Ethiopian ministry: Mining investment vital to boost currency earnings

Ethiopia's Ministry of Mines and Energy said on Thursday that the foreign currency earnings from mining activities could be boosted by promoting mining investment in the country.

Speaking at a consultative forum held with investors engaged in mining activities, Mines and Energy Minister, Alemayehu Tegenu, said the country can earn more foreign currency from mining activities by expanding mining investment.

He said the mining sector has created a number of new employment opportunities in addition to generating foreign currency for the country.

The consultative forum would help investors share information and experience, solve problems encountered during mining operations and strengthen the sector, he added.

According to Alemayehu, about 172 investors and companies have so far been licensed to engage in mineral exploration, development and production.

Mining License and Administration Process Owner with the Ministry, Gebre Egziabher Mekonnen, said a total of 40 investors were licensed to engage in mineral production and exploration in the just ended budget year.

According to Gebre Egziabher, 4.5 billion birr (about 0.33 billion U.S. dollars) was obtained from minerals supplied to local and overseas markets during the reported period.

Source: Xinhua