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In a bid to speed up development, Ethiopia has cancelled 27 unused mining licenses

Ethiopia’s mines ministry announced on Friday that it had cancelled 27 unused mining licenses and issued warnings to three companies to boost production. Ethiopia has now revoked 90 mining licenses, including 63 that it had already revoked in December. “Following a re-investigation, 27 mining companies that had been licensed to …

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Gold prices boosting Ethiopia’s mining revenue

Strong gold prices are raising mining revenues in Ethiopia and drawing more competition from investors in a market largely dominated by artisans and smaller players. Coronavirus-linked border closures forced miners back into the formal sector’s arms; a welcome boost for the central bank of Ethiopia, which needed hard currency. Ethiopia …

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East Africa Metals makes good headway in its Adyabo gold property

This year, East Africa Metals (EAM) made good headway in developing its Adyabo gold property which includes the Mato Bula gold-copper project and Da Tambuk gold project. The company has revealed is not only focussed on developing its Ethiopian gold projects as fast as possible to take advantage of global …

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Ethiopia capitalises improvement in the metal’s price this year

Gold exports from Ethiopia increased four-fold year-on-year to 24,700 ounces during July and August, this is according to a Bloomberg report. This was after the central bank offered higher prices to mop up gold that may otherwise be smuggled. Ethiopia is the latest country in Africa to start buying up …

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Kefi on track to finalise Tulu Kapi financing by October, MRE for Hawiah next month

Aim-listed Kefi Minerals continues to progress talks with Ethiopian investors and international specialist mining financiers, with the aim of securing project equity ahead of closing the full financing package for the Tulu Kapi gold project, in Ethiopia, by October. The company remains focused on achieving key targets set out in February, including …

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Mining reforms start bearing fruits in Tanzania

Tanzania continues to benefit from mining sector reforms, with the sector’s contribution to GDP in 2018/19 increasing to 5 per cent, up from 4.8 per cent the previous year. Since taking the office in 2015, President Magufuli has been pushing for more revenues from the mining sector. His government introduced …

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East Africa Metals receives final payment in Adyabo transaction

East Africa Metals has received the final payment of US$600,000 from Tibet Huayu Mining as part of the closing of the transaction as it purchased a 70% interest in the company’s Adyabo Project. Andrew Lee Smith, East Africa Metals’ CEO, is reportedly travelling to Addis Ababa, Ethiopia to meet with …

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Ethiopian sets target for its mining sector

The Ethiopian government has set a target for its mining sector to contribute around 10 per cent of the country’s Gross Domestic Product (GDP) by 2025. The sector contributed less than 1 per cent of Ethiopia’s GDP, 14 per cent of exports, 1 per cent of government revenue and was …

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Ethiopia lures Chinese miners

Potential Chinese investors have set their eyes on Ethiopia’s mining sector for major investments.The development comes as Ethiopian authorities escalate efforts to attract foreign firms in the extraction of the country’s abundant mineral resources. Assefa Kumsa, Ethiopia’s State Minister of Mining and Petroleum said his government is inviting experienced foreign …

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JV on the cards for Mato Bula, Da Tambuk deposits in Ethiopia

Toronto Stock Exchange listed East Africa Metals has executed a definitive share purchase agreement and joint venture contract with Silk Road Resources Investments to develop and operate Adyabo Project’s Mato Bula and Da Tambuk deposits located in the Tigray region of Ethiopia. The company has agreed to transfer to Tibet …

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