Sheik Mohammed Hussein Ali Al-Amoudi’s Midroc Gold, the only corporate level gold mine in the nation, has sold the total amount of gold it had planned for its annual export. However, it benefited from the global price situation; it actually earned most of the 281.3 million dollars.
Midroc Gold is currently working to generate 564 million dollars from a recently authorized new gold mine- Sakaro Mine, located in Oromia Regional State.
Midroc Gold first started operation back in 1998 after acquiring Legedembi open gold mine pit and its processing plant through a privatization deal at a cost of 172 million dollars.
According to official estimations, the nation is endowed with 500 tones of gold reserves.
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