Some 170 Companies Engaged in Ethiopia’s Mining Sector

Some 170 Companies Engaged in Ethiopia’s Mining Sector

Addis Ababa, November 27/2023 (ENA) The Ministry of Mines disclosed that a total of 170 companies are currently engaged in the exploration and development of mineral resources in Ethiopia.

State Minister of Mines, Million Mathewos told ENA that following the government’s reform over the past few years, there is growing interest of foreign companies engaging in the mines sector across the country.

According to him, Ethiopia with 1.1 million square kilometers area, has advantageous geography and geological conditions and unique mixtures of various minerals even in the same place.

Beneath the fertile lands and vibrant landscapes of Ethiopia lies a treasure trove of untapped mineral wealth, a vast reserve of resources waiting to be unearthed and harnessed for the nation’s economic prosperity, it was learned.

“To date, over 100 companies are actively engaged in mineral exploration across the country, while about 70 others are actively developing different mining projects transcending the exploration stage in minerals like gold, gas, iron, geothermal and others. This is huge,” Million pointed out.

Stating that the exploration stage could take three weeks up to fifteen years, he noted many companies engaged in the exploration and development stages are expected to transform to the construction stage and more investors will be attracted in the coming few years.

He stated that the government has identified the mining sector as a major pillar of the country’s development and has been promoting the sector in different parts of the world.

“We have vast untapped mineral resources,” the state minister underscored, adding that “some of them are already explored and many of them are yet to be explored.”

He added: “the minerals we identified so far are able to transform us from the level we are now to an elevated economic growth becoming big source of capital, input to agriculture and industry.”

As Ethiopia’s mining sector continues to gain momentum, the country is poised to transform its untapped mineral wealth into a catalyst for economic growth and sustainable development.

The government has given high priority to the mining sector by considering it as one of the critical economic sectors of the country and is taking several reform measures.

In order to realizing this national aspiration, Ethiopia has been preparing a national mines policy to sustainably harness the untapped potential of the sector.

The policy aims to attract domestic and foreign investment by creating a transparent and predictable regulatory environment, promoting sustainable mining practices, and enhancing local community engagement.

The Second Annual Mining and Technology Expo was also inaugurated last week by Prime Minister Abiy Ahmed with the main objective to promoting the sector by bringing stakeholders and experts in the sector together to discuss challenges and opportunities.

The expo 5 days featured presentations, panel discussions, and networking events aimed at fostering collaboration and advancing the mining industry in Ethiopia.