Ethiopia vows to finalise mining industry reforms soon
Promoting the sector has become a priority and more tax incentives are on the cards
Cape Town — Ethiopia will finalise reforms for its underdeveloped mining and oil sectors within the next two months as it seeks to encourage more foreign investors, its mines and petroleum minister says. The country has already cut taxes for mining companies in recent years but the government wants to attract more foreign investment and ease a dollar shortage in the country. Mines and petroleum minister Samuel Urkato said promoting the mining sector has become a priority and indicated that further tax incentives are on the cards.
“We are reforming all the laws, the national mining policy and the strategy that goes with that policy. These reforms include all fiscal regimes too in order to compete for global mining investments,” Samuel said on the sidelines of the African Mining Indaba in Cape Town. Newmont Mining is among a number of gold companies now prospecting in Ethiopia and Norwegian fertiliser maker Yara International plans to build a potash mine and a fertiliser factory...
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