Centamin Egypt Invests $30 mln in Ethiopia

Public Relations Director at Centamin Egypt, Esmat al-Raghy, said the company is investing $ 300 million in Ethiopia through buying a company specialized in exploring minerals in Ethiopia and digging into gold in 4 sites.

Al-Raghy told Amwal Al Ghad that the company works in other 4 sites in Ethiopia for extracting gold with licenses costs for each site reaches $12 million.

He explained that the studies show that each site has tons of gold, which will reimburse the costs spent on each site that outstrip $30 million for each exploratory site.

On the othr hand, Esmat al-Raghy pointed out that Egypt is more eligible for expenditures and extracting mining, but it has to amend the mining law and protecting nation, investor as well providing good climate for the investment.