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[Nov 2017] Midroc Gold Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

New Gold Miners Make 140.6m Br Investment

Two small scale mining companies are seeking gold and silver extraction licences to join the multi-billion Birr sector now dominated by MIDROC Gold.
These companies, Letto and Lozbez, completed their exploration work and submitted their feasibility studies to the Ministry of Mines (MoM) in September.
During the five years of the first Growth and Transformation Plan (GTP I), MIDROC Gold and artisanal miners had mined 26,547g and 43,434g of gold, according to MoM’s GTP I report. The government collects five per cent royalty

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MIDROC Announces Eight Billion Birr Expansion for MIDROC Gold, Elfora Agro-Industry

MIDROC ETHIOPIA TECHNOLOGY GROUP has announced an eight billion Birr expansion project for Elfora, an agro processing subsidiary, and MIDROC Gold, a mining exploration subsidiary.

The company, which has a five billion Birr annual turnover, divided the expansion project investment into two sections for implementation to begin in 2015 and continue for the next 15 to 20 years.

The first of the projects to be implemented is the gold mining project, which is to be carried out at the newly discovered gold potential area in

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Commercial bank of Ethiopia (CBE) earns 1.1 million USD from Exports

CBE Award dollar[2013]

Ephrem Mekuria, communication manager with CBE, told The Reporter that the bank earned a total of USD 5.8 billion from international banking department (IBD) in the budget year. Ephrem said exporters brought USD 1.1 billion from the export and the remaining was earned from remittance and other transactions.

The bank made a gross profit of 8.4 billion birr.

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