VIDEO: Ethiopia Cancels Mining Licenses over Failure to Commence Operations on Schedule

Ethiopia cancels mining licenses over failure to commence operations on schedule

Ethiopia cancels mining licenses over failure to commence operations on schedule

(CGTN Africa)–Ethiopia has cancelled over 50 mining and exploration licenses over failure by license holders to commence operations on schedule.The law requires a company to commence exploration or mining within 90 days after signing a contract with Ethiopia’s Ministry of Mines, Petroleum and Natural Gas. The ministry had registered 530 mining companies. Statistics indicate that since 2004, a total of 211 mining licenses have been cancelled. Ethiopia is endowed with many natural resources, including gold, iron, natural gas and oil. Gold is among Ethiopia’s major mineral exports.

Source: CGTN Africa
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