Nyota Minerals Limited is set produce an estimated 3000 kilograms of gold annually from its project in Tulu Kapi, Ethiopia. The company has finalized its exploration phase and preliminary studies to commence production said Dr. Kebede Belete, Country Manager. 
The preliminary study has shown gold deposits of 1.5 million ounces (45,500 kilograms) in the area according to Dr. Kebede. The company has applied for a mining license to extract 3000kgs of gold annually for a period of ten years.
The projected production for Nyota’s Tulu Kapi concession will match the annual output of MIDROC Gold, currently the only commercial gold producer in Ethiopia.Nyota is licensed to conduct underground mining and open pit mining.
The company invested 270 million birr in the last fiscal year for exploration purposes. The exploration phase entailed high financial cost because of expenses associated with the import of machinery and expertise from the South African company, Geo-search International Drilling Company explains Dr. Kebede.
Nyota is engaged in further study to acquire financing. The study, know as a Bankable Definitive Feasibility Study began in September and is expected to be completed in June of next year.
It is to be remembered that Nyota announced completing its definitive feasibility study last month.
The company has developed the Tulu Kapi concession from zero to more than 1.5 million ounces through drilling an estimated 230 holes in two years according to the statement released by Nyota to its investors.
Source: Capital
