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The Indian mining firm, May Flower Mining Enterprise Ltd, is to invest USD 116 million in the coal mine owned by Delbi Mining SC in Southwestern Ethiopia.
The General Manager of Delbi, Alemayehu Deressa, said the company was looking for a strategic partner to jointly develop the coal mine, and Mumbai-based May Flower agreed to invest the stated sum over a three-year period.
May Flower will import mining machinery, mining experts as well as the required finance for exploration and mining. “May Flower will own 70 percent of company shares, while Delbi will retain 30 percent,” Deressa said.
“We will be responsible for all payable accounts and they will provide the necessary technology, know-how and financing required for exploration and mining activities,” he added. A joint management team comprising of officials drawn from both companies will be set up.
The Delbi coal mine is located in Jimma zone, Oromia Regional state. About 53 percent of Delbi Cola Mining SC is owned by the Endowment Fund For the Rehabilitation of Tigray (EFFORT) and the balance is held by the Oromia Investment Group.
The Delbi Coal Mining concession covers a 39.2 square kilometre lot with an estimated coal deposit of 11.4 billion tons. Ethiopia’s coal reserves, ranging from lignite to bituminous deposits, are estimated at around 376 million ton. The country has the potential to generate more than 5,000MW from its geothermal energy resources from which only 7.3MW of power is currently being produced at a pilot plant, according to data from the Ministry of Mines.
(Walta Information Center)