Mines and Petroleum Ministry revokes licenses of 63 mining enterprises

Addis Ababa, December 15, 2020 (FBC) – Ministry of Mines and Petroleum has today announced revocation of 63 mining enterprises which failed to carry out their business as per contracts.

The mining enterprises which got their licenses revoked are said to have breached rules and regulations of contracts, failed to renew their licenses and pay royalty payments. Enterprises have also been found producing below standards, the ministry said.

Out of the total penalized enterprises, 38 have been engaged in mineral extraction and production while the remaining 25 are mining researchers.

While briefing media on job performances of the ministry, Mines and Petroleum Minister, Engineer Takele Uma also said that the country has earned more than 302 Million US Dollars in mining exports over the last five months.

The country exported 4,083 Kg of gold and precious stones to international markets to earn the income stated, the minister noted.