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Nyota Minerals has launched a 14650 m infill drilling program at its Tulu Kapi gold project in Ethiopia. The program is part of the definitive feasibility study it was said.

The project initiated in collaboration with Wardell Armstrong International is intended to convert an additional 260 thousand oz of Inferred resources to Indicated status before the end of the fourth quarter of the current financial year.

The program is expected to help the definitive feasibility study and confirm the mine's ability to perform for at least ten years.

The Oromia Cooperative Bank, Ethiopia announced a net profit of 47.3 million birr for the last fiscal year. The profit recorded by the bank showed an increase of more than 88% from the previous year. 

OCB was able to increase its total assets by 47% to 2.5 billion birr while total deposits drew close to 2 billion birr showing a 45% increase according to Wondimagen Negera President of the Bank.

Office Chérifien des Phosphates (OCP) Group announced it intends to build a fertilizer plant in Ethiopia. The announcement was made when the company’s Chairman and CEO, Dr. Mostafa Terrab, met and held talks with Hailemariam Dessalegn, Prime Minister of Ethiopia.

The Office of the Prime Minister held a discussion forum with the theme of economic reform yesterday, 12^th August 2019. Facilitating the discussion was Selam Teshome, a management consultant.

The recent discovery of oil in Kenya is indicative for oil exploration in Ethiopia based on the geographical similarities of the two countries according to experts.

Tullow Oil, which extended its exploration activity to Kenya and Ethiopia after discovering oil in Uganda’s Lake Albert Rift Basin, expects to drill the first well in Ethiopia in the third quarter of 2012.

It is expected the first well will be drilled in September according to an expert with the Tullow office in Ethiopia.