MIDROC Gold Receives Safety Nod

Jul 7 , 2024


[ssba-buttons]

MIDROC Gold, the largest industrial gold miner in Ethiopia, received certification from the Ethiopian Conformity Assessment Enterprise for its environmental protection and occupational safety standards. The certification ceremony took place last week at the Sheraton Addis Hotel on Taitu St. Jemal Ahmed, CEO of MIDROC Investment Group, the conglomerate that owns the mining cluster, stated that the recognition would dispel longstanding rumours about safety protocols at its Legedembi and Sakaro extraction sites. These sites include both open and underground pits. The Legedembi open pit site, located nearly 500Km south of Addis Abeba in Oromia Regional State, temporarily suspended operations in 2018 following protests over pollution and health impacts. Despite this, the CEO said the company has adhered to safety standards since it began operations nearly three decades ago after acquiring the rights through privatization in 1997. Earlier this year, MIDROC Gold became a signatory of the International Cyanide Management Institute (ICMI), committing to standards of practice and verification audits conducted by independent third-party auditors within three years of initial application and every three years thereafter. Ethiopia's gold production has been challenged by the rise in contraband and artisanal mining, with MIDROC Gold being the only operational industrial mining company, contributing significantly to the country's gold exports.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...