ADDIS ABABA – The Ministry of Mines and Energy said it had attracted over 3 billion Birr in terms of USD106.4 million investments in the mining sector of the country over the last fiscal year.
Out of the total investment 1.1 billion Birr about USD 38 million is outlaid on investigation and production of gold, marble, iron and precious stones, according to the statement of the Ministry of Mines and Petroleum of Ethiopia (MMPE).
Mathewos Abate, Plan and Program, Directorate Director at MMPE said that the remaining close to 2 billion Birr or around USD 67.6 million worth investments projects are directed towards eleven petroleum explorations, production and natural gas examination operations.
It is also indicated that the Ministry has signed agreement with the Chinese company POLY-GCL Petroleum Group for the installation of pipeline to Djibouti. And upon completion, the pipeline will enable the country to export of the 6.3 trillion cubic feet of natural gas reserve found in Ogaden area of Somali land region via the eastern part of the country, Mathewos added.
‘‘In relation to foreign currency earnings from export of different minerals, Ethiopia has secured a total of close to USD 49 million though the country’s plan was to secure over USD 600 million. Currently, some 179,000 people are engaged in the mining sector including those artisan miners and those recruited in companies,’’ he noted.
This indicated that the sector can earn more when the ministry works in collaboration with the investors in supporting with different options to get the countries benefit from the sector in large.
It is to be recalled that seven years back, gold was the second foreign currency originator for the nation next to coffee with export earnings of USD 654 million. One of the major providers that lead under poor performance of Ethiopia’s mining sector during the last few years was anxiety and communal conflicts, Mathewos pointed out.
As to the director, to earn more from the sector, the Ministry should work to attract more foreign companies that have capability to perform as they agreed to do in the country and they need serious attention since as they would create huge job opportunities and capital.
To enhance the sector, the Ministry has been striving to lure local and foreign investors and the government is working closely with all pertinent stakeholders to alleviate challenges, Mathewos concluded.
BY The Ethiopian Herald Sept 22/2019
MUSSA MUHAMMED
