Thursday, March 20, 2014

Ethiopia possesses 70 million tons of iron ore deposit -steelguru

Ethiopia has more than 70 million tons of iron ore deposit in Amhara, Oromia and Tigray region.

Mr Hunde Melka chief of the Geological Survey of Ethiopia said that "About 57.8 million tonnes of the stated deposit is found in Oromia Region. The Addis Abeba Chamber of Commerce & Sectoral Associations Trade & Investment Expansion director, Gashaw Abate, said currently the local demand for iron is high.

According to a recent study, the demand will continue because of huge government projects as well as private activities. Investors will benefit if they engage in extraction and development of iron. Iron ore is the key element for the manufacturing of steel, local demand for iron is expected to continue because of the infrastructure development in the country. Extraction and development of the resources could be another investment opportunity for the country.

The 2012 to 2013 fiscal year was marked by a mining export shortfall of USD 255 million largely due to poor gold exports. The target set for 2013 to 2014 is a billion dollars up from USD 848.3 million the previous year.

Source – All


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