Tuesday, June 25, 2024
HomeEthiopian NewsGold processing factory launched in Tigray

Gold processing factory launched in Tigray

A new addition to EFFORT business empire , Gold processing factory in Tigray

EFFORT - Gold -Tigray
Credit : EFFORT

January 9,2017

Gold processing factory established by EFFORT (The Endowment Fund for the Rehabilitation of Tigray) is now operational. It was constructed at a cost of 745 million Ethiopian Birr.

Named as Miellie ,the factory is located in Shire Endasellassie and is constructed by Mesfin Engineering, another big Tigray based firm owned by Tigray People’s Liberation Front.

It has the capacity to produce 5 kilograms of gold a day and is projected to generate a revenue of 1 million US dollars per week, according to a report by Ethiopian Satellite Television which cited Ethiopian government media outlets.

The report added that EFFORT has deals with eight Canadian and US companies to intensify investment in the mining sector across Tigray, Northern Ethiopia. The Company is aiming to generate a billion US dollars per year from all investments in the mining sector.

EFFORT, giant parastatal business empire in the country with unrivaled capital and monopoly in a range of sectors was established in 1995 as ” a charitable endowment fund” with resources, claims TPLF, donated by members of TPLF and capital from TPLF business activity abroad during the guerrilla times of the party.

Widow of the late Meles Zenawi, Azeb Mesfin, chaired the company for a long time until she came under fire and was humiliated during the months long Politburo meeting of the party.

Join the conversation. Like borkena on Facebook and get Ethiopian News updates regularly. As well, you may get Ethiopia News by following us on twitter @zborkena



Please enter your comment!
Please enter your name here