ADDIS ABABA – The Ministry of mining and petroleum said it has given licenses to twelve mining companies on Wednesday.
The majority of the companies that received licenses will work on exploring minerals in different parts of the country.
The Ministry has also given licenses to other two mining firms with a total of 7.5 million US dollar registered capital to engage in the mining of basalt and marble production.
These two companies are expected to create job opportunities for at least 187 Ethiopians, said the ministry in a statement issued on Wednesday.
The remaining ten mining companies that signed mineral exploration agreements with the ministry has budgeted over 3.6 million US dollar for their activity in Ethiopia.
They will explore gold, gemstone, steel, manganese, and silver, among others in various parts of the country.
Certified companies told to carry out their production and exploration activities in accordance with federal and state mining proclamations, regulations, and directives.
The agreements have been signed between State Minister of Mines and Petroleum, Simen Wube, and various CEOs of the mining companies on Wednesday morning.
The latest deals are expected to give a push to Ethiopia’s mining sector its contribution to the country’s export revenue started to increase last year after years of decline.
Ethiopia’s mineral export earnings in the 2019-2020 budget year increased by a big 422.4 percent compared to the revenue made last year.
The country has earned 207 million US dollars from mineral exports in the 2019-2020 fiscal year that ended July-7. In the 2018/19, the country earned only 49 million US dollar from mineral export.
By Sisay Sahlu