Eritrea’s Mining Sector Attracts Many Investors In Short Period: Report

The director general of mining department in the Ministry of Energy and Mines, Mr. Alem Kibreab, said that Eritrea managed to become one of the countries that launched mining activities in a short period and attracted many investors as a result of the task accomplished over the past 20 years and the correct policy pursued.

Asmara, 28 March 2011 – The director general of mining department in the Ministry of Energy and Mines, Mr. Alem Kibreab, said that Eritrea managed to become one of the countries that launched mining activities in a short period and attracted many investors as a result of the task accomplished over the past 20 years and the correct policy pursued.

He indicated that the department carried out a number of studies and exploration activities over the past years since independence towards identifying available marine resources. Major task has also been accomplished as regards issuing proclamation and drafting clear policy and strategy that reinforce mining undertakings.

Noting that 20 years in a span of a given nation or mining work is quite minimum, Mr. Alem explained that the task of reactivating previously non-existent mining industry and undertaking significant studies in the post-independence period constitute a major achievement.   The discovery currently being witnessed is the outcome of such accomplishments, he added.

He further pointed out that on top of the existing geological study in institutions of higher education in the country, study in the mining field has also been launched at the degree level in the Eritrean Institute of Technology in Mai-Nefhi. The program would also be expanded as it has double benefit, Mr. Alem explained.

He noted that the nation is endowed with gold, bronze, zinc, silver, iron, granite and marble, as well as other significant minerals. Mr. Alew pointed out that thanks to the Government’s favorable mining policy and modest handling, 20 foreign companies are so far getting engaged in mining and exploration activities, while still others are in the process. 

Mr. Alem indicated that the department’s future work program would mainly focus on undertaking additional studies and exploration so as to enhance Eritrea’s promising prospects in the mining industry.