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Takele Uma, Minister of Ministry of Mines and Petroleum, announced today that his office had terminated the agreement it had with POLY-GCL Petroleum Group Holding Limited, a Chinese company. The Minister revealed that the company was unable to secure the required finance and lacked technical ability to carry out petroleum exploration.

According to Takele, his office would welcome the company if the latter works on and corrects its defects. He stated that the Ministry of Mines would implement similar measures on other companies who could not live up to the agreements they entered with the Ethiopian Government.

Source: Press release of the Minster of Ministry of Mines

Image source: Takele Uma Banti’s Twitter page

Ministry of Mines stated that it had finished preparations to launch Mintex Expo in Addis Ababa which will last for three days between November 10 and 12. The expo will be held to promote Ethiopia’s resources in the mining sector and will be open to investors, companies and other stakeholders. It will also host local and foreign companies who will be able to buy and sell minerals and produce better products.

The Ministry of Mines fell short of its revenue target for mining activities between 2018 and the first quarter of the current fiscal year (2023/24), according to a report by the Office of the Federal Auditor General.

The Ministry of Mines has announced its intention to provide specialized support and monitoring to gold producing companies. During a meeting between the Minister of Mines, Habtamu Tegegn, and representatives of gold producing companies to discuss the production plan for the 2023/2024 fiscal year, Habtamu Tegegn affirmed that the companies would receive necessary support and monitoring to improve their products and increase their income.

Ministry of Mines and Civil Society Organization (CSO) held a discussion on how to create transparency in Extractive Industries Transparency Initiative (EITI), on April 28, 2015, Ethiopian News Agency reported.