first phase of the funding.

Ethiopia is developing its hydropower resources to sell electricity to neighbouring countries. Kenya is also highly investing to develop its power supply infrastructure to meet demands of its boosting economy.
Ethiopia will supply power to Kenya  from current and forthcoming power stations. AfDB will allocate USD 232 million the fund to Ethiopia and the remaining to Kenya.

The 1,068 km high-voltage Ethio-Kenya power line project is jointly financed by the World Bank, the French Development Agency and the Ethiopian and Kenyan government.

Source: Reuters

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Agriterra’s Legacy Ethiopia Oil Interests Estimated at 2.7 Billion Barrels

Agriterra’s legacy oil interests in Ethiopia are estimated at 2.7 billion barrels according to a new report. he projected figure is a best case gross un-risked estimate derived from an independent review carried out on the South Omo concession according to African Oil which is a partner in the venture.

Agriterra has 20% state in the concession and Africa Oil owns 30% while Tullow Oil owns the remaining 50%.

It is to be remembered that Tullow has already made oil discoveries at the concession it is prospecting in Kenya and which is located in the same system as South Omo.

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