Ethiopia has a single gold mine, Lega Dembi which was privatised and awarded to local a company Midroc Ethiopia for $175 million. A mining license was awarded and a new company – Midroc Legadembi Gold Mine Share Company (Minroc Gold) commenced production in August 1998. Production in 2001 totalled 3.4 t. Gold production from Lega Dembi realised about US$34 million in foreign currency for the finance year 2001-02.

The number of foreign exploration companies active in Ethiopia continues to decline, with few still active in Ethiopia, mainly exploring for gold and base metals. The geological survey is remaining active in undertaking regional mapping and geophysical surveys over parts of Ethiopia. Surveys have been completed over the promising Bure and Abergele gold and base metal prospects. In 2002 the Ministry of Mines reported that gold smuggling is costing about US$21 million annually in lost revenue. Between 10% and 20% of total gold production is used in the making of traditional ornaments.

Organisations (3)
Ahmed Abdo Mohammed Gold Enterprise, Midroc Legadembi Gold Mine, Western Wellega Gold Exploration and Development :[ Add More ]

Facilities (3)
Adola, Kenticha, Lega Dembi

Shaun Bakamoso

Greetings. I'm Shaun Bakamoso, and I'm thrilled to be your guide through the dynamic world of business news in South Africa here at mbendi.co.za. With a passion for staying informed and a keen interest in the ever-evolving landscape of business, I've dedicated myself to providing you with timely, insightful, and comprehensive coverage of the latest developments impacting the South African economy. bakamoso@gmail.com / Instagram