The Ministry of Mines selected eight local investors to invest six billion birr in coal washing plants: ET Mineral Development S.C. (Dawro zone), East Africa Holdings S.C. (Dawro zone), Sun Mining and Trading Plc (Gurage zone), Oromia Mining S.C. (Yayu), Realmine Trading Plc (Jima), Shaka and Sons Plc (Benishangul), and Elnet Technology Group (Kamashi).
The investors were chosen from a pool of twelve applicants for the coal washing facilities, which is a new company in Ethiopia, and anticipate a three-year return on their investment. They are currently waiting for foreign currency in order to import coal cleaning machines. They have agreed to contribute the federal government 5% of the stock, two percent to the regional government, 4% in royalty fees, and 2% to the community development fund and taxes.
Source: The Reporter.
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