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Ethiopian government to encourage foreign investment in mining

ADDIS ABABA Ethiopia (Xinhua) -- Ethiopia government has promised a "bright future" for foreign investors in the country’s mining sector.

Ethiopian Minister of Mines Tolesa Shagi on Friday called on development partners to join the country’s efforts in boosting the mining sector development for mutual benefit.

Speaking at a two-day international mining conference in Addis Ababa, the minister explained Ethiopia’s mineral and petroleum potentials as well as development achievements in the mining sector.

"The future is bright for investment in mineral, oil and gas industry, upstream, midstream or downstream in Ethiopia," said Shagi.

The meeting has brought together representatives from global mining industry, development partners, and stakeholders to network, share experiences and discuss best practices through case studies while dwelling upon opportunities and challenges and other pertinent issues.

"The mineral and petroleum exploration activities conducted so far on limited parts of the country have come up with significant discoveries and reserves of gold, platinum, phosphorous, iron, salt, potash, gemstones, coal, geothermal, natural gas, industrial and construction minerals in different parts of the country," Shagi said.

The minister said many private mining companies are currently conducting mineral operations in different parts of the country.

A number of other companies have also shown interest to explore for mineral and petroleum potentials in Ethiopia, he added.

Currently, more than 235 exploration and mining licenses have been granted from the Ethiopian Ministry of Mines, which is mandated to regulate mineral exploration and mining activities in the country.

Some of the exploration companies have carried out intensive exploration works and discovered economically mineable deposits in the West, North, and South Greenstone belts, according to the Minister.

The minister also said that his country is working in collaboration with bilateral and multilateral development partners to alleviate the challenges and improve the sector’s development.

             

 

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