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BusinessKEFI Gold and Copper shares fell about 40% in London on Monday after the company suspended all development work at its Tulu Kapi gold project in western Ethiopia following a fatal security incident at the site. The company said the incident happened on Friday, 4 September, and killed several people, including security personnel, members of
BusinessNigeria’s Dangote Refinery plans to invest $14.3 billion to double its processing capacity as the company prepares for what is expected to be Africa’s largest-ever initial public offering (IPO). The expansion, outlined in the refinery’s IPO prospectus, will increase its capacity from the current 700,000 barrels per day to 1.4 million barrels per day. The
BusinessEthiopian Airlines is reportedly nearing an order for up to 10 Boeing long-haul freighters ,industry sources told Reuter, as part of a broader push to build a new hub capable of competing with Gulf cargo carriers. Africa’s largest airline already runs 12 777F freighters as part of its 147-aircraft fleet and has been expanding its
BusinessSafaricom Ethiopia has surpassed 15 million 90-day active subscribers as the telecom operator marks five years since receiving its unified telecom operating license from the Ethiopian government. The company received its license on July 9, 2021, and began commercial operations in October 2022 after an initial period focused on building its network, business operations, and
BusinessEthio Telecom has set a revenue target of 295 billion birr for the 2019 Ethiopian fiscal year, representing a 36.7 percent increase from the 215.82 billion birr it generated in the previous fiscal year. The state-owned telecom operator announced the target on September 3 during a press conference outlining its major plans for the new
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BusinessThe Ethiopian Commodity Exchange (ECX) traded commodities worth 48.83 billion birr during the 2025/26 budget year, exceeding its annual target by 67.8 percent, according to the Ministry of Trade and Regional Integration. The exchange had set a target of 29.1 billion birr in export commodity transactions for the fiscal year. Its actual performance was 19.73
BusinessEthiopia is among several East African countries considering an equity investment in Nigerian billionaire Aliko Dangote’s proposed oil refinery in Lamu, Kenya, according to Bloomberg. Dangote Group has offered East African countries a combined 30% stake in the planned refinery. Kenya is expected to seek a 10% share valued at about $500 million, while Ethiopia
BusinessEthiopian exporters and Chinese importers have signed 33 business-to-business agreements valued at more than $340 million during the “Export to China” forum, according to the Ministry of Trade and Regional Integration. The agreements were signed at the launch of the forum, organized by the Ministry in collaboration with the Chinese Embassy in Ethiopia. The event
BusinessChinese state-owned companies have emerged as the leading contenders for major construction contracts at Ethiopia’s $12.5 billion Bishoftu International Airport, while no major independent U.S. contractor has made the shortlist. Ethiopian Airlines completed prequalification for four major construction packages in April, attracting bidders and joint ventures from China, Europe, the Middle East, Türkiye, India and
BusinessEthiopian messaging platform AfroMessage says it has powered more than 407.8 million A2P SMS messages for businesses and organizations across Ethiopia since April 2021, highlighting the potential foreign exchange savings generated by locally provided messaging infrastructure. According to figures shared by AfroMessage, the 407.8 million-plus messages correspond to approximately $139.7 million in potential international SMS
BusinessEthiopia’s National ID Program has been reestablished as Faydaverse, a State-Owned Enterprise (SOE) under Ethiopian Investment Holdings (EIH), marking a significant step in the country’s digital transformation agenda and the expansion of its Digital Public Infrastructure (DPI). The new entity will be responsible for developing, operating, and scaling trusted digital public infrastructure that supports citizens,
BusinessKEFI Gold and Copper plc has announced that development activities at its flagship Tulu Kapi Gold Project in Ethiopia are progressing according to schedule, with community resettlement, equipment procurement, and contractor mobilisation moving forward ahead of planned mine construction. The London-listed gold and copper exploration company said the project remains on track to begin commissioning
