2merkato

Alecto Minerals shares advanced by more than 11% in early deals today as it released some of the findings from its first exploration program on its Wayu Boda gold concession in Ethiopia.

The exploration work comprised of geophysics, trenching, and geological mapping was focused on three areas that had been a focus of artisanal mining in the past. The miner took a total of 853 samples from 14 trenches. The highlight trenching results included intervals ranging from 1.3 meters to 14 meters with grades of 1.1 grams per ton (g/t) to 4.9 g/t.

It is to be remembered that Alecto reported initial sampling results which included grades of up to 47.4 grams per tonne gold last month.

The Ethiopian government officially inaugurated the Tourism Transformation Council and the Ethiopian Tourism Organization, entities established under the Council of Ministers Regulation No. 294/2013.

The government of Ethiopia has decided to merge Commercial Bank of Ethiopia (CBE) and Construction and Business Bank (CBB), Fana Broadcasting Corporate reported.

The Ethiopian government has established a new agency tasked with regulation of large-scale agricultural investments, Capital reported. The Agriculture Investment Agency (AIA) was set up to regulate large-scale and mechanized agricultural investments on lands granted by the Ministry of Agriculture.

Abera Mulat, an agriculture expert at the Ministry of Agriculture, has been appointed as the director of the Agriculture Investment Agency.

The Ethiopian Government Housing Agency cancelled the contracts of 643 tenants in Addis Ababa, Ethiopia who subleased their rental property to third parties against their contract with the Agency.

The Agency cancelled the contracts following a directive issued in October penalizing tenants who have sublet commercial properties owned by the government. The directive also penalized tenants who were utilizing residential property for commercial purposes.