Borkena
Toronto – Saudi Gold Refinery, a mining Company, has reportedly expressed interest in the gold mining sector in Ethiopia.
Ethiopian Investment Commission (EIC) on Thursday announced that Board Chairman of Saudi Gold Refinery company, Sheikh Suliman Saleh Al- othaim Chairman, held a meeting with Temesfen Zeleke, commission of EIC.
The commissioner is cited as saying Ethiopia is undertaking works to make the mining sector conducive both to local and expatriate companies by adopting international practices in the sector. Legal frameworks is one of the areas that is highlighted as conditions favorable for investment in the sector.
Saudi Gold Refinery delegates are reportedly briefed about the investment opportunities in the mining sector. The is one of the three major gold miners in Saudi Arabia and is said to have over 15 exploration projects. According to sources, it produces 2 tones of gold per year.
EIC did not specify, however, if there was a particular offer for the investors or how strong the interest is on the part of the Saudi Gold Miner to embark on investment activity in Ethiopia.
Gold mining is identified as one of the key investment areas in Ethiopia. During a recent meeting with businesses in the capital Addis Ababa, Ethiopian Prime Minister Abiy Ahmed made claims that Ethiopia exported $3.2 billion worth of gold in the ending fiscal year.
MIDROC Ethiopia, owned by Ethiopian born Saudi Billionaire, has been engaged in gold mining in Ethiopia for many years now. In January this year, the company announced a $200 million investment in Bullen district, Benishangul Gumuz region of Ethiopia.
Subscribe : https://borkena.com/subscribe-borkena/
Join our Telegram Channel : t.me/borkena
Like borkena on Facebook
Add your business to Ethiopian Business Listing / Ethiopian Business Directory Business Listing Toronto
Join the conversation. Follow us on X (Formerly Twitter) @zborkena to get the latest Ethiopian News updates regularly. Subscribe to YouTube channel To share information or for submission, send e-mail to info@borkena.com