ethiopian cu-au-ag portfolio · 2019-09-20 · [cu-au-ag] tigray-afar [cu-au-ag] 100%. aim als...

1

Ethiopian Cu-Au-Ag Portfolio

E x p l o r i n g t h e A r a b i a n N u b i a n S h i e l d

Q 3 2 0 1 9

EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS

2AIM ALS TSX.V ALTS EXPLORE DISCOVER REPEAT

Disclaimer and Forward Looking Statement

This presentation is being made only to and is directed at:

Persons who have professional experience in matters relating to investments falling within

Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order

2005 (the ‘’Order’’);

Or

High net worth entities and other persons to whom it may otherwise lawfully be communicated,

falling within Article 49(1) of the Order (all such persons together being referred to as ‘’relevant

persons’’).

Any person for whom this does not apply should not act or rely on this presentation or any of its contents.


Introduction

▪ 100 % owned and managed by Altus Strategies Plc, a group of proven mine finders and builders

▪ An established and growing portfolio of gold and copper projects in northern Ethiopia

▪ Three projects covering 877 km2 of the highly prospective Arabian Nubian Shield:

• Daro: 411.7 km2 5 prospects defined within 21 km of VMS / Au prospective ophiolite belt

• Zager: 284.9 km2 > 27 km of VMS / Au prospective ophiolite belt

• Tigray–Afar: 180.3 km2 > 5 km drill ready sediment hosted copper (SSHC) target

Daro: high grade gossan up to 34 % CuTigray: oxide copper above SSHC target Zager: Alluvial Au workings


Projects Overview


Team & Corporate Structure

Ebrahim Nesro (Senior Geologist) > 7 years’ exploration experience in Ethiopia

and Cameroon. Holds an MSc in Economic Geology from Mekelle University and

an Honours degree in Earth Science from the University of Addis Ababa.

Ashenafi Meresa (Senior Geologist) > 7 years’ exploration experience across

Ethiopia, Cameroon and Morocco. Holds an MSc in Economic Geology and an

Honours degree in Applied Geology, both from Mekelle University.

Will Slater (VP Exploration) Geologist with > 10 years’ experience in managing

exploration across Africa. Holds a Master’s degree in Applied Geology from the

University of Leicester. Fellow of the Geological Society.

Bayeligne Meshesha (Administration & Logistics Manager) > 40 years of

experience in project management and administration in Ethiopia across a wide

variety of sectors.

Steven Poulton (Director) Mining Geologist with over 19 years’ experience. Co-

founder of Altus, African Aura [Afferro / Avesoro], Ariana, Stellar. Former

director of Mano. Holds an MSc in Mining Geology from the Camborne School

of Mines.

Matthew Grainger (Director) Mining Geologist with over 19 years’ experience.

Co-founder of Altus, Ariana and former COO of African Aura [Afferro /

Avesoro]. Holds an MSc in Mining Geology from the Camborne School of Mines.

100%

100%

100%

Daro

[Cu-Au-Ag]

Zager

[Cu-Au-Ag]

Tigray-Afar

[Cu-Au-Ag]

100%


▪ One of the world’s top 10 growth countries for 15 years running

▪ Second most populous country in Africa (108 million people)

▪ Second fastest growing economy globally in 2018 (8.2 % GDP growth); Africa’s highest growth country

▪ Excellent infrastructure, multiple programmes under construction to modernise road, rail, power and airlines

- 5,000 km of rail lines currently in development by a consortium of nations including China & Brazil

- Largest wind power project in Sub-Saharan Africa completed 2013, 40 km from Tigray-Afar Project

- 58 regional airports with 16 domestic routes operated by Ethiopian Airlines

▪ Peace accord signed in 2018 with Eritrea and bilateral relations restored after 20 years of tensions

Ethiopia – Attractive investment destination

Addis Ababa – Djibouti railway (2018) Extensive modern road networkAddis Ababa


▪ Producer of gold, potash, tantalum, diamonds, $US3.5bn of FDI in mining since 2013

▪ Recent reduction in corporate tax rate from 35 % to 25 %; government holds a 5 % minimum equity stake

▪ Reforms to attract mining investment include extending duty free access and building infrastructure improvements

Ethiopia – Emerging mining industry

Company Ticker Target MCAP Asset

Kefi Minerals AIM:KEFI Au $US18m Tula Kapi (1.72 Moz)

ASCOM Precious metals Co private Au n.a. Dish Mountain (1.46 Moz)

Newmont - Goldcorp NYSE:NEM Au $US28.16bn Exploration

East Africa Metals TSX-V:EAM Au-Cu-Ag C$37.7m Harvest & Adyabo Projects (PEA / mining permit)

MIDROC Gold Mine Pvt. Ltd. Co. private Au n.a. 3m oz Lega Dembi gold mine (140 koz/yr)

Danakili ASX:DNK Potash $US194.35 1.3 Gt @ 11 % K20 & 6 % kieserie

Circum Minerals Ltd private Potash n.a. 2.8 Gt @ 18.6 % KCl

Yara International NO:YAR Potash $US11.7bn Dallol BV Potash Project


Tigray: a major new exploration district


Tigray: Tier-1 geological belts

▪ Short-wave infra red remote (SWIR) remote sensing

defines key targets and prospective lithologies

across Daro & Zager licences

▪ Identical lithologies underlie operational mines of

SRBG in Eritrea and prospects of East African

Metals in Ethiopia including:

• Asmara (Au-Cu projects)

• Harvest & Abyabo (Au-Cu projects)

▪ Highly competitive regional exploration district:

• Exploration by Newmont, East African Metals,

Sunpeak adjacent to Altus’s Zager licence

• Recent strategic interest by Chinese group in

East African Metal’s key project

• Multiple Chinese groups acquiring projects in

Eritrea including Zinjin (Bisha deposit)

11

Daro Cu-Au-Ag Project



2017 2018 2019

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Daro: Overview

▪ 411.7 km2 licence in northern Ethiopia with multiple Cu, Au and Ag discoveries

▪ >21 km of prospective ophiolite belt lithologies that traverse the project area

▪ Licence granted in 2017 with 5 prospects identified to date for potential VMS Cu-Au-Ag & orogenic Au deposits

▪ Work programmes have included:

- Stream sediment sampling - Rock-chip sampling - Pitting and channelling

- Sentinel remote sensing - Geological mapping - Reconnaissance geophysics (gravity)

Keren: new

orogenic lode Au

prospect defined

Wedi Keshi: new

orogenic lode Au

prospect defined

270 km2 stream

sediment survey

completed

Gossan float

(34.3%)

at Teklil

Wedihazo: new

Cu VMS prospect

defined

13 km of artisanal

workings defined via

remote sensing

Daro: licence

awarded

Trial gravity survey

undertaken and anomaly

at Teklil

Teklil: new Cu-Au-

Ag±Zn-Co VMS

prospect

Sentinel remote

sensing targets

generated

Simret: new Ag-

Au-Pb VMS

prospect defined


▪ Located on the Arabian Nubian Shield that hosts numerous

VMS & other gold mines in Saudi Arabia, Egypt, Sudan and

Eritrea

▪ Within the Neoproterozoic Nafka terrain, host to the Bisha

(Zinjin) & Asmara (Sichuan Group) polymetallic mines

▪ 3 x VMS prospects defined with key indicators observed:

• Located within 21 km long ophiolite belt

• High grade gossans and zones of stockworking

• Altered sericite-chlorite gabbros and pillow basalts

• Tuffs and Fe-exhalatives near gravity anomaly

• Bimodal metavolcanic assemblages

▪ 2 x orogenic lode gold prospects defined featuring:

• Multiple zones of hard rock and alluvial workings

• Quartz veining within kaolinised quartz porphyry

• Quartz veins with visible gold up to 91 g/t Au

Daro: Licence Overview


▪ 2.5 km Teklil prospect with Cu-Au-Ag ± Zn-Co mineralisation

▪ Geology considered prospective for VMS systems:

• Felsic schist (tuff) – mafic (pillow) contact

• A break in volcanic activity for sulphide genesis

• Mineralisation in rocks after this volcanism

▪ Gossanous outcrops mapped discontinuously along 900m of

strike and up to 15m wide

▪ Gossanous float of 34.3 % Cu, 24.0 % Cu & 22.7 % Cu

▪ Highly anomalous cobalt results up to 496 ppm Co

▪ Significant alluvial and hard-rock artisanal gold workings

▪ In-situ chert unit in northern Teklil returned 4.4 g/t Au

▪ Preliminary gravity survey defined anomaly coincident with:

• Outcrop of gossan with up to 6.95 % Cu

• Potential haematitic jasperiod exhalative horizon

• Chalcopyrite-pyrite veinlets and stockworking

Daro: Teklil VMS Prospect


Daro: Teklil VMS Prospect – trial gravity survey


Daro: Teklil VMS Prospect – mineralisation markers


150 m

N

1.95 g/t

4.40 g/t

6.5 g/tLEGEND

> 10 % Cu

1.0 – 10 % Cu

0.5 – 1.0 % Cu

0.2 – 0.5 % Cu

> 1 g/t Au

> 100 g/t Ag

Alluvial working

Hard-rock working

mG

als

Bo

uge

rde

nsity

2.3

g/

cm

3

Te

rrain

Co

rre

ction

s: r

= 2

.5 k

m b

y D

EM

Daro: Teklil VMS Prospect – targets confirmed

Mineralisation in gossan (34 % Cu)

Quartz with acanthite (203 g/t Ag)

Haematitic exhalative units (umber?)

Significant pyrite in stockworks

Hard-rock artisanal gold workings

Copper-bearing gossan (7.5 % Cu)

1.16 g/t

11.6 %

Contact between mafic igneous

rocks and tuffaceous units:

representing transition to

period of volcanic quiescence

Road cutting

Ccp-Py stringers

In-situ gossan

at 6.9 % Cu


Boudinaged haematitic exhalative unit (possibly umber) Quartz float with 203 g/t Ag and 0.7 % Pb

Gossanous sample of float returning 34.3 % Cu Highly developed gossans

Daro: Teklil VMS Prospect – photos


Gold nugget recovered by artisanal minersCross-cutting smoky quartz veins in an artisanal working

Sizable hard-rock gold working Approximately 3 m high artisanal excavation face

Daro: Teklil VMS Prospect – photos


Wedihazo Prospect

▪ Target discovered uphill of 22.3 % Cu float sample

▪ Copper mineralisation exposed in-situ along 100 m of strike and

up to 15 m wide with assay results consistently > 1 % Cu

▪ Pervasive malachite mineralisation in chert units

▪ Gold also present with 1.19 g/t Au from initial rock-chips

Simret Prospect

▪ Discovery from regional stream sampling programme

▪ High Ag-Au-Pb results from quartz veins, including:

• Silver up to 944 g/t, 540 g/t and 340 g/t Ag

• Gold up to 8.64 g/t, 3.55 g/t and 2.56 g/t Au

• Lead up to 2.73 %, 2.72 % and 2.02 % Pb

▪ Sheeted dyke complex, bimodal metavolcanics and tuffs

▪ Artisanal gold workings in river channels

Cupriferous float sample from Wedihazo - 22.3 % Cu

Quartz vein with plumbous acanthite – 944 g/t Ag

Daro: Wedihazo & Simret VMS Prospects


Argentiferous quartz vein at Simret Landscape across the prospects

Wide copper-bearing outcrop at Wedihazo Pervasive copper mineralisation

Daro: Wedihazo & Simret VMS Prospects – photographs


▪ 2 km long Wedi Keshi prospect ranging from 100–300 m wide

▪ Discovered in Q” 2019 from Sentinel remote sensing

▪ NNE-trending kaolinised quartz-feldspar porphyry intrusion

▪ Intense localised argillic alteration of the feldspar component

▪ Sporadic milky and smoky quartz veins, with visible gold

▪ Initial rock chip results from quartz veins include:

• 14.1 g/t, 10.1 g/t, 8.5 g/t and 7.3 g/t Au

▪ Wall-rock containing auriferous quartz veins up to 2.6 g/t Au

▪ Three hard-rock artisanal workings mapped, each reaching

depths of approximately 3 - 4 m

▪ Numerous alluvial gold workings observed in the main valley

traversing the intrusion as well along 1st order drainages

▪ Follow up exploration to include channel and trench sampling in

order to define potential drill targets

Daro: Wedi Keshi Gold Prospect


Zone of intense koalinisationAltered quartz-porphyry intrusive

Hard-rock artisanal trench Sulphide mineralisation in quartz spoil (14.1 g/t Au)

Daro: Wedi Keshi Gold Prospect – photographs


▪ Discovered by highly anomalous results from a stream sediment

survey that covered 261 km2

▪ > 2 km potential strike length defined to date

▪ In-situ rock-chip samples returning consistently with > 0.5 g/t Au

and up to 10.35 g/t Au over wider stockworks

▪ Isolated samples of quartz have assayed at 91 g/t and 52 g/t Au

▪ Clear carbonate-pyrite-silica alteration haloes observed surrounding

auriferous veins

▪ Systematic channel sampling programme recently completed to

test the width of mineralisation

▪ Follow-up of high grade vein targets planned

Daro: Keren Gold Prospect

Keren gold prospect

Quartz stockworking


▪ > 13 km of artisanal gold workings have been mapped downstream of Keren & Wedi Keshi along the Leto River

▪ Active miners target and extract alluvial gravels for subsequent panning within the river

▪ Workings range in size from individual pools up to densely pitted gold fields covering entire meander bars

▪ Further downstream, multiple extensive zones of workings up to 200 m long and 100 m wide exist

▪ Pits are typically shallow (0.5–1.5 m) however some are excavated to depths of 2–3 m

▪ Panned gold includes coarse and sub-angular nuggets indicating relative proximity to source

Daro: Keren Gold Prospect – alluvial workings

Keren gold prospect

Alluvial gold field, c. 200 m long and 100 m wide, downstream of Keren and Wedi Keshi along the Leto River covering a meander point bar


Relatively coarse and angular nuggets of goldGold recovered through panning of alluvium

Active panning in the Leto River Area of densely spaced pits up to 2-3 m deep

Daro: Keren Gold Prospect – photos

27

Zager Cu-Au-Ag Project



▪ 284.9 km2 licence in northern Ethiopia with potential for VMS as well as orogenic lode gold mineralisation

▪ Licence granted in Q2 2019; exploration programmes focusing on priority remote sensing targets

▪ Extensive artisanal gold workings identified from satellite imagery within > 27 km of prospective ophiolite belt

▪ Situated within the Nafka terrain of the Arabian Nubian Shield

▪ Strategic location, contiguous with East Africa Metals’ Adyabo development project and in relative close proximity to

licences held by Newmont Goldcorp and Sun Peak

▪ Project serviced by excellent infrastructure including high voltage power line, roads and a regional airport

Zager: Overview

Landscape across the Zager licence Alluvial gold workingsExcellent access


Zager: Licence


Zager: Geology


Sampling a stockworked dyke and nearby quartz vein

Pyrite-mineralised chloritic schist

Zager: Prospective geology

▪ The geology at Zager is considered prospective for volcanogenic

massive sulphide and orogenic lode gold deposits

▪ Licence contains a sizeable NE-SW trending fault-bound

package of undifferentiated (ultra)mafic rocks interpreted to

represent an ophiolite complex

▪ Other prospective units identified to date include pyrite bearing

black slates and felsitic dykes, being notable targets in Ethiopia

▪ Evidence of significant hydrothermal alteration, with quartz

veining and mineralisation across Zager, e.g.:

• Downslope of the largest hard-rock working, multiple

articles of semi-gossaniferous float with significant

remnant pyrite boxworking have been found

• A number of boudinaging iron-quartz breccias have been

observed


Zager: Extensive alluvial gold mining activity

Main river:

upstream

catchment

entirely within

licence area

Area of deepest

and, allegedly,

most productive

pitting

1,0

00 m

550 m

Aerial view of workings

ELUVIAL

WORKINGS

ALLUVIAL

WORKINGS

Pits several metres deep with

distinct alluvial gravel horizons

▪ Remote sensing utilising satellite imagery has identified

numerous zones of artisanal alluvial gold mining activity

▪ Large areas are often found on meander point bars and

palaeoterraces along major rivers

▪ Excavations usually closely spaced pits and trenches, a few

metres deep with some reaching 6-7 m depth

▪ Two extensive alluvial gold fields have been mapped to

date within separate drainages:

• 1,400 m long and 400 m wide, and

• 1,000 m long and 550 m wide (see picture right)

▪ Miners actively targeting the easily identifiable alluvial

gravel horizons and also collecting alluvium from small pits

in narrow first and second order drainages

▪ Workings provide useful indicators for isolating potential

hard-rock gold source terrains


Zager: Extensive alluvial gold mining activity – photographs

Deep alluvial pitting, some reaching c. 5 m Local miner employing a metal detector to find gold-in-soil

Active panning for gold Extensively worked meander point bar


Largest working approximately 10 m wide and deep

Excavation targeting dark smoky quartz veinlets

Zager: Hard-rocking artisanal workings

▪ A series of hard-rock workings have been discovered across the

northwest of the licence area:

• Largest is c. 10 m wide and deep, although reportedly this

pit reached 20 m depth prior to backfilling

• Others are smaller pits and shafts a few metres wide and

reaching 10-15 m deep (with wooden supports)

▪ Hard-rock workings hosted within different rock-types, including

black slates, chloritic schists and gabbros

▪ Boudinaging smoky and white quartz veins are often visible in

the walls of the excavations

▪ Mineralisation has been identified in the black slates (significant

pyrite disseminations) as well as traces within the spoil of the

dark smoky quartz (pyrite and Cu-oxides)

▪ Local workers target dark smoky quartz rock-chips with visible

gold mined from veinlets


Sampling a newly excavated working Smoky quartz chips with visible gold

Pits with quartz veins exposed in the walls Pyrite-rich black slates

Zager: Hard-rocking artisanal workings – photographs


Zager: Prospective geology – photographs

Semi-gossaniferous float with notable boxworking Narrow iron-quartz breccia

Serpentinised gabbro within the interpreted ophiolite belt Intense alteration zone with disseminated pyrite


Significant quartz vein: 50 m long and 5-10 m wide

Pyrite-bearing quartz veinlet (1.3 g/t Au)

Zager: Quartz veining & mineralisation

▪ Large number of quartz veins discvered, particularly in the

northwest part of the Zager licence area

▪ Outcrops range from 1-2 wide and 5-10 m long, trending

roughly NE-SW parallel to the regional foliation

▪ Some veins, are much larger at 5-10 m wide and reaching c. 50

m in length

▪ Veins vary in colour from milky white, smoky-translucent to dark-

smoky and found as isolated or pervasive stockworks within

specific lithologies (e.g. felsic dyke, black slate)

▪ Samples collected from veins during the very first phase of work

returned with results incl. 1.9 g/t, 1.3 g/t and 1.1 g/t Au

▪ Base metal mineralisation observed, namely:

• Copper (malachite, chalcopyrite, bornite and covellite)

• Lead (weakly argentiferous galena)


Zager: Quartz veining & mineralisation – photographs

Milky white quartz vein Stockworking within a felsite dyke

Quartz vein with minor oxidized pyrite (1.9 g/t Au) Smoky quartz vein


Zager: Quartz veining & mineralisation – photographs

Polymetallic mineralisation: semi-cubic galena Polymetallic mineralisation: chalcopyrite, bornite

Iron-leached quartz vein with polymetallic mineralisation Honeycomb texture in the quartz (boiling texture?)


Zager: Historic VTEM Survey

▪ In August 2007, a VTEM survey was carried out over an area which now forms a large part of Zager

▪ The survey covered an area of 492 km2 and flown using the AeroTEM III (‘Lima’ System)

▪ Roughly 2,315 line-km including 210 km tie lines at 300m spacing and 30m elevation with 125° azimuth

▪ The resultant thematic map has been used by Altus as a tool for identifying potential conductor anomalies

▪ Several targets generated


Zager: Historic VTEM Survey

42

Tigray-Afar Cu-Au Project



▪ Licence covers 180.3 km2 within the Tigray state of northern Ethiopia

▪ Since 2011, > US$4.5M spent of which > US$3.5M was spent by JOGMEC (JV partner) until Q4 2017

▪ > 7,800 m drilling (RC & DD) completed under JOGMEC JV targeting surface mantos oxide-copper model

▪ Major VTEM anomaly coincident with a surface gossan with > 5 km strike potential not tested by the JV

▪ Target potentially represent a copper sulphide ore body at depth

▪ Targets established by Altus focusing on ‘SSHC’ model analogous to Kamoa (Ivanhoe): 759Mt @ 2.57 % Cu

▪ US$500k budget to drill SSHC and further US$1.25M budget to define initial resource target of 20 Mt @ 2 % Cu

Tigray-Afar: Overview

VTEM geophysics highlighting multiple anomaliesMajor untested gossan at AgamatOxide-copper above SSHC target


▪ Neoproterozoic greenschist metavolcanics and metasedimentary rocks of the Arabian Nubian Shield

▪ The ANS hosts numerous gold / VMS mines throughout Saudi Arabia, Egypt, Sudan and Eritrea, including Bisha

▪ Historic copper mining activity during the Italian occupation of Ethiopia (c. 1930s)

▪ Outcropping copper-oxide along > 10 km of strike length across the Slater and Agamat prospects

▪ Six priority copper and gold prospects defined to date

Channel sampling Historical artisanal working named the “Italian Pit”

Tigray-Afar: Background


2011

▪ Licence granted covering 1,042 km2

▪ Discovery of 80 m long historic Italian Pit hosting copper

2012

▪ 1,959 line km VTEM airborne geophysical survey completed

2014

▪ Channel sampling completed at the Slater Zone & Agamat

▪ JV signed with JOGMEC

2015

▪ 3,325 m / 15 holes dual rig DD (Slater Zone & Agamat)

▪ Ground magnetic survey completed (Slater Zone & Agamat)

2016

▪ 3,260 m dual rig DD and RC drilling programme / 28 holes

2017

▪ 1,300 m / 6 holes DD programme (Agamat)

▪ JOGMEC withdraws from JV in Q4 2017

2018 & 2019

▪ Stratiform hosted copper model

▪ Drill targets defined

Diamond drilling at the Slater Prospect

RC Drilling at the Slater Prospect

Tigray-Afar: History


▪ Stratiform Sediment Hosted Copper (SSHC) model proposed for Tigray–Afar

▪ Similar SSHC deposits include Aknak, Afghanistan (250 Mt @ 2.3 % Cu) & Kamoa, DRC (759 Mt @ 2.57 % Cu)

▪ Characteristic mineral assemblages include chalcocite, bornite and chalcopyrite

▪ Typical ore deposit style of the Central African Copperbelt; these may also contain Co, Pb, Ag, Au

▪ Tectonic setting and stratigraphy of the ANS considered highly favourable

Kamoa Stratigraphy & MineralisationSSHC Model

Tigray-Afar: SSHC Sulphide Copper Model


▪ 5 km VTEM conductor anomaly, coincident with a 400 m long surface gossan up to 10 m wide

▪ Interpreted to be leached gossan (0.3 % Cu) with copper sulphides likely at depth; gold up to 13.5 g/t Au

▪ No drilling has been undertaken at this location to date; this untested VTEM anomaly coincides with the:

• Gossan outcrop

• Regional structural trend

• Gold and copper occurrences

▪ 2,000 m drill programme proposed to establish copper sulphide mineralisation and generate initial resource

Gossan up to 10m wideGossan outcrop at Agamat Gossan extending for 400 m

Tigray-Afar: Agamat Prospect


▪ Initial 5 hole programme totalling 2,000 m to test the presence of high grade sedimentary hosted copper

▪ Consistent sub-surface (c. 150 m but variable depth) VTEM conductor anomaly

▪ Target conductor anomaly appears folded and supports a double plunge as evidenced by surface observations

▪ Key target sits beneath Agamat gossan

▪ Phase 2 drilling would extend the potential strike along the 5 km VTEM anomaly

Priority conductor targets from the airborne VTEM surveyCross section of a proposed hole through the VTEM anomaly

Tigray-Afar: Proposed Drilling

49

Appendix



Appendix: Ethiopian Mining Code & Royalties

Licence

Type

Royalty Parameters Mining Code Key Terms

Corporate Tax

(%)

Govt.

Carried

Interest (%)

Precious

metals (%)

Base

metals (%)

Precious

stones

(%)

Industrial

minerals (%)Mining code date

Application /

Grant Cost

First

Renewal Fee

Second Renewal

Fee

Exploration 25.0% 5.0% 7.0% 6.0% 7.0% 4.0%

Mining Operations

(Amendment) Proc. No

816/2013; Mining

Operations Proclamation

678/2010; Licensing

Directive 1/2011

Application: 500 ETB ($22)

Licence: 200 ETB ($9)

One company may only hold

1,500km2 of ANS in total

100 ETB

($5)

100 ETB

($5)

Licence

Type

Mining Code Key Terms (continued)

Land rent

(local/km2)

Min. expenditure

(local/km2)

Min. Size

(km2)Max size (km2)

Reporting

requirements

Initial term

(Years)

Renewals (Numbers

& Years)

Area dropped on

renewal (%)Notes

Exploration

Oromia: 600 ETB

($25) / km2

Benishagul 120

ETB ($5) / km2

Afar: 60 ETB

($3) / km2

Tigray: 40 ETB

($2) / km2

No set minimum

expenditure but the

Ministry have to agree

the overall work

programme.

1

Level 1 - 1,500;

Level 2 - 2,000

Max size a licensee

can hold at a given

time is 3,500 km2.

Annual & Bi-annual

(Including operations,

results (incl. core and log

data), employment, financial,

commercial, and other

relevant info)

3 2 x 1yr 25% n/a

ethiopian cu-au-ag portfolio · 2019-09-20 · [cu-au-ag] tigray-afar [cu-au-ag] 100%. aim als...

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