Ethiopia beckons Indian firms to invest in mining | Ethiopia beckons Indian firms to invest in mining sector |
| Press Trust of India / New Delhi January 31, 2011, 0:07 IST |
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Ethiopiatoday sought investments from Indian companies in the mining sector, asthe African nation's natural resources remain widely unexplored.
"I would like to invite you all to invest in the mining industry of Ethiopia for the mutual benefit," Ethiopian Mines Minister Sinkinesh Ejigu said at a function organised by Ficci here.
Stating that Ethiopia's mineral and geo-energy resources were yet untouched and unexplored, she said, adding that this provides sufficient potential to accommodate the interest of investors.
"My ministry is committed to assist all developmental partnersinterested to take part in the investment of the mining sector," Ejigusaid.
Spread across 1.1 million sq km area with a population of about 80million, Ethiopia has created a conducive environment to ensure andpromote private investment in the mining sector, which has the potentialto play a big role in the development of the national economy.
"About 84 local and foreign mining firms are currently carrying outmineral exploration and mining operations in different parts of thecountry. The scale of exploration and mining operations, however, arevery low despite the favourable geological environment for mineralpotentials," she added.
The mineral and petroleum explorations conducted so far on limitedparts of the country have come up with significant discoveries andreserves of gold, platinum, tantalum, potash, phosphorus, iron, salt,coal, geothermal and natural gas in different parts of the country.
Around 376 million tonnes coal reserve is estimated in Ethiopia. Thecoal deposits range from lignite to bituminous. The country has thepotential to generate more than 5,000 Mw from its geothermal energyresource where only 7.3 Mw power is being produced at a pilot plant, sheadded.