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Sunday, 12 June 2016

Qalaa seeks gold in Ethiopia

Egypt’s gold rush continues — in Ethiopia. ASCOM Mining Ethiopia has beaten “one in a thousand” odds and made one of the largest gold discoveries in Ethiopia at its Asosa-Dish Mountain concession, a special Ethiopia supplement in the European edition of Newsweek (pdf, pp16-17) reports. The Qalaa Holdings subsidiary has invested some USD 40 mn to date and its maiden resource statement has revealed the presence of 48 tonnes of gold. The company is “well on track to apply for a mining license” by the time its exploration permits expire in 2017, says Qalaa Principal Omar El-Alfy. “We are extremely determined about getting to development and are looking forward to growing this business. This is just the first stepping stone. Once we start producing, it will grow very aggressively [and] quickly.”

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