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Ethiopia Discovers Gold Deposits Worth US$1.7 billion

Ethiopia announced on Friday that it discovered two gold deposits in the country, estimated to be worth US$ 1.7 billion.

According to reports of the national Ethiopia Radio, the Ethiopian Ministry of Mines and Energy disclosed that over 40 tons of gold were found in two places in the western parts of the country.

The reports said the studies conducted by British and Saudi Arabian companies indicate that there is gold deposit in two areas of the Western region of Ethiopia.

“A study conducted by a British gold development company over the past five years shows that there is over 22 tons of gold deposit in western Ethiopia. Some US$ 200 million is required to develop the deposit in a period of 5-10 years,” the report said.

The Saudi Arabian company also reported to have discovered 18 tons gold deposit in Legendenbi area.

“Geological survey indicates that there is 30 tons gold deposit in Tulukapi area, (south). The country has an estimated 500 tons gold deposit,” added the report.

Currently, some 44 companies are exploring gold in the country which gets about US$ 105 million from gold export per annum.

It is the first time Ethiopia announces the discovery of such natural resources in the country.

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