BHP Bowed to South Boulder of Eritrea to Abandon Ethiopia Potash Project

South Boulder’s Colluli Deposit in Eritrea will be the biggest and closest Potash supplier to immerging markets like India, China and the rest of Asia Markets

By TesfaNews,

Anglo-Australian mining giant BHP Billiton has decided to exit from a potash development in Ethiopia region of Dankil depression in the next few months citing unsuccessful exploration programs unlike similar projects undertaken in neigbohring Eritrea by Australian South Boulder Mines at the Colluli Potash project.

On an internal note it released on June 13, the company was saying it would exit its early stage Dallol based potash project in September of this year.  Continue reading

Advertisements

Sixty Percent of the $100m Worth Copper Plant in Eritrea Committed

The Bisha Mine in Eritrea, with 12+ years of current reserves, ranks as one of the highest grade open pit mines in the world.

Copper Concentrate is blended and trucked 340 km to the Port of Massawa on the Red Sea for bulk export to copper smelters worldwide

By Nevsun,

Nevsun Resources Ltd.  is pleased to advise that the Bisha Mine copper expansion project (“project”) is proceeding well against schedule and budget.

The Bisha copper expansion project will expand ore processing capacity from 2.0 to 2.4 million tonnes per year and convert from gold/silver doré to copper concentrate production. Annual run-rate copper production is expected to be 180 million pounds of payable metal per year, in concentrate with significant gold and silver by-product credits.  Continue reading

Abu Dhabi Approves $50m Loan to Promote Development in Eritrea

Eritrea's Economy get a boost from Emirates Loan

By TesfaNews,

Abu Dhabi Fund for Development concluded a loan agreement worth AED 183.6 million (USD 50 million) with the Government of the State of Eritrea to help fund development projects and energies the economy.

The agreement was signed on June 6 at the fund’s headquarters between Mohammed Saif Al Suwaidi, Director-General on behalf of the fund and HE Secretary Yousef from the Eritrean Embassy in Abu Dhabi on behalf of the Eritrean government.  Continue reading

New Red Sea Link for Cape Travellers‎

Eritrean Airlines will now fly to Cape Town International Airport and OR Tambo Airport four times a week

By Audrey D’Angelo,

Eritrean Airlines arrived on its first flight to Cape Town on Monday (7). For the rest of the year it will fly here four times a week, bringing international visitors who joined the flight in Eritrean’s home airport of Asmara from some of its other destinations, including Rome, Frankfurt, Jeddah, Karachi, Lahore and Khartoum.

The airline expects most of its passengers to use it for connecting flights, as is the case with Emirates Continue reading

Eritrea Forecasted to be Fastest Growing Economy in Horn (VIDEO)

Finally the die hard, pro-TPLF, anti-Eritrea, Ethiopian News Paper has forced to swallow the hard facts of Eritrean development without any grain of salt

By The [Ethiopian] Reporter,

The annual publication of the IMF, World Economic Outlook, has forecasted the Eritrea economy to be the fastest growing in the Horn of Africa in 2012, registering a real GDP growth of 7.5 percent in the period. Released on April 17 the report indicates that Eritrea’s growth would be driven by strong mineral export, agricultural output and infrastructural development.

The forecast also shows that the GDP growth of the neighbouring Ethiopia would be 5 percent for the period in question, a decline from the 7.5 percent Continue reading

Eritrea’s Economy to Grow by 7.5% in 2012 – IMF

Eritrea's Macro-Economic Stability Continues to Gain Momentum

By Madote,

Eritrea’s economy is projected to grow by 7.5 percent in 2012, according to the International Monetary Fund (IMF).

Driven largely by an increase in major infrastructure development, solid agriculture output and mineral exports, forecasts taken from World Economic Outlook (WEO) released by the IMF on April 17, 2012, reveal Eritrea will register the fastest-growing economy in East Africa this year. Continue reading

Nevsun Generates $149.4m in Q1 2012; Production Forecast Raises by 25%

Tricky ore that led Nevsun to diminish golden expectations in upper oxides now lifts them back up

By Carrie White,

Vancouver-based Nevsun Resources (TSE:NSU)(AMEX:NSU) said Wednesday it posted strong first quarter results, and raised its gold production forecast for 2012 to 260,000 ounces.

Shares rose nearly five percent on the back of the news, trading at $3.39 early Wednesday morning.

The gold and base metal explorer/developer is currently focused on advancing its high grade gold, copper and zinc Bisha Project in Eritrea. Continue reading