Oromia: Saudi Billionaire’s Gold Find May Double Ethiopian Production
Shhh...Don't Tell
March 16, 2012 (Bloomberg) - National Mining Corp., a closely held company owned by Saudi billionaire Mohammed al-Amoudi, said it found gold deposits in southern Ethiopia that may produce at least 10 metric tons a year, almost doubling national output.
Exploration conducted over 15 years shows the Okote site in Ethiopia’s Oromia region has more than 550 tons of gold, of which 73 tons may be ready for extraction within 24 months, Chief Executive Officer Melaku Beza in an interview on March 12 in Addis Ababa, the capital. The company plans to invest $150 million in the initial phase of production, he said.
“This area has huge potential,” he said. “The revenue will be about $4 billion in 20 years’ time” from the 73 tons and the government will receive $1 billion from tax and royalty payments over that period.
Ethiopia, the world’s third-biggest coffee grower, is diversifying its economy to reduce its reliance on agriculture, which accounts for 43 percent of the gross domestic product, according to African Development Bank data. Gold exports surged 75 percent to 11 tons in the fiscal year through July 7, 2011, generating $485.3 million. Earnings totalled $258.8 million in the first half of the current fiscal year from $179.2 million a year earlier, according to Trade Ministry data.
“I think mining development in Ethiopia will be the future hope of the country for foreign-currency income,” Melaku said. Last year, coffee shipments earned the country about one-third of its total foreign-exchange revenue of $2.8 billion.
Gold Survey
Surveys conducted by South Africa’s Venmyn Rand Ltd. have shown deposits of 113 tons of gold in the southern part of Okote, which is about 600 kilometers (373 miles) south of Addis Ababa, Melaku said. The area may contain more than 425 tons, Melaku said.
Ethiopia’s only commercial producer of the precious metal is Midroc Gold, another company owned by al-Amoudi that was formed out of NMC to develop the Legedembi deposit. That mine, which is about 100 kilometers north of Okote, produces about 4 tons of gold a year, said Melaku.
At peak production, Okote may employ 5,000 workers and earn the company more than $500 million a year from 10 tons of the metal, he said.
NMC, which is based in the capital, was formed in 1993 when al-Amoudi bought the state-owned Ethio-Libyan Joint Mining Co. The sale was the first of a state-owned company to private investors by Prime Minister Meles Zenawi’s two-decade old government, according to Melaku.
The state owns 5 percent of all gold operations, levies an income tax of 35 percent and collects royalties of 8 percent, according to Melaku. Australia’s Nyota Minerals Ltd. (NYO) and Vancouver-based Tigray Resources Inc. (TIG) both have discovered gold deposits in the Horn of Africa nation. NMC also has found 18 tons of gold in the northern Tigray region, said Melaku.
Ethiopian-born Al-Amoudi is the world’s 61st richest man and is worth $12.5 billion, according to Forbes magazine. His Ethiopian investments include cement, hotel, soft drink and agriculture companies.
Namichi Alamuudii jedhamu kun Wayyaanee waliin ta’ee albuudaa fi qabeenya Oromiyaa saamaa jira. Namichi kun diina saba Oromoo ti. Oromiyaaf waan gaarii hojjetee hinjiru. Biizinesii inni Oromiyaa keessatti bane faayidaa mataa isaafi faayidaa Wayyaaneef waan ta’eef tarkaanfii oomisha isaa mancaasuu/barbadeessuu/ irratti fudhachuu qabna.
Obboleessa koo Mortar, dhugaa kee jette. Kunoo waggaa 15 oliif guuree guuree dadhabee ammammoo nyaata biraaf maggala, Alaamuddiin. Qaamni ykn humni guyyaa tokkollee daandii konkolaataa Warqee guuru irra dhagaa kaa’uun cufuu yaale ykn Helicoptera isaa irratti tarkaanfii fudhachuuf yaale hin dhagayamne mormitoota Oromoo biraa. Isaan aangoo harka isaanii hin jirre irratti wal nyaachaa bayan. Alamuddiin jechuun Mallasi. Namicha kana ykn qabeenya isaa irratti waan tokkollee ta’ee hin beekuu. Shaakkisoodhaa hanga Finfinneetti Warqee abba hin qabne nagaadhuma gura, Daalattiidhaa hanga Finfinneetti dhagaa Marble karaa caccabaa irra sodaa tokko malee saamee Tigirootaa wajjin gabaa addunyaatti gurgurata. Bara daandiiwwan kun biyyoo turaniyyuu guyyaa tokko moseen/dinnichi dibameefii hin beeku. Mormitooti Oromoo akkaataa itti mosee lafa keessa diban wal hin barsiisan fakkaatamoo kutannosatu hin turre? Nama dhiba! Yaaddoo tokko malee awwaara kaasaa fiigu turan.
Yaada obboleewwan koo armaan olii lamaan cimseen deeggara. Wayyaneen maqaa namicha kanaan bizinesii adda addaa Oromiyaa keessatti banattee nu saamaa jirti. Alamuudii fi Woyyaaneen adda adda miti. Namicha kana argachuu dadhabnus qabeenya isaa rukutuun waan rakkisaa miti. Kanaaf adabamuu qaba. Harka mirgaa Woyyaanee ta’ee oromoo ka hacuucu keessa tokko tujaara kana. Dhiiga oromoo xuuxaa jira.
The two Tigreans are discussing how they can expand the looting of Oromia. They know that we are talking a soft talk of FDG while there is no action against their dehumanizing behavior.