The Council of Ministers has given the green light to an application by Circum Minerals Ltd to extract potash mineral in Danakil Depression. This will make the company the only one to be engaged in the extraction of potash.
The British company is expected to sign an agreement with the Ministry of Mines in the coming weeks.
Previously, Alana Potash was the only company that extracted potash in the country. The company, however, stopped exploration five months ago, citing poor infrastructure and regulatory frameworks in the country as a major reason to abandon their project.
Circum has been working in Ethiopia for the past decade. It has so far invested 50 million dollars in exploring the area and conducting a feasibility study.
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