Ethiopia discovers Gold deposit worth $ Billions

From Sudan Tribune, Saturday, 14 November 2009:
Ethiopia discovers Gold deposit worth $ Billions

November 13, 2009 (ADDIS ABABA) – Ethiopia’s ministry of mines and energy this week announced that it has discovered more than 40 tonns of gold deposit in two sites in the western parts of the country.

According to Ethiopia news agency, A British firm has found 23 tons of gold deposit at a local area known as Tulu-Kapi, some 450 Km west of the capital near the border to Sudan. While a Saudi company discovered 18 tonns of gold deposit at Lege-Dembi locality.

When extraction is began from the new mine sites, Ethiopia’s annual income from the sector is said to jump to 1.7 Billion US dollar a year from what it is now, only USD105 Million.

However this will cost Ethiopia 200 million dollars to extract and process it within a period of 5 to 10 years.

Currently there are some 44 companies engaged in gold exploration. Statistics by the national bank indicates that the nation has earned 450.5 million dollars from exports of some 48 tons of gold over the past 10 years.

Studies indicate that Ethiopia’s mineral resources still remain unexploited. Geological surveys indicate that there is an estimated 500 tonns of gold deposit across the horn of Africa’s nation. (ST)