US$5 billions worth gold reserves discovery in Ethiopia

The National Mining Corporation (NMiC), an Ethiopian private company, announced the discovery of the largest ever gold and base metal reserves in Oromia and Tigray regional states.

The mining corporation estimates that the 550,000 kg gold reserve at Dawa Okote, in Oromia Regional State is worth almost $US 5 billions, said General Manager of National Mining, Melaku Beza.

The gold reserves discovered at Werri, Tigray Regional State have estimated gold reserves of 18,000 kg expected to be worth US$ 792 million, explained Melaku.

National Mining has completed preparations to begin extracting 80,000kg of gold, he said.

The mining company has also discovered other minerals including zinc, silver and lead noted Melaku.

The projects are expected to be technically and economically feasible according to a Preliminary Economic Assessment conducted by a foreign firm said Melaku.

According to Afrique en Ligne, the new discoveries in Dawa of Oromia and Werri of Tigray would make  NMiC  earn over US$4 billion in 20 years. Company officials were quoted as saying they expect to start production in three years.