32 companies’ mineral exploration and production license has been revoked by Ministry of Mines, Petroleum and Natural Gas (MMPNG) of Ethiopia. The licenses are revoked for lack of financial capacity and for failing to fulfill duties.
According to Tewodros Gebregziabher, State Minister for MMPNG, 9 companies returned their license voluntarily stating lack of results and financial capacity as reasons. Nonetheless, the remaining 23 companies licenses were revoked for failing to discharge duties.
13 of the licenses revoked were given for exploring gold, the State Minister added. 5 licenses were for coal, 7 for cement raw material, 3 for tantalum and niobium and 4 for iron ore exploration.
As a replacement for the failed companies the Ministry is working with other potential companies from Australia, Canada, Israel and Britain, Tewodros added.
Source: Fana Broadcasting Corporate