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Ethiopia has cancelled over 50 mining and explorations licences, official said.
The Public Relation and Communications Director at the Ministry of Mines, Petroleum and Natural Gas (MoMPNG), Mr Bacha Faji, said the action followed the failure by several licence holders to commence operations on schedule.
“We cancelled over 50 mining licences recently, mainly because the companies have not started operations on time as per their agreement,” said Mr Bacha.
The law requires a company to commence exploration or mining within 90 days after signing a contract with the ministry.
Joint ventures
Mr Bacha said MoMPNG had registered 530 mining companies so far, including, the active, cancelled, transferred and under evaluation/ investigation licences owned by local and foreign entities as well as joint ventures.
The ministry statistics indicate that a total of 211 mining licences have been cancelled since 2004.
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