2merkato

The prices of unwashed Arabica coffee from Ethiopia are reported to have decreased by an estimated 6.9% on the Ethiopian Commodity Exchange last week.

The fall in prices occurred as the volume of washed and unwashed coffee traded on the exchange increased from 2295 metric ton to 2529 metric tons said an email statement from the exchange on Dec 9th.

Tigray Resources announced results from initial diamond drill from the first phase drill program at the Terakimti copper-gold-silver-zinc prospect in northern Ethiopia.

Drilling in the southern part of the Terakimti target area has discovered thick zones of steeply south-dipping massive sulfide mineralization over a 250-metre strike length, with an interpreted plunge to the mineralized system of 35 to 40 degrees to the ENE.

Ethiopian Potash announced results for the first six holes assayed in the Southwest Corner of its Danakil Potash Project, Ethiopia.

The high grade sylvite assays obtained from holes located on the basis of ready access preceding the construction of drill roads is encouraging said Mr Wahl, President and CEO of Ethiopian Potash.

Ethiopian Potash has completed 19 holes which have all been logged, sampled and shipped to Saskatchewan Research Council for analysis explained Wahl.

SoleRebels, Ethiopia won 50,000 US dollars as one of the finalists at the Africa Award for Entrepreneurship. Bethlehem Tilahun Alemu, Founder and Managing Director of soleRebels accepted the award on behalf of the company at the event held in Nairobi.

“I am elated by this award. It is recognition that soleRebels is at the forefront of a new business paradigm on the continent, one where African driven businesses and brands are elevating Africa’s global competitiveness by winning in the global marketplace” said Bethlehem.

Zemen Bank, Ethiopia is acquiring land in the Sengatera area to build its head quarters. The Bank has completed 99% of the process associated with acquiring the land according to Ermias Eshetu, Deputy Marketing President.

The bank’s headquarter building is expected to be the tallest in an important part of the financial district in Addis Ababa. The Zemen Bank headquarters will be erected in front of Addis Ababa University School of Commerce according to the announcement made by the bank at the official launch of the construction design last Thursday. 

Abyssinian Flight School, Ethiopia is to merge with a US company internationally recognized in the sector according to Solomon Gizaw, managing director of the Ethiopian Flight School. An initial investment capital of 10-20 million US dollars is proposed.

The venture will become operational with the construction of dormitories and the set up of high technology simulators said Solomon.

Gafat Endowment has announced plans to invest 7 billion birr in Ethiopia to establish a paper and pulp project, Tana Paper and Pulp Factory S.C, in the Amhara Regional State

The project will also include a pulp wood farm for a variety of Eucalyptus trees especially adapted to produce pulp.

Diageo is to begin the take over process at Meta Abo Brewery, Ethiopia. The International distiller arranged for the transfer with Ethiopian Privatization and Public Enterprises Supervising Agency at the end of November.

The transfer process is expected to take three weeks commencing from next Monday said Brook Worku, Country Representative for Diageo.

Diageo will conclude the final payment as per the agreement reached with PPESA according to Brook.

Captain Desta Zeru, Vice President Flight Operations will fly the Boeing 787 Dreamliner from Haikou China to Addis Ababa on the 11th of December. The Dreamliner will make a stop in Ethiopia as part of the Dream Tour promoting the 787. 

The ‘Dream Tour’ will allow Boeing customers and partners across the world to experience the innovative technology offered on the company’s most fuel efficient aircraft to date said a statement from Boeing.