MIDROC Group to Expand Operations

MIDROC Technology Group, the giant investment group that consists of 21 companies under the ownership of Sheik Mohammed Hussein Ali Al-Amoudi, announced their pursuit of expansion projects that are worth ETB7.7 billion on May 7, 2015 at Sheraton Addis Hotel.

The expansion projects will be implemented in MIDROC Gold and Elfora Agro Industry PLC and are expected to be complete within five years. The projects will take place in three regional states, including Benshalgul Gumuz, Amhara Regional State and Oromia Regional State. The plan is to expand their enterprises in gold, poultry, forge and dairy and meat production.

The gold exploration project will take place in three places at Bullen Woreda, Metkel Zone and Benshan Gumuz with an investment of ETB4.2 billion. "We finalize the feasibility study for the gold mining at Mettekel and we are on the final stage to launch the exploration soon,’’ said Arega Yirdaw (PhD), Chief Executive Officer of MIDROC.

Bahre Dolbear Minerals Industry Advisor, a UK-based company, conducted the feasibility study over the past 10 years, at a cost of ETB310 million. For the poultry farm, Elfora will invest ETB870 million in Cheffa, Amhara Regional state, and Oromia Special Zone. The other part of expansion will be held in Mekki and Hawassa towns, and in Oromia Regional State with an investment of ETB1.6 billion for forge production a special food which is usedfor animals. Milk and meat will be produced in Oromia Regional state with an investment of ETB1.1 billion.

The projects will last between 15 to 20 years with estimated total revenue of ETB61.9 billion and annual revenue of ETB3.52 billion, according to the feasibility study. The project is expected to crate job opportunities for 2,000 to 3,000 individuals.

The expansion is part of the 20-year strategic plan designed for the company and will take place in two phases. Phase one focuses on agro-processing and mining, whereas the second phase will be on manufacturing and construction.

Established in 2000, MIDROC engages in mining, farm, agro processing, manufacturing, construction, real estate, transport, and education sectors. It is operating with 6,000 workers and with annual turnover of ETB5 billion. "Within the coming months we will also announce farm expansion project mainly on coffee production," said Al-Amoudi.




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