ethiopiantimes

July 11, 2011

Midroc Discovers 19 bln birr worth gold

Filed under: Ethiopia — ethiopiantimes @ 8:05 am
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Midroc Gold Mine Pvt. Ltd. Co. (MGOLD), a member of the MIDROC Ethiopia Technology Group Sheik Mohammed Hussien Ali Al-Amudi’s, is engaged in Mining and Exploration activities in Ethiopia, announced on Thursday July 7, 2011 that it has discovered a gold deposit of 33,000 kilogram in Benshangul Gumuz regional state of Ethiopia.

“The gold deposit was discovered by Ethiopian experts in a place specifically called Jilla in Metekel Zone,” said the company adding it will go on installing a production mill in the region in seven months’ time.

After receiving 7000 hectare land from the Ethiopian government, the company has engaged itself in prospecting gold mineral deposit for the last seven years.

The preliminary study, released by Midroc Ethiopia Technology Group’s Chief Executive Director Arega Yerdaw (PhD) yesterday, is expected to continue within the 7000 area received seven years ago.

“The study will not be the end,” said spokesperson of the company, Tafesse Sahele while talking about a study that the company invested 46 million birr so far.

“In fact, another international company will do a feasibility study on the discovery in the coming seven months while the rest of study continues to explore in the remaining portion of the allocated land,” said the spokesperson of Midroc Gold Mine Plc, a company that started gold exploration and extraction based on a licencing accord agreed with the Ministry of Mines and Energy in March 1998.

At a current market price, the discovered gold is estimated to be worth 19 billion birr and the company projects the discovered goldmine will be the third largest production area for Midroc Gold Mine Plc.

Midroc Gold Mine Plc. Currently extracts gold from Legadembi open pit, located some 500 km south of Addis Ababa, which the company acquired from the Ethiopian government in June 1997 for USD 172 million. This goldmine is said to have a gold reserve of 37,215 Kg.

Another Midroc Goldmine PLc’s property, East Sakaro deposit, is also located within 33.57 sq km radius of Legadembi with 17,250 Kg of gold reserve.

The acquisition of the new goldmine is welcomed by the government of Ethiopia.

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Presently, MIDROC Gold Mine PLC employs a total workforce of 1,272, of which 860 are permanent and 12 are expatriates working at various capacities. The expatriates are working for the purpose of maintaining the technology and expertise in the industry, and with MIDROC Gold’s Human Resources Strategy of knowledge transfer to the nationals. This system has very-well worked so far, and will bear pool of expertise of national for the company; which is also an invaluable asset for the mining sector of the country at large.

MIDROC Gold also employs 109 employees on secondment basis from Trust Protection and Personnel Services PLC. –Sub-Saharan

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