The Ministry of Mines, Ethiopia canceled the precious metal exploration license of three international and one domestic mining companies.
The companies that lost their licenses are Ethio-Dubai Investment plc, CGC Overseas Construction Ethiopia, Alem Gems and Managem plc.
Managem plc had the largest concession of 579 km2. Domestic companies Alem Gems had previously been licensed for gold and base metal exploration and Ethio-Dubai was licensed to explore gold and rare metals.
CGC, was licensed to operate two concessions covering a total area of 93 KM2 to explore for gold, tantalum and other rare metals.
The ministry disclosed the move it made at the end of last year in the report it released on its performance in the last six months.The MoM canceled the licenses after the evaluation it took in the period it had suspended the issue of licenses late last year.
The assessment undertaken by the ministry included evaluating if the companies are working according to the agreement they had with the ministry as well as a technical checks on their operations and progress.
The ministry also conducted a field investigation according to the report.
It was finally decided by the ministry that the four mining firms had not succeeded in beginning operations as per the agreements they had made with MoM and their licenses revoked explained an expert with the MoM.
Source: Addis Fortune
