2merkato

Ethiopia has received an 80 million dollar soft loan for a project to construct and expand electric power transmission lines from EDCF, South Korean state bank announced the Ethiopian Electric Power Corporation.

The loan agreement will be signed between the Ethiopian Ministry of Finance and Economic Development and a representative of the Korean government here in Addis Ababa soon.

The project is an expansion of the Beles-Bahir Dar- Sululta transmission line stretching from Debremarkos-Gebreguracha-Sululuta over 212 KM and carrying 400 KV explained Misikir Negash Head of Corporate Communications with the EEPCo.

The National Mining Corporation announced that it has 128 tons of gold ready to be mined in Ethiopia. The Gold is to be found at the Okote project operated by National Mining.

It is expected that the reserve will translate into a significant mine with little exploitative work and an appropriate definitive feasibility study claimed the corporation in the statement it released.

The overall reserves of the Okote concession to be found in Oromia Regional state are estimated to total 454 tons of Gold elaborated the statement. The site could potentially produce about 10 tons annually effectively doubling the gold output of Ethiopia explained a statement from National last March.

The Ethiopian Electric Power Corporation, Ethiopia’s sole electric provider, is revising its power sector master plan for the next twenty five years taking in to consideration its aim to generate 37,000 MW in the coming quarter of a century.

The adjustment to the master plan established earlier was necessitated because of the growth in the power sector and the need to reassess the the previous baseline to take into consideration new power requirements said Mihiret Debebe, Chief Executive Officer of EEPCo.

The new 25 year master plan is expected to be unveiled in the first half of the next financial year according to Mihiret. The new plan aims to generate 37,000 MW by the end of the period and will establish financial sources for the high costs anticipated in implementing power projects.

Ethiopia suspended tantalum mining and exports until the country acquires the capability to refine the mineral in a bid to earn more revenues from exports. The decision means that Ethiopia will not export tantalum until the nation has an operating processing plant said Tamrat Modjo, Head of the Traditional Mining Department of the Ministry of Mines.

The government wants to retain enough reserves for when the plant is operational while exploration is underway for more reserves in other parts of the country he said.

It is expected that the processing plant will require an investment of 500 million birr. The government aims to start exporting 1,000 tons a year for the 15 years that the national reserves are expected to last said Tamrat.