2merkato

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. 

The power generation capacity of Ethiopia has reached 2,140 MW according to the Ethiopian Electric Power Corporation. It is to be remembered that the power generated in the country was just 370 MW two decades ago.

The national electricity coverage has grown to 47% from only 8% in the early nineties said Miheret Debebe, Chief Executive Officer with the EEPCo.

The per capital energy consumption twenty years ago was below 20KW at the household level but has grown to 100KW now he said.

Meles Zenawi, Prime Minister of Ethiopia hinted of a potential oil discovery in the next year. The Prime Minster made the claim while addressing participants of the Ethiopia Investment Forum which was a side event to the 22nd World Economic Forum on Africa.

There are investment opportunities in the extractive industry including oil exploration told Meles to more than 200 domestic business leaders and as many international corporate CEO’s.

The Prime Minister claimed that Tewodros Ashenafi, Founder, Chairman and Chief Executive Officer of South West Energy will be the bearer of good news.

Ethiopia received 50 million US dollars from the Climate Investment Fund after the country’s investment plan under the Scaling Up Renewable Energy Program for Low Income Countries was approved by the committee members for the CIF.

The decision was rendered at the CIF committee meetings that took place in Washington DC from the 30th April to the 4th of May. The African Development Bank, as the implementing agency of the Climate Investment Fund, represented African interests at the week-long meetings.

The plan presented by Ethiopia calls for the African Bank to offer investment and technical support to execute Phase II of the Aluto Langano Geo-thermal Project and Assela Wind Farm Project. The AFDB is expected to inject 23 million US dollars of the total SREP financing to the Ethiopian projects.