Egyptian company found gold in western Ethiopia
CAIRO – Egypt’s ASEC Company for Mining (ASCOM) (ASCM.CA: Quote) said on Sunday it had found two gold mining targets in an Ethiopian concession with enough tonnage and grade potential to suggest an economic discovery is possible.
ASCOM plans to start drilling on the 800-square-kilometre Asosa concession in Western Ethiopia in October, it said in a statement.
The company, 39-percent owned by Egyptian private equity firm Citadel Capital (CCAP.CA: Quote), also said preliminary satellite investigations had identified “numerous” exploration targets in its 3,000-square-kilometre concession in Sudan.
ASCOM has mining and other operations in Egypt, the United Arab Emirates and Algeria in addition to Ethiopia and Sudan. (Reporting by Alexander Dziadosz; Editing by David Cowell)
(Reuters)
|
Write a Comment
Related posts:
- Gold exploration project in Ethiopia by Nyota Minerals highly feasible
- World Bank affiliate IFC invests in Ethiopian gold mining
- S. Africa mining company raises capital for project in Ethiopia
- Ethiopia: Ethiopian, Egyptian water ministers vow to step up cooperation
- Sheba and Stratex continue gold exploration in Ethiopia’s Tigray Region
