2merkato

Syrah Resources concluded a deal with Aramis Resources Limited for the acquisition of an 80 percent interest in three large projects of gold exploration in Ethiopian.

Syrah will acquire the stake through paying 1.5 million dollars in three instalments spread over two years, issuing 25 million shares and up to 5 million options, and the expenditure of 2.5 million dollars on the projects within 3 years.

Syrah will explore 2,000 sq km of prime ground and get access to various assets with mineral exposure.
The ground consists of three project areas at Moyale, Nejo and Dawa which are all found close to areas of significant gold mineralisation in southern and western Ethiopia.

Moyale contains one granted tenement covering 440 sq km. 

The Dawa Project contains two granted tenements covering 1,000 sq km south of Lega Dembi Mine in southern Ethiopia. Gold production at Lega Dembi is reported to have hit 3 million ounces over the last two decades and it is still producing more than 100,000 ounces annually.

The Nejo project contains four granted tenements covering 771 square kilometres in the western part of the country, north of Nyota Minerals Limited's Tulu Kapi Project (currently 1.2 million ounces in resources).

Small areas of high grade mineralisation associated with quartz veins in intrusives have been mined at a small scale on the licence at the Chamuk Prospect. Drilling has proven that there is good potential for resources to be outlined.

Syrah Resources shares climbed 31.25 percent to 0.105 dollars in intraday trading today.

Source: Proactive Investors  

TAF Oil PLC opened its first fuel station in Addis Ababa, Ethiopia. The station is located in Mekanissa area. The opening ceremony was held on Saturday, March 9. TAF is planning  to open eight additional fuel stations in Tigray, Amhara, Oromia and Gambella Regional states of Ethiopia.

TAF was established in 2008 by three  with 56.3 million birr authorized capital. TAF Oil commenced operations in January 2011 in Gelan, Oromia Special zone. In less than two years TAF has increased the number of its fuel stations to 18, located in the capital and  different regional states.

TAF Oil PLC inaugurated the largest aviation depot facility in Ethiopia this week. The semi-automatic Jet-A1 fuel storage and filling facility constructed at Bole International Airport, in Addis Ababa.

TAF Oil outbid several established vendors in the sector to acquire a fuel supply contract for Anbessa City Bus Services Enterprise, Ethiopia estimated to be worth almost 500 million birr.

Anbessa announced the winner of the bid in a letter addressed to TAF on the 29th of March.

The company will supply more than 26 million liters of benzene, Nafta and 500 thousand liters of other lubricants and greases over two years from the signing of the contract according to sources. It is expected that TAF will earn an estimated 484 million birr over this time.

A Taiwanese business delegation made up of forty representatives from 29 firms will begin a visit to Ethiopian on the 24th of November. The Taiwanese businesses are primarily interested in the garment and clothing manufacture sector.

The delegation plans to communicate with the Ethiopian business community and can be reached through appointments made via email to the Taiwan Trade Center in Nairobi.