Gold Mining Company Looks to Turn a Corner

Feb 25 , 2023

A London-based gold mining company survives the woes of licence revocation after the central bank granted a final extension to pay the remaining 80 million dollars in equity capital for the gold mining project at Tulu Kapi, Oromia Regional State. Several months ago, authorities issued a warning of possible retraction over KEFI Gold and Cooper Plc's delay to present the remaining equity capital for the project. Last week, the Chairman of KEFI, Harry Adams, discussed the remaining consents and approvals left to commence the project with officials from the Ministry of Mines, National Bank of Ethiopia and Ministry of Finance. “The regulatory and legal issues are yet to be resolved,” said Habtamu Tegegne, Minister of Mines. KEFI had faced a series of setbacks since its emergence in the country in 2016, with Tulu Kapi allegedly encountering security issues, forcing it to halt operations four years ago. The Tulu Kapi project, located approximately 360km southwest of Addis Abeba, includes an ore reserve of over 1.1 million ounces and mineral resources totaling 1.7 million ounces of gold. The mining firm estimates over 250 million dollars in annual export revenue, employing approximately 1,000 individuals. Officials expect the company, along with Tulu Kapi Gold Mines Plc, a subsidiary of the UK KEFI, to start full production in 2025.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...