By our staff reporter
Precious metal miner, Allied Gold announces that it has approved the expansion of the Kurmuk project in Ethiopia, earmarking a USD 500 million injection in a two-phase development plan.
The large scale miner, which received its license for mining and exploration at the Kurmuk Gold Mine (KGM) in Benshangul Gumuz, disclosed that Kurmuk is now projected as a 240, 000 ounce per year gold mine with all-in sustaining costs (AISC) targeted below USD 950 per ounce, with a strategic mine life extending for an initial 15 years.
“The expansion project will involve upgrading the processing plant’s capacity from 4.4 million tonnes a year to between 5.4 million tonnes and 5.7 million tonnes a year,” the statement issued in middle of this week revealed.
The expansion project will produce an average of nearly 275 000 ounce per year for the first four years and an average of 240 000 ounce per year over its mine life, “This compares favorably to the original project, which would have produced an average of 200 000 ounce per year with similar capital costs,” the company cited.
Allied noted that, by capitalizing on the deployment of existing major equipment owned by the company and relying on contractor mining, the expansion project would be developed with the same capital requirements as initially planned.
The project development capital would be spent from 2023 to 2026, funded by available cash on hand and cash flows from producing mines, with the first gold pour expected in the second quarter of 2026.
Allied has just completed a USD 267-million financing, including a significant investment from incoming management in the amount of USD 40-million, to which Chairperson and CEO Peter Marrone has anchored the investment of incoming management.
On Monday, September 11, Allied Gold was listed on the Toronto Stock Exchange (TSX).
Allied Gold and Allied Merger Corp, which was formed by Marrone and fellow former Yamana Gold executives, last week, completed a business combination and reserve takeover transaction.
“The commencement of trading on the TSX marks the final step as we complete our transition to a public company and embark on our next phase of growth,” Marrone commented.
“We are excited to have been part of this foundational event for the Company and are now positioned to execute our strategic vision, with a renewed commitment to delivering on our high-quality, organic growth profile and generating substantial value for our shareholders. Our goal is to evolve into a significant mid-tier next-generation gold producer and ultimately become a leading senior global gold producer,” he said.
The company mining site is 750 km west of Addis Ababa at Kurmuk Wereda of Assosa Zone about one hour drive from the regional capital Assosa.
The company has invested for the procurement of different production machineries to commence operation, while illegal miners had hampered the company activity.
As per the plan, the company will produce nine tons of gold per annum, which is the capacity that country currently has, for two decades and also targets to increase the volume to up to 11 tons.

By Eyasu Zekarias
Cognizant of the new academic year being on the horizon, the Addis Ababa City Administration Education Bureau has held discussions with principals and vice principals of all schools in the city regarding the beginning of the 2023/24 school year under the theme, “Mutual understanding for effective learning and teaching”.
On September 14, 2023, the education office that conducted the discussion, reflected upon the past academic year, including the pros and cons that were attached to the year. From the challenges raised, keenness particularly on security issues we looked into which stemmed from the country’s current situation.
According to Addis Ababa City Education Bureau deputy head, Wondimu Umar, the content and implementation of the document that was presented at the meeting cited that the security problems were observed in schools in 2022/23, were especially linked to, “Conflicts based on ethnicity and religion, which must be resolved.”
With regards to resumption, the normal teaching and learning works were said to begin on Monday, September 18, 2024.
Among other pertinent issues raised, Wodimu Umer stated that, “Last year, activities that defamed the reputation of teachers on various social media were noticed through the use of mobile phones by students, and this year, we will work to prevent this from happening again.”
In line with the start of the education program, the head of Addis Ababa Education Bureau Zelalem Mulatu told Capital, “In the 2023/24 academic year, by establishing a peaceful teaching and learning system in schools, we want students to get free and fair services. The goal is to ensure the quality of education by creating common thinking around the deficiencies encountered in 2022/23.”
In compliment, Lydia Girma , Head of Addis Ababa Peace and Security Bureau said, “In order to make educational institutions peaceful and stable, they have emphasized that no political or religious issues can be promoted in any schools so that they are not vulnerable to security.”

By Eyasu Zekarias
Kacha, the first private mobile money transfer service in Ethiopia, has won 25,000 US dollars in the 2023 Visa Anywhere Initiative (VEI) Fintech contest.
About 200 applicants from all over the country participated in the competition, with each of them seeking to provide innovative payment and solutions to consumers and commerce.
The award ceremony event which was held on September 15, 2023, also saw Visa Anywhere “Qena” Software Design and Development and “Smile Pay” taking second and third rank and receiving $15,000 and $10,000 respectively.
Since 2015, “VEI” has announced funding of more than $16 billion to startups from over 100 countries.
The Visa Everywhere Initiative serves as a global platform that celebrates and encourages groundbreaking ideas and innovative solutions within the fintech realm.
The success of Kacha, along with the achievements of Qena and Smile Pay, highlights the vibrant and burgeoning fintech ecosystem in Ethiopia.
As Ethiopia embraces the digital revolution in the financial sector, Kacha’s victory stands as a testament to the remarkable potential and transformative power of innovative start-ups and fintech companies. With their groundbreaking solutions and unwavering determination, these trailblazers are reshaping the way we perceive and interact with money, propelling Ethiopia into a new era of financial innovation and inclusion.

Tsehay Bank announced that it started issuing credit cards. The event will make Tsehay among the few private banks that extend a line of credit for its customers.
As opposed to debit cards, payment card that makes payments by deducting money directly from a consumer’s checking account, a credit card is a card issued by a financial institution that enables the cardholder to borrow funds from that institution. Cardholders agree to pay the money back with interest, according to the institution’s terms.
According to officials at the bank, the credit card service has various products designed for the needs of customers from small businesses to corporations and is already being issued.