Walta Information Center - Number of investors engaged in mineral exploration, dev't growing fast

Ethiopia - Number of investors engaged in mineral exploration, dev't growing fast

Sofia Mohammed Addis Ababa, August 9 (WIC) – The number of investors licensed to engage in exploration and development of minerals has more than doubled in the just-concluded budget year, the Ministry of Mines and Energy said.



Ministry Public Relations Service Head, Sofia Mohammed, told WIC that 57 entrepreneurs were licensed in the budget year. She attributed the growth to the extensive promotions carried out and the incentives given.

The investors were licensed to engage in the exploration and production of gold, copper and jewelry materials as well as raw materials for cement, potash, coal, mirror and glass production.



The number of investors during the period has more than doubled when compared the previous year, the head said, adding that the investors have allocated more than 864.2 million dollars capital for the purpose.

According to her, five companies with 308.3 million birr capital were also licensed to engage in exploration and production of oil. The projects licensed in the budget year would create jobs to over 3,650 people, it was indicated.



The country has earned more than 99.5 million USD from minerals and jewelry exported in the budget year, the head added.