• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Thursday, September 21, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

Ethiopia’s first Goldmine of the 21st Century starts operations days after TPLF’s surrender

The money earned from the production will be employed for future exploration projects. Ethiopia has shown an interest in inviting foreign corporations to begin projects of exploration for its mineral wealth which includes gold, potash

Pallak Kashyap by Pallak Kashyap
November 7, 2022
in Africa
Reading Time: 3 mins read
0
Ethiopia’s first Goldmine of the 21st Century starts operations days after TPLF’s surrender
861
VIEWS
Share on FacebookShare on Twitter

A gold-explorer company known as Akobo Minerals, which is based in Norway, is about to start the production of the first new gold mine of Ethiopia since 1994. Production will start in Segele, a region in southwest Ethiopia, from next year. The CEO of the company, Jorgen Evjen stated it is “a major milestone for the Ethiopian mining industry.”

Akobo Minerals has been present in the East African nation since 2010, conducting exploration. According to it, there has been no modern mining in Ethiopia.

Also Read

Biden administration is now killing Africans to turn Africa into an anti-Russia bloc

The money earned from the production will be employed for future exploration projects. Ethiopia has shown an interest in inviting foreign corporations to begin projects of exploration for its mineral wealth which includes gold, potash etc.

Gold has a central place in the mining industry of Ethiopia, in fact, it earned around USD 560 million through gold exports. The government is providing tax incentives as part of its plan to increase the participation of the nation’s mining industry to the GDP which is 3% but is projected to grow by 10%.

Now, for a very long period, Ethiopia has been embroiled in a civil war with the Tigray People’s Liberation Front(TPLF). TPLF began its atrocities by attacking the government’s military bases and capturing control of its resources. In two years, it has inflicted widespread trauma on the country. TPLF murdered countless civilians, raped women and cut off access to the Tigray region from the rest of Ethiopia. The terrorist organisation, funded by the West, launched a coordinated attack against the regime of Prime Minister Abiy Ahmed who took action against its unconstitutional action.

Ethiopia's first new gold mine of the century nears start of production
Source: The Africa Report

Any attempt by Prime Minister Abiy Ahmed’s regime to find a peaceful solution to the conflict was thwarted by the terror organisation which was adamant about seceding the disputed region. It received huge backing from the US and Europe which supplied it with arms, ammunition and food supplies in the name of the UN’s humanitarian aid.

Read more: Sudan drives Biden nuts over the Russian naval base deal

In the meantime, there were multiple attempts by other African nations to find a permanent solution to the crisis which has obstructed the progress of Ethiopia. There were peace talks organised by the African union between the federal government and TPLF but they got postponed.

Finally, there was a peace talk in South Africa which went successful. Following this, the Ethiopian government and the TPLF signed a peace agreement. According to the Associated Press, which has access to a copy of the deal, both parties have agreed to a complete cessation of hostilities and TPLF has accepted disarmament as well as withdrawing its control from the federal government’s facilities and military installations in the Tigray region.

Ethiopian government and TPLF sign peace agreement in South Africa - CGTN
Source: CGTN

In fact, Prime Minister Abiy Ahmed expressed that the TPLF has accepted his demands and he is satisfied with the terms and conditions of the agreement.

Economy’s revival 

Now, the economy of Ethiopia has suffered massively due to the Tigray conflict. The nation has witnessed skyrocketing inflation, foreign exchange restrictions and rising debt distress as the government was compelled to dedicate its time, resources and money to the war. In fact, it spent an additional USD 1.7 billion on defence.

Considered once one of the fastest-growing economies of Africa whose GDP grew at 11% in the past decade, the war has led to significant financial losses. The International Monetary Fund stated this year that growth declined to 3.8% for 2021-2022.

Read more: Egypt invites Arab Gulf nations to kick IMF out of Africa and fill the void

However, in the wake of the peace agreement between the Ethiopian government and the TPLF and the initiative by the Akobo Minerals to produce gold from the nation’s first new gold mine of the century, one thing is certain and that is the economy of the country is going to grow, now that the war is over.

One of the conditions of the agreement is the reintegration of TPLF fighters into the country which means that the government is going to give them employment and they will contribute their fair share in the country’s progress. Hence, with the improvement of security and the arrival of political stability the African country’s economic and financial condition is going to revive soon.

Tags: Prime Minister Abiy AhmedTigray region
ShareTweetSend
Previous Post

Russia injects a massive booster shot into the Malian economy

Next Post

Why is the West so afraid of Ghana’s Akufo-Addo?

Also Read

Suez Anxiety? Biden Threatens Egypt as it joins BRICS

Suez Anxiety? Biden Threatens Egypt as it joins BRICS

September 19, 2023
Africa’s Seat at the G20 Table is Confirmed

Africa’s Seat at the G20 Table is Confirmed

September 11, 2023
As if the coup in Niger wasn’t enough, Gabon Coup Catches West-Off Guard

As if the coup in Niger wasn’t enough, Gabon Coup Catches West-Off Guard

August 31, 2023
Biden and Zelensky turned the entire Africa against them. Then came Putin.

Biden and Zelensky turned the entire Africa against them. Then came Putin.

August 25, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
The Drug Bust of Justin Trudeau in India which Ottawa is probably hiding

The Drug Bust of Justin Trudeau in India which Ottawa is probably hiding

September 15, 2023
Drugs for Sexual Pleasure? Trudeau launches his most Abhorrent Scheme

Drugs for Sexual Pleasure? Trudeau launches his most Abhorrent Scheme

July 11, 2023
3 possible reasons why Sophie dumped Justin

3 possible reasons why Sophie dumped Justin

August 3, 2023
Suez Anxiety? Biden Threatens Egypt as it joins BRICS

Suez Anxiety? Biden Threatens Egypt as it joins BRICS

September 19, 2023
CIA and FBI have been modifying Wikipedia articles since 2007, admits Wiki’s co-founder

CIA and FBI have been modifying Wikipedia articles since 2007, admits Wiki’s co-founder

August 3, 2023
‘To hell with EU’ 70,000 Czechs Express Support for Russia

‘To hell with EU’ 70,000 Czechs Express Support for Russia

September 21, 2023
Trudeau’s Attempt to Make India a ‘Pariah’ was a Tragic Flop

Trudeau’s Attempt to Make India a ‘Pariah’ was a Tragic Flop

September 21, 2023
Zelensky Commits Yet Another War-Crime in Donbas

Zelensky Commits Yet Another War-Crime in Donbas

September 21, 2023
Exit Door Opens for Trudeau! Dominic LeBlanc to Lead Liberals? 

Exit Door Opens for Trudeau! Dominic LeBlanc to Lead Liberals? 

September 21, 2023
Putin’s Master Plan to Strengthen Wagner PMC is Out in Open

Putin’s Master Plan to Strengthen Wagner PMC is Out in Open

September 21, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.