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Monday, 26th October 2009 (3066 views)

Gold deposits that could result in the production of up to 41 tonnes of the precious metal have been found in Ethiopia.

Speaking to Reuters, Gebre Egziabher Mekonen of Ethiopia's ministry of mines and energy said two firms - UK-based Golden Prospecting Mining and Midroc Gold - had found gold deposits in two separate areas of the country.

Golden Prospecting Mining uncovered a 23-tonne deposit in Tulu-Kapi in western Ethiopia, while Midroc Gold found 18 tonnes in the Lege-Dembi gold belt.

Mr Mekonen commented: "Discoveries by the British firm indicated that there is a viable prospect for gold mine development in the [Tulu-Kapi] area."

However, he added that $200 million (£122.5 million) of investment would be needed to fully exploit these resources over the next five to ten years.

Ethiopia has earned $540.5 million from the export of gold in the last ten years, according to figures recently released by the National Bank of Ethiopia and reported by Reuters.

 

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