2merkato

Vale, the Brazilian mining multinational corporations, has secured a 900sqkm gold exploration area in southern Ethiopia.

The exploration area is in Konso, between the Oromia and Southern Nations Nationalities and Peoples regional states.

Vale has agreed to conduct geophysical surveys including air-born geophysics to discover primary gold reserves and base metals such as cobalt, copper, silver and zinc, Gebreigzabher Mekonnen, head of mining operations with the Ministry of Mines, said.  

International mining giant Vale has entered the Ethiopian mining sector with an exploration license received from the Ministry of Mines. The Brazilian mining company established an exploration site on a 900km2 concession in the Konso area, Ethiopia.

Vale expects to explore and extract gold as well as seeking other commercially viable minerals such as iron ore said Marcelo A. Borges First Secretary and Deputy Mission at the Brazilian Embassy.

Vale is the largest Brazilian mining company and second largest internationally noted Borges.

A Middle East based textile company, Velocity Apparel PLC, is set to establish an integrated garment factory in Mekele city. The factory is said to cost US$ 80 Million.

Venora Lanka Power Panels (Pvt.) Ltd., which works with world renowned brands such as Schneider Electric, ABB, Forend and Rexton and which is in partnership with two local companies in Ethiopia, namely, Eulogia Electromechanical PLC and Horra Trading PLC, launched its products in the Ethiopian market.

Visa Inc., which is piloting Ethiopia's first international debit card, is seeking to convince the government to loosen strickt restrictions on banks in an effort to boost the use of electronic payments, Reuters reported.