Chinese firms to invest $1.75 billion in Ethiopia mining, solar
me-metals: Ethiopia expects five Chinese companies to invest a total of $1.75 billion in the East African nation, mainly in solar-cell manufacturing and mineral exploration, according to Finance Minister Ahmed Shide.
According to me-metals cited from mining.com, Shanghai-listed CSI Solar Co., in which Canadian Solar Inc holds a majority stake, will spend $250 million on a plant producing solar modules and energy storage products, while Sequoia Mining & Processing Plc plans to invest $600 million in coal exploration.
Hainan Drinda New Energy Technology Co. and Toyo Solar Manufacturing One Member Plc also have solar manufacturing projects in the works, while Hua Ye Mining Processing Co. plans to invest $500 million in mineral exploration and processing, and the development of a special economic zone focused on minerals.
The companies are undergoing the local licensing process, said Zeleke Temesgen, commissioner at the Ethiopia Investment Commission.
source: mining.com
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