Shares in KEFI Minerals up on progress in Ethiopia Gold exploration company KEFI Minerals (LON:KEFI) saw shares rise in early trading on Tuesday, after reporting solid progress on its projects in Ethiopia and Saudi Arabia. KEFI reported a pretax loss of £136,000 for the year ended December 31, a reduction from the £319,000 loss reported the previous year. The company’s figures were aided by a VAT refund of £2.519 million, offsetting increased exploration costs and administration expenses. KEFI concentrated on progressing its Tulu Kapi gold project in 2016, Ethiopia’s first modern mine, obtaining a $20 million investment from the Ethiopian government to support its progression. In a statement, the company said that the completed Preliminary Economic Assessment confirmed robust economics for the development of the underground mine, with the initial potential to increase production to over 150,000 per annum over four years whilst drilling to expand underground resources which are open in several directions. Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals, commented: “With the Ethiopian State of Emergency, conventional finance proposals were stalled in 2016 so we successfully responded by focusing our efforts on alternative financiers familiar with Africa, especially Ethiopia, and particularly on proposals designed around African-experienced gold project contractors. As a result, we are now assessing three proposals. “At the same time, operational activities continued uninterrupted and we now have a development-ready mine, once the funding package is finalised. We look forward to commencing development in 2017 and open-pit gold production in 2019.” Shares in KEFI Minerals are currently trading up 1.82 percent at 5.60 (1121GMT). Source: https://www.theinvestmentobserver.co.uk/companies/2017/06/06/kefi-3fr8yua/

Ethiopian PM visits Jerusalem's old city ahead of Netanyahu meeting Ethiopia’s Prime Minister Hailemariam Desalegn on his continued visit to Israel met with the host country’s Defense Minister Avigdor Lieberman and toured the old city on Monday (June 5). This comes ahead of his meeting with Prime Minister Benjamin Netanyahu.at the start of a two-day visit to the region. Photos shared by the Israeli Foreign Ministry showed Desalegn at the Western Wall in Jerusalem’s old city. The PM who was spotting a Jewish cap – the yarmulke – had both hands on the historic wall where people usually write and insert their requests. He looked deep in meditation. Prior to that, the PM who was accompanied by his wife, the foreign minister and other top government officials visited the Ethiopian Orthodox Church and the Holy Sepulchre Church as well as the tomb of Jesus Christ. This trip is Desalegn’s first to Israel, he is scheduled to meet other Israeli leaders today (June 6) beside the one with his counterpart Netanyahu. As part of his activities in the country so far, he has met with the Ethiopian community in the country and also held bilateral talks with President Reuvin Rivlin. Israeli Prime Minister Benjamin Netanyahu, who on Sunday (June 4) attended the ECOWAS (Economic Community of West African States) conference in Liberia. The Liberia trip was his second to Sub-Saharan Africa in less than a year. Netanyahu traveled to East Africa – Ethiopia, Kenya, Uganda and Rwanda – in July 2016 during the first visit by a sitting Israeli prime minister to Africa in 29 years. Source: http://www.africanews.com/2017/06/06/photos-ethiopian-pm-visits-jerusalem-s-old-city-ahead-of-netanyahu-meeting/

Ethiopian says 'committed to serve Africa,' as airline scoops top award The national carrier of Ethiopia has underlined its continued commitment in serving the continent. ‘We are pleased to win the “African Airline of the Year Award for the second time in a row; a testimony of our commitment to serve our beloved continent Africa,’ Meseret Bitew, acting Chief Finance officer of Ethiopian Airlines said. The Airline won the top award as the 2017 African Aviation ‘African Airline of the Year’ – the second consecutive year that it has scooped the prize. It was in recognition of their continued rapid growth, soaring profitability and overall contribution to aviation development on the continent. Mobility and air connectivity being the economic engine of growth and development, we shall continue to play vital roles in connecting African countries with their major trading partners around the world and realize an economically liberal Africa. The award was presented to them during the 26th Annual Air Finance Africa Conference and Exhibition held in Johannesburg, South Africa. ‘‘Mobility and air connectivity being the economic engine of growth and development, we shall continue to play vital roles in connecting African countries with their major trading partners around the world and realize an economically liberal Africa,’‘ Bitew stressed. In November 2016, Ethiopian was adjudged the continent’s best airline for the fifth year in a row by the African Airlines Association (AFRAA) during the AFRAA’s 48th Annual General Assembly held in Victoria Falls, Zimbabwe. The Ethiopian national airline which is the largest Airline Group on the continent was applauded for its outstanding financial performance, technological leadership and investment in modern fuel, efficient fleet and exemplary cooperation with other African carriers. Ethiopian – a member of the Star Alliance group is the fastest growing Airline in Africa. In its seven decades of operation, Ethiopian has become one of the continent’s leading carriers in terms of efficiency and operational success. They command the lion’s share of the pan-African passenger and cargo network operating the youngest and most modern fleet to 95 international destinations across five continents. http://www.africanews.com/2017/06/06/ethiopian-says-committed-to-serve-africa-as-airline-scoops-top-award/

Ethiopian economy will be Africa's most expansive in 2017 – World Bank forecast The World Bank says Ethiopia’s economy will be the most expansive on the continent for the year 2017 followed by Tanzania, Ivory Coast and Senegal in that order. This view by the global finance outfit was contained in their Global Economic Prospect report released this month. ‘‘Ethiopia is forecast to expand by 8.3 percent in 2017, Tanzania by 7.2 percent, Ivory Coast by 6.8 percent, and Senegal by 6.7 percent, all helped by public investment. However, some countries need to contain debt accumulation and rebuild policy buffers,’‘ the report cautioned. Ethiopia is forecast to expand by 8.3 percent in 2017, Tanzania by 7.2 percent, Ivory Coast by 6.8 percent, and Senegal by 6.7 percent, all helped by public investment. The World Bank further noted that growth in non-resource intensive countries was anticipated to remain solid, supported by infrastructure investment, resilient services sectors, and the recovery of agricultural production. World Bank’s 2017 “Global Economic Prospects” report issued today. Fastest growing economy in the world is #Ethiopia at 8.3%. #G20 #Africa pic.twitter.com/VQEcqGn3hT — Zemedeneh Negatu (@Zemedeneh) June 5, 2017 Whiles projecting a generally stable economic performance for most Sub-Saharan Africa economies, the report titled, ‘A Fragile Recovery,’ forecasted that economies will averagely ‘‘pick up to 2.6 percent in 2017 and to 3.2 percent in 2018, predicated on moderately rising commodity prices and reforms to tackle macroeconomic imbalances.’‘ They stressed the challenges that the United States official development assistance slash will have on smaller economies and fragile states in the region as a major risk. The East Africa region they noted was also susceptible to whether-related risks. ‘‘Worsening drought conditions will severely affect agricultural production, push food prices higher, and increase food insecurity in the sub-region,’‘ they added. Ethiopia overtakes Kenya as economic giant of East Africa This forecast becomes the second stamp of approval on the Ethiopia economy in as many months. International Monetary Fund (IMF) figures released in April this year ‘crowned’ the country as the new economic giant of the East Africa region dethroning neighbouring Kenya. Their annual economic output for 2017 was expected to hit $78 billion from $72 billion recorded last year. Ethiopia’s economic growth since 2015 has been pegged at 10.8% putting a significant gap between them and Kenya. In monetary terms, Ethiopia has opened a gap of over $29 million over Kenya. Ethiopia’s economic growth is hinged on public-led spending on infrastructure and a strong demand by locals. It has also recently become an investor destination of choice for particularly Chinese investors. Another factor believed to be driving the economy is the country’s large population – which is almost double that of Kenya. Source: http://www.africanews.com/2017/06/06/ethiopian-economy-will-be-africa-s-most-expansive-in-2017-world-bank-forecast/