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Expatriate investors in the mining sector show interest in investing more in Ethiopia

Expatriate investors in the mining sector had a meeting with the Minister. They are said to have expressed interest in investing more in Ethiopia.  

Investors in the mining sector having coffee time with Takele Uma, Minister for Mining. (Photo : ENA)

borkena 

Expatriate investors in the mining sector in Ethiopia reportedly expressed interest to invest more. 

According to a report by Ethiopian News Agency (ENA), state media, investors from Australia, Sweden, Canada, United Arab Emirates on Monday had “an extensive” meeting with Takele Uma, the Minister for Mining. 

The report described the meeting as a “constructive one.” 

Takele is cited as saying that the investors have expressed not only interest in enhancing their investments but also in additional new investments in the sector. “The meeting today is an additional testimony that the mining sector in our country has a potential to attract a huge investment,” he said. 

The Ethiopian government has pledged what it called appropriate support to the investors. The ENA report did not disclose names of expatriate companies that took part in the meeting. 

When Takele Uma this week appeared on state television, Ethiopian Broadcasting Corporation, he mentioned that the Mining sector is the second important export based revenue source for the Ethiopian government. He also highlighted government commitment to make the sector more relevant to the Ethiopian economy. 

In 2020, Ethiopia earned about $U.S. 505 million from the export of gold.  There has also been an effort to combat illegal mining activity in the country which is said to have contributed to low income from the sector. 

Meanwhile, Ethiopian authorities on Monday disclosed that five bars of gold worth over 12 million Ethiopian birr had been seized at Bole International airport. It was meant to be smuggled out of Ethiopia.

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1 COMMENT

  1. I am not sure how they gonna eradicate illegal mining completely. For many tribal clans it has been a way of life and the only means they know for a living. When you had sophisticated network of global illicit traders it is close to impossible to even get it under control. You see it on infomercials. What percent of that opal you see on shopping sites was legally traded? What percent of those carats of diamonds you see at jewelers and shopping sites are traded legally and in the open? When it comes to Africa you see connivers illegally trading crude oil. They have the nerve and the capability of stealing and trading millions of barrels of crude oil let alone minerals like gold, platinum and diamond that can be hauled away in the pockets of your pants. But the more genuine control the more revenue flowing into the nation’s coffers.

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