National Mining Corporation Hits Jackpot
After 15 years of exploration and spending 79 million Br, senior managers at National Mining Corporation (NMiC) announced, last week, the discovery of the largest gold reserves ever discovered, in Oromia and Tigray regional states.
The two regions are where the nation’s largest gold reserves were long-believed to be located, according to geological data from the Ministry of Mines (MoM). NMiC is one among several mining companies that the Ministry has granted concession rights to, such as Nyota Minerals (Ethiopia) Ltd and Sheba Exploration Ltd.
The latest discovery will give NMiC the competitive edge in the mining industry, when it begins exploiting the 568,000kg gold reserves found in Dawa, Oromia, and Werri, Tigray, company officials disclosed. When it starts production, the Corporation will operate the largest goldmine in Ethiopia, with the capacity to produce 6,000kg of gold from both areas, almost doubling the volume that MIDROC Gold currently produces. The latter exported 3.5tn of gold during the last Ethiopian fiscal year, covering nearly 31.5pc of the 485.3 million dollars in revenues that the country has generated from the export of the precious metal.
Established in 1993 with a registered capital of 43 million Br, NMiC is owned by Mohammed Hussein Ali Al-Amoudi and, formerly, his brother Hassen Hussein Ali Al-Amoudi. The company launched its operations two years after its incorporation with a Russian trained mining engineer, Melaku Beza, as its founding chief executive officer (CEO). Acquiring the Awash Marble Factory from the state in 1993, which has an annual capacity of 300,000tn of marble, limestone, and granite, NMiC took concession of the Lege Dembi goldmine, in Odo Shakiso, Borena Zone, Oromia Regional State, for 172 million dollars.