Capital Ethiopia Newspaper

Company discovers gold, base metal reserves

The National Mining Corporation Private Limited Company, (NMiC) said that it had discovered gold and base metal reserves in Dawa Okote, and Werri areas in Oromia and Tigray states respectively. NMiC General Manager Melaku Beza said that the 500,000 kilograms of gold reserve was discovered at Dawa (Okote). The reserve is estimated at over four billion USD. The General Manager also announced that the company has finalized preparations to extract 80,000 kilograms of gold. He said Werri has 18,000 kilograms of gold reserve valued at over USD 792 million. Besides, he said, silver, lead, and zinc reserves have also been discovered. A preliminary economic assessment made by a foreign company indicated the technical and economic feasibility of the projects. Melaku said the discovery shows that Ethiopia has untapped huge mineral resources. According to him, the exploration was conducted since 1996 at a cost of 80 million birr.
(The Ethiopian Herald)