Ethiopia’s mining sector has lately emerged as one of significant priority funding areas amongst potential Chinese investors amid the Ethiopian authorities’ efforts to drive overseas companies in the extraction of the nation’s abundant mineral resources, an Ethiopian official stated Monday.
In an interview, Ethiopia’s Minister of Mining and Petroleum, Assefa Kumsa, stated that as the Ethiopian authorities invite skilled overseas firms to invest in the mining sector, a rising number of Chinese investors seek to penetrate within the exploration and production of the East African nation’s untapped mineral and resources.
“As Chinese companies’ engagement in Ethiopia’s total funding panorama expanded in recent years, the mining sector has grown to be a precedence funding potential for potential Chinese companies, garnering curiosity and capital,” Kumsa stated Monday.
In accordance with Kumsa, dozens of Chinese corporations have been lately awarded permits in the exploration and production of different mineral resources throughout mineral-rich regions of Ethiopia.
Minerals comparable to gold, iron-ore, various kinds of valuable stones, chemical compounds, oil, and natural gasoline, in addition to development inputs, are among the many mineral resources during which Chinese corporations are currently exerting their capital and know-how in Ethiopia, based on the state minister.
Among the many Chinese corporations which have lately entered in Ethiopia’s mining sector is Tanaramu Chemical Industrial Plc., which signed a 12-year deal accord with the Ethiopian Ministry of Mining and Petroleum last week to start with the production of Bromine chemical in Ethiopia.
As per the agreement that was inked in Ethiopia’s capital Addis Ababa, the Chinese agency will make investments of 57 million US dollars in Ethiopia’s mineral-rich eastern Afar regional state, where plentiful reserves of Bromine -a chemical ingredient used as an ingredient for ares along with agricultural chemical compounds and chemical intermediates -is alleged to be at hand.