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Ethiopia grants licence for potashJuly 21, 2008BHP Billiton, the world's largest mining company, was granted a potash prospecting licence for a 17 000km2 area in Ethiopia's northeastern Afar state, that country's mines ministry said on Friday. Potash is used in fertilisers and to make cement. Gebre Egziabher, the director of mineral operations at the ministry, said Ethiopia had undertaken to protect the company's employees against possible attacks by ethnic Afar or troops from neighbouring Eritrea. Three British and two French nationals were kidnapped in the Afar region in March by separatist rebels. Ethiopia, located in the horn of Africa, the continent's biggest coffee producer, is keen to attract investment to its mining industry to diversify its economy. Egziabher said three Canadian companies were granted potash exploration licences in the same area. India's Sainik Finance & Industries, which has the largest project in the region, won a mining licence to begin potash extraction in the Danakil area. Sainik would invest $1.1 billion (R8.30 billion) in the project, up from the $500 million announced in November, added Egziabher. - Bloomberg Click HERE to go to the source of this article. |