Nyota Minerals expects to finalize the Definitive Feasibility Study on its Ethiopian Project by the middle of the coming year, 2012. The company’s first priority is completing the DFS for the Tulu Kapi, Ethiopia project, said Richard Chase, Chief Executive of the company. 
Nyota projects that the DFS will be completed in June of 2012 according to Chase.
The DFS is significant as it will allow the mining company to engage with banks in relation to financing for the projects he explained.
These steps will determine if Nyota can go ahead with the Tulu Kapi project although there is little doubt that the project will go ahead said Chase.Financing comes down to the state of the debt and equity markets he noted. However the debt markets for Ethiopia seem strong he added.
Banks engaged in business in Ethiopia accept the country risk but are seeking to diversify investment opportunities and have expressed interest in Nyota as the only mining project at this stage said Chase.
The interest shown is also a positive reflection of the potential for mining in Ethiopia he said.
Nyota is still in the process of negotiating a mining license from the Ethiopian Ministry of Mines. The process has been a slow one because Nyota is the only company seeking a large scale mining license for precious or base metals at this time according to Chase.
Nyota has a good working relation ship with the Ethiopia Ministry of Mines as both sides are work to negotiate a mutually beneficial agreement he said.
Source: Proactive Investors
