FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Midroc Gold Expands with Million Dollar Machine Investment

Sep 1 , 2024


[ssba-buttons]

Midroc Gold, a leading company in gold mining industry, has upgraded its operations with the acquisition of new heavy mining equipment, valued at over 1.5 million dollars. The delivery of two Komatsu excavators and a motor grader took place at the Legadembi Midroc Gold mine last week. Midroc is engaged in the extraction and processing of gold through its open and underground pits at the Legedenbi and Sakaro extraction sites, and a processing plant nearby. Ries Engineering, the distributor of brands like Ford, partnered with the Japanese company Komatsu last December. According to Tsegaye Demeke, sales manager, more equipment orders from Midroc are in the pipeline. The partnership also includes a service and maintenance agreement and training to ensure optimal operation of the new machinery. He said the machines are expected to boost productivity, minimise downtime, and enhance safety standards at the mine.


Radar

Parliament Receives $237m Development Loan Package

The Council of Ministers forwarded two concessional loan agreements totalling 237.3 million dollars to Parliament for ratification, targeting rural infrastructure and food security. The package includes 46.3 million dollars from the African Development Bank (AfDB) for climate-resilient infrastructure in pastoralist regions. A second credit facility of 191 million dollars (146.1 million SDR) from the International Development Association (IDA) is earmarked for the sixth phase of the Productive Sa...


Radar

MoTRI to Overhaul Consumer Protection Rules Following Cabinet Approval of Trade Policy

The Council of Ministers, led by Prime Minister Abiy Ahmed (PhD), approved Ethiopia's first unified trade policy last week, ending a three-year deliberation period to fill a decades-long regulatory vacuum,. This institutional milestone mandates the Ministry of Trade & Regional Integration (MoTRI) to overhaul consumer protection frameworks, specifically requiring a rigorous revision of the Trade Competition and Consumer Protection Proclamation to eliminate market distortions and the prolifera...


Radar

Regional Power Exports Yield $366m as Capacity Hits 9.6GW

Ethiopian Electric Power (EEP) generated 365.99 million dollars from regional exports in the first nine months of the fiscal year as national capacity reached 9,579MW. The revenue followed the sale of 24,940GWh, representing 91pc of gross generation. Hydropower remains dominant, providing 9,500MW. To diversify assets and mitigate climate risks, the utility integrated the 100MW Asela Wind Power Project. The transmission network has expanded to 148,600km to secure domestic industrial supply and...