MIDROC strikes a gold mine, to invest 8 billion birr

Metekel Gold Mine, a third mine site MIDROC Ethiopia Technology Group possesses, is confirmed to be viable through a feasibility study and it will be developed with an investment of 4.2 billion birr. The gold mine located in Benishangul Gumuz Regional State has the capacity to produce 2,300 kilo grams of gold per year.
According to Dr. Arega Yirdaw, CEO of MIDROC Ethiopia, the mine will have a life span of 15 years and during that time it is expected to bring in 27 billion birr revenue from sales of the precious metal.
“We will start excavation in 2018, this kind of large processing plant will take at least three years to go functional because, among other things, it is located in a remote area,” said Arega.
The project has already hooked the interest of foreign financers but the mining company is yet to utilize that interest. “Of course, when this kind of project is announced, lot of interests stream from the financial sector. But, currently we are not looking for financing. Maybe we will do it on our own when we reach that point, or maybe, we will look for partners,” Arega told Capital.
The gold mine plant that will have a complete laboratory, earth moving machineries and equipments is expected to be erected within three years. The Metekel Gold Mine will be creating employment opportunities for 650 people and will be bringing in 420 million birr for the government through tax, among other things.
The 4.2 billion birr investment on the mine by MIDROC is part of an 8 billion birr company-wide expansion project that includes ELFORA’s Forage Production project that will be taking up an investment of 1.6 billion birr, a dairy and meat production project taking up an investment of 1.1 billion birr as well as an expansion of ELFORA’s poultry meat and egg production that will be taking an investment of 870 million birr. 
The expansion will open up new jobs for additional 3,000 people and it will be completed in five years.  The government will receive 880 million birr in tax from all of the expansion projects.
The owner and Chairman of MIDROC Ethiopia Technology Group Sheikh Mohammed Hussein Ali Al-Amoudi announced the  group’s investment plans. During the announcement event held at Sheraton Addis Hotel on Thursday May 7, Al-Amoudi said that each company under MIDROC Ethiopia Technology Group has laid out a five year plan and these will be announced at the right moment to the public. “The feasibility study on the Metekel mine has taken 10 years and a lot of money, but in the end the result of all that was very good. Our country is very resource-rich and has a lot of potential. We are also working on a large scale agriculture project in the Benishangul Gumuz Region,” Al-Amoudi said. He also stated that Metekel Gold Mine could be the biggest gold mine in Africa.
Furthermore, Al-Amoudi called on the local media to support MIDROC’s projects and disprove negative claims circulated by foreign media regarding the operations of the group.

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