Parallel Mining Corp. is investigating mineral exploration opportunities in northern Ethiopia. The company believes the greenstone belts of the Nubian Shield, which run through the region, have the geological potential to host mineral deposits similar to the Bisha mine across the border in Eritrea, which was recently purchased by Zijin Mining Group in its approximately $1.2-billion takeover of Nevsun Resources.
In support of Parallel’s efforts, the government of the national regional state of Tigray’s Mines and Energy Agency has issued an official letter instructing all district mines and energy branches to provide full support to the company in its efforts to conduct due diligence and acquire exploration licences.
John Anderson, president and chief executive officer, stated: “We have identified Ethiopia as an area with tremendous potential for mineral wealth, but very little modern exploration work getting done. The government has recognized the need for foreign investment and expertise in their mining space and have been very welcoming in our initial activities there. Seeing companies such as Newmont Goldcorp establishing themselves in the same region is very encouraging for us and suggests that we are turning our eye to a highly prospective area.”