The Ministry of Mines (MoM) and Ezana Mining Development Plc, one of the subsidiary companies under the Endowment Fund For Rehabilitation of Tigray (EFFORT) signed an agreement that would enable the latter to produce gold, last week.

The agreement enables Ezana to produce 2,000Kg of gold within two years at an estimated cost of 393.7 million Br.

Currently, 135 local and foreign investors are running 250 exploration and production projects in Ethiopia.

Ezana Mining Development Plc is an Ethiopian owned private company established in June 1993 with a capital of 14 million Br.The company has been conducting mining exploration in the northern part of the country in the past 20 years.