Mohammed Al Amoudi is the richest black man in the World: Ethiopia- Midroc Gold Wants Additional Year on Sakaro Exploration

ement

12/19/06

11:16:47 am, by nazret.com, 631 words

Categories: Ethiopia, Energy

Ethiopia- Midroc Gold Wants Additional Year on Sakaro Exploration

Ethiopia Midroc Gold Wants Additional Year on Sakaro Exploration

By Wudineh Zenebe
Fortune Staff Writer

Midroc Gold Mine Plc, which is one of the subsidiary companies under Midroc Ethiopia Technologies Group, has requested the Ministry of Mines and Energy to grant it an additional year to continue exploring gold in Sakaro, Guji Zone, Oromia Regional State, source disclosed.
Sheik Mohammed Al-Amoudi MIDROC Ethiopia owner
According to these sources, the request was made two weeks ago to Alemayehu Tegenu, minister of Mines and Energy, who in turn forwarded the request to the Mining Operation Department for recommendations.

Midroc Gold is the only company involved in industrialized primary gold exploitation; it was established in the late 1990s by Sheik Mohammed Al-Amoudi, his wife Sofia Salah Al-Amoudi and the government of Ethiopia with an initial capital of 51.6 million dollars. The company was created a few years after National Mining Corporation (NMiC), another subsidiary company of Midroc Ethiopia, took a 20-year concession of Lege Dembi Gold Mine from the government in March 1998, for 172 million dollars.

This gold mine, located near Shakiso town, 250Km south of Addis Abeba, is believed to have 200tns of gold reserves; Midroc is mining gold for export from 8.7sq.km, although the concession agreement covers a total area of 88sq.km. The goldmine was transferred from NMiC to Midroc Gold, which has been managed by Arega Yirdaw (PhD) since 2001 and business has been good since last year, with Switzerland being the largest buyer of Ethiopia's gold, unmatched by United Arab Emirates and South Africa that followed it in 2005, according to data from the Ministry of Trade and Industry.

Ethiopia has exported close to 5,000Kg of gold last year, generating close to 64.7 million dollars. It was an inprovement in performance compared to 3,443Kg the previous year and 3,875Kg in 2003. With the world gold price reaching 20 dollars for a gram, Ethiopia had obtained close to 23 million dollars last year than three years earlier from the export of 5,000kg of gold.

With such positive prospect, Midroc Gold has been exploring gold around Sakaro, an area known to have a reserve as good as that of Lege Dembi, according to experts at the Ministry of Mines and Energy. It obtained a two-year exploration right on 440sq.km in 2003 and renewed the agreement for an additional year last year. According to reliable sources, this agreement is due to expire in December 2006.

The reserve in Sakaro was first discovered in 1975, by gold prospectors who mined in the Sakaro Valley, according to experts. Although Ethiopia's total reserve of gold is yet to be identified, Sakaro is one area among other parts of Ethiopia where gold is believed to be located, including in Benshangul, Oromia, Tigray, and Gambella regional states.

Sakaro was subsequently visited by two Russian experts; A. Kozarevitha and Makvin. The reserve was confirmed after a geological survey was submitted in the second half of 1979, when visible gold was found northeast of the Sakaro area, an expert told Fortune.

According to sources in the Ministry, the reports they receive from Midroc Gold has been very promising with the possibility of beginning mining in 2007. Managers of Midroc Gold have declined to confirm the report, however.

Government regulations require mining companies to return one fourth of the originally agreed area when it is granted an extension. Should it start mining before the exploration period comes to an end, the company is subjected to pay five per cent royalties fee to the federal government.

There are three cooperatives involved in mining an average of three tones of gold through a traditional manner, while NMiC, Cartak Ethiopia, ROMSO and ESSO Engineering have been granted exploration permits by the Ministry.

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Permalink 19 comments »

19 comments

Comment from: Che Guevara [Visitor]

We all know the looting and the scam going on in all parts of Ethiopia, in Oromia in particular. What stunned me most is the drama featuring a proposal by Woyane itself being presented as a request by one of the Woyane cadres in the name of Sheik Mohammed Al-Amoudi. We know that he has been trying hard to monopolize the country's market from scratch to the top. This guy, his some good deeds notwithstanding, is responsible for the eviction and deprivation of Ethiopian peasants from their land and their meager resources. He is a proved glutton who has looted the country's resources exclusively simply because he is sucking Woyane's ass. He is not even an Ethiopian. His allegiance is to the corrupt Saudi Kingdom. But he dares to manipulate the politics in Ethiopia simply because he has unlimited access to the country's resources. He has already reserved most of the country's fertile lands for his exclusive use. Shame on the gang in power and this so called investor.

12/19/06 @ 11:35

Comment from: Ethiochulo [Visitor]

"it was established in the late 1990s" After Mengistu was gone

...if it was not for Meles and his Gov'ts freedom, he would not have created more than 150,000 jobs for the people of Ethiopia...and this is just Al Amoudi...imagin all the other investers that Meles invited to his country so his Ethiopian people could have jobs.What a great Leader...If people only Knew.

12/19/06 @ 11:36

Comment from: Thomas [Visitor]

Ethiochulo,

There is nothing secret about the web of thiefs looting the resources of regions to benefit both Al-Amudi and his Woyane chiefs along with some rifrafs of Oromia region. Listen to the interview of Dr. Getachew Jigi in refernce to what is going on with the gold mining industry and you will learn a lot. It is a matter of time till we can get back to normal prospecting and mining industry. The TPLF established the looting industry for their benefit and nothing else.

12/19/06 @ 12:04

Comment from: ethio [Visitor]

Keep up the good job!! The incentives given by the government and the investors will keep making more jobs for our poor people and more income for our country.
Things are improving in every part of Ethiopia and thank you for all the hard workers!

12/19/06 @ 12:17

Comment from: The Cat [Visitor]

Che,
Be egzihabhere yezehalehu Kena neger keafeh yewta. This man has done to his country what we all haven't done summed up.
Sheku is a great man. Evacation of people is a must to build some thing in that area. Why you fail to see the other face of the coin?
There is no argument about his nationality. He is woleye by his mother. He is a saudi citizen by passport, like most of us are as well.
Lets count on the marvelous things the guy has been doing.
I'm sick!

12/19/06 @ 12:23

Comment from: Selememaster [Visitor]

CHE GUEVARA

You are one of the Derg's member who looted the country for 18years. If you didn't save the money you stole, you are cooked because you will never see your Kinijit or Derg come to power at least in your grand child life time. Quit it and serve your master EPRDF. Don't be a behind PC heroe. Kisenam.

12/19/06 @ 12:42

Comment from: SUMAYAA [Visitor]

Meles get grom oromia and get out with what you have. You are the evil and greedy that i have ever seen .

12/19/06 @ 13:33

Comment from: lekim [Visitor]

Sustainable development is what needed to exploit Ethiopia’s resources for its people. Locals don’t have to be evacuated and if they do, it is cheaper to build sustainable new communities around the mining district. In northern Germany, entire cities have been relocated to mine coal from power generation and other industrial use. It is the responsibility of Mines to ensure that the project has a sound economic values, execution plan and environmental and closure plans. So far the Ministry of Mining is doing all the right things. For those of you who accuse this government of mismanaging our resources, you have no credible argument but there plenty of history to indicate that your village idiots plunder the national resources of this country for over a century, including selling territories to the Italians, French and the British.

12/19/06 @ 13:54

Comment from: hadere sefer [Visitor]

This poor country is losing its some natural resources by those woyanes and Al moudi. Unblievable how this rich guy is taking the glod resources.

No body will blieve that the live standard of ethiopians is now better.
It is worse than the Dergu time.

Woyane felt to lead this big country it is time to go or they will be removed in one night by our hero pure ethiopian who are still with melese and original are tigrias.
In ethiopia every thing can change within one day.

Woyane, when do you thing you have enough money?

12/19/06 @ 15:40

Comment from: zman7 [Visitor]

Ethiochulo,

Please change your name to Mekeschlo.

12/19/06 @ 15:51

Comment from: ted [Visitor]

We don't need this stupid leba. We don't need to renew the contract. he is one of the ashebaris. Ethiopian poor people are still living with or without Al-Amoudi. Kick this mother fucker out of Ethiopia.
Also his best friend Meles' end is coming.
Al-Amoudi i think it is better for you to live you sucked enough of Ethiopians blood. We don't need you. You are not even Ethiopian. Sucker.
Peace!!!!!!!!

12/19/06 @ 17:11

Comment from: Mohammed Alli [Visitor]

Che-guara,you have stoped thinking,you must be crazy.
His excellency Shek Mohammed allamoudin,is the most fair,well to do invester to Ethiopia and a father of many Ethiopians by creating many job opportunities including your poor families.If you think you are good for the Oromos the try to fight Sturbucks who is looting the black-gold from their backyard,but you don't deserve that quality and shame fully you know how to open your wide mouth and rear-end that is always stingy.
You are always zerro but now below it ,negative, If you don't know it is good to be keepquiet.2ZEM BALE AF ZIMB AYGEBAM "

12/19/06 @ 18:43

Comment from: tomas [Visitor]

good

12/19/06 @ 19:20

Comment from: zulu [Visitor]

CUDs think any investment in Ethiopia is looting.

12/19/06 @ 20:20

Comment from: Eshetu Daba [Visitor]

To all traitors and chauvinists Menilk, Haile and mengistu could touch. They were employed in war. However, Shiek Mohammed Al-Amoudi together with a political party that encourages, by giving tax holiday for Ethiopians and International government. If Haile had his hand on ot he would have kept in a Swis Bank, and Mengistu took it to Harare. The very person that you used to worship and celebrate his Ethiopianess, If all you spoiled sons and daughters of the feudal system come together you could sum up negetive. On the other hand he came to civilize you in the way of business, but you guys don't wont to work. You want to scavange. You are a burden to society. The gentleman has created a good paying work for thousands of Ehiopians. You only take 80% of the produce of serfs, you parasite. The serfs sent you to get education and develope the country you have become the white man janitor. Ethiopia does not want care much you are a burden to society. The honorable man did not put what he makes in to foreign bank account, he plows back the profit into other prouctive endeavor. There are Ethiopians who went back with idea and are living the good life, you fool. You are an echo of the Kaliti feudals. Why can't you provide at least some body who can lead by conviencing the people that the good days ahead because we are constructing the roads, building bridges schools and clinics. You intelectual migits you only got elected the non productive population wha are employed in the colleges, schools and civil servants 75% are lazy. You did not show the Ethiopian masses a penny. Todays Ethiopia is developing faster than expected through the leadership of Meles who has a distiled knowledge political economy and devise the way Ethiopia should grow economicaly,politically in side and outside the country. You have not gone to the Sheraton but you have seen Addis Ababa that delpidated Capital city in the world to one that became a modern city and a turist magnet. This is the fruit of hard working Ethiopians not her step children in the diaspora who work hand and glove with all that is to sabotage its developent and shed blood. Her real children who care it is not a mother to be crusified by a dozen countries who envy her all the time even its big sheet.

12/19/06 @ 20:26

Comment from: Mohammed Alli [Visitor]

Che-guara,
If you are still sympathiser of the great Oromo people it is good to stand with them for the claim of their right agaist Tsarbucks looting their Black-gold.
His excellency Shek Alamoudin is probably the only Ethiopian who is discharging his responsibility as a rich Ethiopian invester,the only offense by you and your CUDP leaders is becouse he failed to respond to your CUDP money request.
Despite that he is the father of many Ethiopians in creating many job opportunities including your poor families in Ethiopia.
Despite your compaign to use his products in Ethiopia which your contribution to effect is very insignificant,his investment is growing up all over the country.
I found him the only Ethiopian diaspora who did his best to share his wealth with his Ethiopians for whatever he earn abroad,hope you nonsense diaspora learn many lessons from him.

12/20/06 @ 04:18

Comment from: Chala [Visitor]

the easiast thing in the world is to sit and toke/criticise to some one who work.
i dont know what u guys tell to your self that one thing u did 4 your cantry. u toke to much about ethiopianism but doing nothing 4 the cantry.owe sorry 2 4get (u been on the street of dc every day asking 4 americans to not give aid for the poor of ethiopian).
if u guys have a mind to think(that i dont belive u have) think and ask your self what did i do to my cantry that i toke to much every day sitting on my pc.
fesam ,feri and borcham hodam hula

12/20/06 @ 05:44

Comment from: Chala [Visitor]

The top Tigrians and the so called investors most of whom are Tigreans or those who support the dying tigrean government are monopolizying on looting Oromiyas natural resource. I think it is time for Oromos and their freedom fighter organizations to stand togather and resist the looting of their resources.

12/20/06 @ 08:22

Comment from: Ethiochulo [Visitor]

It's funny How some small minded some people are when you tell them the truth, they start attacking you not even knowing who you are. to be honest with you i only give my opinion and if i am wrong i do correct my mistakes but all this other ignorant ppl that post comment either do it because that is part of their job they are either Oromia oppositional groups or Kinijit whatever that is (don't even know the meaning of Kinijit...just name)....but anyways i just want to say that the world is the way it is because this is the way it's supposed to be there is no such thing as what if...What the Ethiopian people need to do is get education education education...especially know you'r right's....i am pretty sure when ppl read this there will not be at least 10 ppl that knows the Ethiopian constitution all the way they don't even know the constitution to where they live at...learn you'r rights wherever you are practice it if there needs to be some change work on it...(Work on the Issues not the gov't cuz eventually when you change the issue the govn't will more likely change) but trying to overthrow a govn't everytime you have problem with it...is just a sighn of hunger for power and fame...but yea one or two more things befor i go For ZMan7 "Profanity is a sighn of an ignorant mind trying to express it self so say what you mean and mean what you say" ......anything is possible...

12/20/06 @ 12:39

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