East Africa Metals Inc. has received Draft Model Agreements from Ethiopia’s Ministry of Mines, Petroleum and Natural Gas for the company’s Mato Bula and Da Tambuk Projects, located in the Tigray National Regional State of the Federal Democratic Republic of Ethiopia.
The delivery of the Draft Model Agreements signifies that the Ministry has approved the permit application and advanced the permitting process to the next stage.
The DMAs set out the rights and obligations of both parties with respect to the development and operation of the Mato Bula and Da Tambuk Gold Projects and, once executed, will result in the issuance of the Mining License for each project.
“This is another important milestone for East Africa Metals and our efforts to establish mining operations in Ethiopia,” said Andrew Lee Smith, East Africa Metals CEO. “The issuance of the DMAs for the Mato Bula and Da Tambuk Projects by the Ministry represents an important permitting milestone and the Company looks forward to further discussions with the Ethiopian government to conclude the process. Once issued, the Company will have three permitted mining projects within a 15-kilometre area of influence.”
The company is currently reviewing the DMAs and expects to respond to the Ministry after compiling an assessment of the documents. In anticipation of the pending development program, the Company is currently engaged in Project Financing discussions with potential financiers and development partners.
