Ethiopia to tap mining potential with Chinese aid

Ethiopia to tap mining potential with Chinese aid

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Beijing, China: The Ministry of Mines (MoM), Ethiopia, partnered with the Mines Bureau of Chongqing State, China, to prepare a range of maps for mining investment in Southern and South-western Ethiopia. The partnership grew out of a memorandum of understanding (MoU) signed between the Ethiopian Geological Survey (EGS), the MoM and the Bureau of Mines & Minerals Exploration Development of China on December, 2011.

The project will include development of mining, geophysical and geological maps of the selected area on the basis of a range of study including test drilling as required. It is expected that the maps will offer basic geo-science information to private investors desiring to be involved in mineral exploration and development said Masresha Gebreselassie, General Director of EGS.

The proposed project will take five years from the launch of field work in 2013. The Chinese Mines bureau will invest USD 10 million and 40 experts in the project with USD 3 million earmarked for the first year alone. “The project will attract many companies and increase Ethiopia’s bargaining position,” added Masresha.

This new project is part of the government’s plan to increase the coverage of geological related mapping from 50 percent to 100 percent in the five-year period, ending in 2014/15, as well as increasing evaluated and delineated areas of potential industrial exploration from 48 to 77.

The Chinese experts will be assisted by local specialists from the EGS, and the MoM will supply office space and other materials to the expatriate experts noted Masresha.

Source: Fortune