Asmara – Eritrea on Friday, indicated its interest to have four mines in operation by 2018, producing gold, copper, zinc and potash in a bid to kick start the nation’s economy.
Eritrea’s artisanal miners have long scratched for gold nuggets on deposits that stretch along the Red Sea, a geological formation known as the Arabian Nubian Shield, but the country currently has just one working commercial mine.
Mr Alem Kibreab, Director-General of the Department of Mines, told newsmen in Asmara that the industry was growing and would boost operations by a new goldmine by the end of March.
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“In 2018, we will have four mining companies,” he said, giving one of the most detailed outlines yet for the development of the industry, “Eritrea is very prospective. It is investor-friendly.”
Alem said the government was looking to the nascent industry to boost economic growth in the small Horn of Africa country, which officials say has a population of 3.6 million and that has long relied heavily on remittances from Eritreans abroad for foreign exchange.
He added that in most countries, mining was used to kick-start the economy, and Eritrea would key into such policies(Reuters/NAN)
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