Ministry Revoke Licenses of 63 Mining Companies

ADDIS ABEBA – Ministry of Mines and Petroleum announced on Tuesday the revocation of 63 mining permits from enterprises which failed to carry out their business as per contracts.

The mining enterprises which got their licenses revoked are said to have breached rules and regulations of contracts, failed to renew their licenses and pay royalty payments, the Ministry said in a satement issued on Tuesday.

Some of the enterprises have also been found producing below standards, the ministry said.

Out of the total penalized enterprises, 38 have been engaged in mineral extraction and production while the remaining 25 are mining researchers.

The country exported 4,083 Kg of gold and precious stones to international markets and It earned more than 302 million US Dollars from mineral export in the first five months of the current 2020 Fiscal year, according to the ministry.