10 June 2018

Ethiopia: Mining Companies Worth 73b Br Join Industry

Seventy-one mining companies with registered capitals of more than 73 billion Br have joined the mining industry in the first half of the second edition of the Growth & Transformation Plan (GTP II), according to the Ministry of Mines, Petroleum & Natural Gases.

The government supported the mining companies mainly by giving them tax incentives, according to Geremew Negasa, the Ministry's Planning, Monitoring & Evaluation director.

These mining companies have thus produced 16,223Kg of gold and 578tn of tantalum. In addition, 1,000Kg of opal for exports.

Melese Alemu, minister of Mines, Petroleum & Natural Gases, stated that the Ministry will continue to work hard to attract investors in the sector to meet the targets of the GTP II.

The sector has been undergoing ups and downs over the past couple of years. Export earnings from the mining sector showed a decline of 51.9 million dollars to 167.25 million dollars, according to the Ministry of Trade (MoT), in the past 10 months of this fiscal year.


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