Addis Ababa, October 4/2020( ENA) Ministry of Mines and Petroleum disclosed today that it has issued licenses to 12 local and foreign investors in mining sector in Ethiopia during the first quarter of current fiscal year.
State Minister, Simegn Wube presented her ministry’s first quarter report to the Natural Resource, Irrigation and Energy Affairs Standing Committee of the House of Peoples’ Representative (HPR).
During the occasion the state minister disclosed that 12 local and foreign investors have been licensed during the first quarter to invest in mining sector.
The investors are licensed to engage in the exploration and development of mining in various parts of the country, according to her.
Ethiopia has also secured 170 million USD from the mining sector export trade over the past three months; Simegn said.
The revenue mainly earned from export of gold, opal, tantalum and other minerals to the international market.
According to the state minister, the sector has created over 28,300 jobs across the country during the stated period.
Measures being taken by the National Bank of Ethiopia to improve the export trade and the increasing price of gold in the international market have contributed for the encouraging revenue, she said.
The government of Ethiopia has been taking several measures aimed at enhancing investment in the mining sector which currently has not yet been exploited well, she added.
The ministry has been drafting proclamation to curb investment barriers being observed in the sector and expected to be presented to the HPR for approval soon, according to the State Minister.
Appreciating the achievements so far registered, the standing committee urged the ministry to take critical measures to strengthen development of the sector by creating conducive environment to accelerate investments.
With an abundance of natural resources that have not been significantly exploited, Ethiopia has huge potential for the export of mining and at a relatively low production cost.
The nation has now been undertaking a major reform programme in the mining sector with a view to attract investment.