The Ministry licensed the company to engage in the extraction of minerals in West Arsi Zone of Oromia regional state for a period of 10 years, the Ministry told ENA.
According to the contract agreement, the company is expected to extract 1.5 million kilo grams of magnetite and Ilmenite on an area of 10.2429 square meters.
The license can be renewed for a period of not more than 5 years upon the request of the company.
When the company becomes fully operational, it is expected to create jobs for 145 citizens.
The company is obliged to fully comply with the federal laws and regulations pertaining to mining and is expected to pursue operational standards.
Among other things, the contract provides that the company would carry out its activities with due care to the well being of residents and the health of staff as well as the protection of the environment.
Prior to the phase out of the project, the company is also expected to clear out any structures, hazardous and toxic items that could seriously affect human health and the natural environment in the area.
Posted by Amare Asrat