Tuesday, April 14, 2015

Ethiopia signs gold mining deal with UK firm, 14 April 2015

Ethiopia and the UK-based KEFI Minerals on Monday signed an agreement for the production of gold and silver.

The agreement gives the chance to the British company to produce gold and silver in Ethiopia to the value of $151.6 million.

Production will take place in Tulu Kapi, an area of Oromia regional state.

Ethiopian Minister of Mines Tolossa Shagi and KEFI Chief Executive Officer Harry Anagnostaras-Adams signed the agreement, which will last for 20 years.

"KEFI clinched the contract after nine years of pre and post mining feasibility studies," the Ethiopian minister said after signing the agreement.

"The company fulfilled an international standard that enables it to undertake production of the two minerals in the country," he added.

In the light of the agreement, production will begin after two years.

The British company will, meanwhile, establish the necessary infrastructure at the production site.

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