Nyota Minerals Ltd, a mineral exploration company which opened a gold exploration site in Tulu Kapi area in western Ethiopia, 510 km from Addis Ababa requested financial assistance form the International Financial Corporation (IFC), a lending arm of World Bank to the private sector.
The Company acquired an exploration license in Tulu Kapi area through the acquisition of the resource in July 2009.
The area has a resource of 690,000 oz of gold which inspired the Company to utilize its full resources, according to reliable sources. With this intention the company requested IFC financial assistance.
“Nyota is seeking IFC’s engagement as a strategic partner to develop Tulu Kapi in line with industry best-practice” the source said.
IFC experts are currently evaluating the feasibility of the company’s project proposal and are expected to submit their recommendation to the board before end of 2010, according to the sources.
Nyota, registered in Australia, has hired a consultant for its Ethiopian project that is mandated to review and revise Tulu Kapi’s gold resource estimates, using current gold prices and others.
The company also appointed three qualified managers for its project in Ethiopia; Kevin Piepgrass as exploration manager, Felichismi Mwijage as project geologist and Channa Pelpola as manager of environment and community affairs according to the official website of the company.