Gold, base metal reserves Ethiopia - National Mining Corporation (NMiC), an Ethiopian private company, has announced the discovery of the largest ever gold and base metal reserves, the weekly English Fortune newspaper reported Sunday. Of the reserves, gold comprises about 568,000kgs, the largest of such in Ethiopia.

The discovery is the result of 15 years of exploration in the central-western and northern regions of Oromia and Tigray, at a cost  of US$79 million.

Recently, a number of foreign companies, including Nyota Minerals, were granted concession rights by the ministry of mines.

According to Fortune, the new discoveries in Dawa of Oromia and Werri of Tigray would give NMiC a competitive edge, as the company would earn over US$4 billion in 20 years.

Company officials were quoted by Fortune as saying they expect to start production in three years.

Gold and other precious metals are catching up fast on Ethiopia’s number one foreign currency earner, coffee.

In 2011, the country earned US$485.3 million from these minerals.

Pana 02/01/2012