Production will begin in two years after the ongoing activities are finalized.
The National Mining Corporation said that an exploration and excavation process of Gold amounting 53,000 KG is being carried out at Arere Woreda, Zabelo Zone, Oromia State following the agreements reached with companies.
Corporation’s Gold and Base Metal Project General Manager Shiferaw Demessie told journalists that according to the recent studies, 530,00 KG of gold is found at Arere Woreda, Abelo Zone, Oromia State. Excavation and inspection studies are currently under way to extract the mine. Further excavation is also needed to undertake extraction process. Hence, an agreement is reached with Geological Survey and Sintula companies and excavation is commenced.
As to the agreement each company will carry out, the excavation of Geological Survey has made a deal to conduct the excavation with an amount of 13 million USD while Sintula Company agreed to carry out the excavation at 70 USD per meter.
The two companies are expected to finalize the excavation within five years. The study will show how the gold should be extracted through rock inspection process. This task would also be completed within a year. Production will begin in two years after the ongoing activities are finalized. Indicating that the place where the exploration is conducted poses tremendous amount of gold accumulation than any other location. The amount of money obtained from mining will increase when production begins. According to the Ethiopian Geological Survey Communication Director Tamiru Mersha, 22 experts, two rig and eight tank- trucks and vehicles are taking part in the activities the company targets to an annual income of 34 million Birr through service provisions in GTP II. (Translated from Addis Zemen Amharic Daily)
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