Addis Ababa, September 14, 2006 (WIC) - Romso Minerals Plc.,a Swiss- Ethiopian share company, concluded today over 7. 6 million birr agreement that would enable it extract peridot/olivine with the Ministry of Mines and Energy.
According to the agreement, the company would extract peridot/olivine from Romso kebele of Dire Woreda in Oromia state.
The licensing authority has granted an exclusive right enabling the company to mine an area covering 3.15 square kilometers over the next ten years,it further elaborated.
Speaking during the signing of the agreement, Alemaeyhu Tegenu from the ministry said there are numerous minerals that could contribute to the economic development of the country and urged investors to engage in the sector.
Manager of the company, Tewodros Sintayehu, said on his part appreciated the support of the ministry and promised to begin mining in a short period of time.
The company is expected to generate 17. 3 million USD revenue in ten years.
The agreement also stipulates that preference would be given to domestic goods and services where they are readily available at competitive price and comparable quality.
On going operational, the company would create 100 jobs, it was learnt.
Source: Walta Information
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