[Ethiopia] Soda Ash Exports Agreement

Ethiopia's National Mining Corporation (NMIC) announced 30 March 2007 that it hopes to earn foreign currency amounting to around US$ 83M annually by exporting soda ash to the international market. The announcement was made after the signing of a joint agreement between the company & the Privatization & Public Enterprises Supervising Agency (PPESA) 27 March 2007 for the rehabilitation of the Abijata Soda Ash plant. Exports will start on completion of the rehabilitation. Apart from supplying local factories, the company will export the product to the middle east, Asia, Africa & Europe, company officials said. NMIC & PPESA will initially hold 54% & 46% respectively of the shares in the plant.