Ethiopia's state owned mining cooperation says it has discovered what would be the country's largest gold deposits worth more than $4 billion.

The Ethiopian National Mining Corporation (NMiC) said the deposits were found in Oromia and Tigray in the central and northern parts of the country where it has be prospecting for gold together with the Ministry of Mines.

"The gold deposit amounted to 550,000 kilograms of gold which at current prices would be worth over US$4 billion and the mine would have a lifespan of 20 years," the corporation said.

The reserves at Werri, in Tigray region, are estimated to be able to provide 18,000 kilogrammes of gold worth about US$792 million.

The NMIC said it was expecting to produce some 6,000 kilogramme of gold from both reserves within the next three years.

"Preliminary assessments conducted by a South African-based consulting firm indicated that National Mining Corporation will need to make total investments of about U$320 million," the corporation added.

"Environmental impact assessments will be carried out in both areas before any mining starts.

"Once production starts in both areas, the NMIC will become the country's largest gold producer,"

The corporation said the Werri area also had 1.9 million kilogrammes reserves of silver, lead (50.4 million kilogrammes) and zinc (42.4 million kilograms).

The estimated lifespan of the mine is nine years. Ethiopia has prioritised exploration of minerals and oil with more than 20 companies involved in mining currently exploring for gold and oil in the eastern parts of the country.

"The gold deposit amounted to 550,000 kilograms of gold which at current prices would be worth over US$4 billion and the mine would have a lifespan of 20 years," the corporation said.

The reserves at Werri, in Tigray region, are estimated to be able to provide 18,000 kilogrammes of gold worth about US$792 million.

Can they do the math? How can 550, 000 kg of gold is only 4 billion, are their mouths already salivating to loot it? Or have they exaggerated the deposit for whatever reasons?

P.S. How can I miss it, now I understood it, it is because the gold in Tigray is of higher grade than the one in Oromia .

- 550,000 Killogram is worth about 24 Billion Dollar not 4 billion Dollar
- at a production rate of 6,000 Killogramper three years, the deposites will be mined for about 275 years not 20 years.

This is definitely a news item designed to Occupy and divert the minds of the ever increasing rage of Ethiopianslike the previous diversions: there was war with Eritrea, then came war with Somalia then came the Developmental State talk and the 5 year plan, the Milliunum Dam and now the 4 Billion Dollar Gold.

LOL!!!

The Weyane failed to get sanctions that would have killed the booming mining sector in Eritrea. Now they are trying to dampen the sting by pretending to make huge discoveries of gold in Ethiopia. Normally, there are numerous steps and analyses to first get hint of gold, then do various stages of drilling and finally various stages of resource estimations. All this take years. But Weyane style discovery involves suddenly discovering 550,000KG of gold.

At current price of $1600 per ounce, 550,000KG of gold is worth $31 BILLION. Of course, when you are making stuff up out of thin air you tend to make such mistakes.

Honestly, Weyane never seizes to amaze by their capacity to lie and think they can get away with it.

BTW since Weyane have discovered $31 billion of gold this is excellent news. It is time for Ethiopia to be self sufficient. No more $4 billion in welfare checks annually to TPLF government. The US State Dept and EU should be immediately notified. Also means no need for Ethiopians to be forced to buy bogus millenium bonds for the dam that has yet to find funding because there more than sufficient funds now.

Ethiopia's state owned mining cooperation says it has discovered what would be the country's largest gold deposits worth more than $4 billion.

The Ethiopian National Mining Corporation (NMiC) said the deposits were found in Oromia and Tigray in the central and northern parts of the country where it has be prospecting for gold together with the Ministry of Mines.

"The gold deposit amounted to 550,000 kilograms of gold which at current prices would be worth over US$4 billion and the mine would have a lifespan of 20 years," the corporation said.

The reserves at Werri, in Tigray region, are estimated to be able to provide 18,000 kilogrammes of gold worth about US$792 million.

The NMIC said it was expecting to produce some 6,000 kilogramme of gold from both reserves within the next three years.

"Preliminary assessments conducted by a South African-based consulting firm indicated that National Mining Corporation will need to make total investments of about U$320 million," the corporation added.

"Environmental impact assessments will be carried out in both areas before any mining starts.

"Once production starts in both areas, the NMIC will become the country's largest gold producer,"

The corporation said the Werri area also had 1.9 million kilogrammes reserves of silver, lead (50.4 million kilogrammes) and zinc (42.4 million kilograms).

The estimated lifespan of the mine is nine years. Ethiopia has prioritised exploration of minerals and oil with more than 20 companies involved in mining currently exploring for gold and oil in the eastern parts of the country.

Qiqiqiqiqiqiqiqiqiqiqiqiqiqiqiqiqi

I am dying here, I am pissing myself to a flood. Oh damn! I need someone to carry me to the pisser room.

These people have the audacity to claim Ethiopia found a huge gold reserve, Thanks to Elias Kifle recent interview with ESAT, he exposed hidden information that was completely obscured from everyone; Al Amoudi is transporting the gold dugout in Ethiopia directly from Ethiopia to London via private plane and sell it at the UK international market and deposit part of the TPLF power help share and keep the rest of the money. Also, thanks to the recent discoveries of Ethiopian illicit money transfer by the "Wall Street Journal" where over $11.7 Billion is leaving Ethiopia, the poorest country in the world.

If anything, this title should have stated Mr. Al Amoudi has $4 Billion dollar buried under Ethiopia, and all the minerals found in Ethiopia belongs to Al Amoudi and is extracted under the auspices of TPLF-Agazi personal security forces. They also exposed in recent interview, Al-Amoudi is not Ethiopian legally, because Ethiopian law does not allow dual citizenship, hence Al-Amoudi is listed as Saudi Citizen, even in the Forbes Rich list. Sometimes I am amazed how idiot some Ethiopians are for listing such information to make them look even more idiotic than we give them credit for.

weree is only one district in cental Adwa, and the latest gold depo is found there. Am sure you have heard about all the huge bounties of god deposited in the entire northern Adwa, northern Axum, northern shire, Temben, Berahle, and other regions of Tigray. In short, Tigray is completely chokeful in gold and silver and the base metals found along with them, which is prolly worth 100s of billions of Dollars.

Gumames like borther elias and the qedad meakor calling himself misraq aka semere have nada, oromos have something, ancebas have a lill!

Seye Abraha Woreda called “GELEBEDA” is covered by Gold and other precious metals this is the northern side of Tembien, the southern side of Tembein is lighting electricity Woreda Abergele and Tanka Melash Tekeze River the home of “AMORA THE HERO”

I have not seen or heard any Gold or any other metals in Adwa yet. There were Gold findings in Shire and Axum but they are not that bigies. The Berahle potash is more important than all the Gold combined found in Tigray.

The most expensive quality Gold found is in Abi Adi about a year a go, now the Werqa Ebai and Weree Tembein are the biggest of them all.

The biggest them of all in Ethiopia will be found in Tembein Abergele. It has been known for a long time it is very rich in Gold in the area. They may even find Oil and Gas in the near future.

Amhara should be petience we will hear huge Oil found in Gojjam and Wello.

Amhara should be petience we will hear huge Oil found in Gojjam and Wello.

DeRoN Siataluluat BemeChagna Talwat!! kikikik hehehe

let me make it right

DeRon SiyaTaluLuat BemeChagna ANDEBALELEWAT lol

YanTe QedeDa degmo ke wyzerowa Ena ke [deleted] Basssee eko Shimeteru. kikikikikik hheheheheheh moyte moyte ale Deki Arawit saq bebezabet gizi lol

The calculations are wrong.

1 Oz = 28.35 gm = 0.02835 Kg
550,000 Kg = 19400352.73 mil Oz
when you multiply that by $1600.00 you get somewhere in the $31.04 Bil

Based on the above assumption, the amount of gold in Tigray is worth about $1.01 Bil

"The gold deposit amounted to 550,000 kilograms of gold which at current prices would be worth over US$4 billion and the mine would have a lifespan of 20 years," the corporation said.

The reserves at Werri, in Tigray region, are estimated to be able to provide 18,000 kilogrammes of gold worth about US$792 million.