Ethiopian Mineral Development Share Company (EMDSC) Announces the signing of a Memorandum of Understanding, In Toronto, Canada, for Joint Development with CVMR
Tantalum, Niobium, Lithium, Nickel, Iron and PGM, Powders and Nano-Powder Production to commence within 24 months.
Toronto, September 18, 2014: Ethiopian Mineral Development Share Company (EMDSC) today announced at the Canadian Council on Africa’s Canada-Africa Business 2014 Summit, in Toronto, that it has entered into a Memorandum of Understanding with CVMR Ltd., with the intention of forming a partnership that would lead to Tantalum, Niobium, Lithium, Nickel, iron, and PGM ore concentrate production and refining of the concentrates into specialty metal nano-powders. CVMR has the right of first refusal to receive concentrates for 25 years. EMDSC has significant resources for economical production of the abovementioned metals. The proposed partnership has a preliminary estimate valued at $3 billion.
“EMDSC is very pleased to have found a partner with whom it can fully realize the economic potential of its rich mineral deposits,” said Dr. Zerihun Desta, CEO of EMDSC.
“The demand for premium-priced specialty metal powders is growing at a rate of 26% per year. CVMR’s patented production methods produce metal powders up to 99.999% purity and at higher recovery rates and more economically than other mineral extraction methods. CVMR is very pleased that its technology can help unlock much wealth and generate economic development for the rapidly growing country of Ethiopia,” said Dr. Kamran Khozan, Chairman of CVMR.
Mr. Bogale Feleke, State Minister at the Prime Minister’s Office of Ethiopia and Chairman of the Board of EMDSC said “The government of Ethiopia welcomes CVMR to Ethiopia in its ecomonic expansion process towards attracting manufacturing industries to Ethiopia.” H.E. Tolessa Shagi, Minister of Mines of Ethiopia said “The CVMR refining technology‘s ability to simultaneously refine multiple metals is very valuable to our mine sites and has the potential to transform Ethiopian mining economics and attract investment.”
Mr. Nola Kianza, Founder and Director of Canadian Council on Africa, said that “The Council is very proud to have provided the platform at its Canada-Africa 2014 Summit, for CVMR and EMDSC to meet and negotiate this significant commercial engagement between Canada and Ethiopia. CVMR understands the approach to economic development and technology transfer demanded by African countries today.”
About EMDSC: EMDSC is in the business of exploration, development and mining of minerals, including Tantalum, Niobium, Lithium, Nickel, Iron Vanadium, Titanium, Chromium and PGM’s with mining licenses at Kenticha, Kilkile and Bupo in Ethiopia.
About CVMR: CVMR is in the business of mining and metal refining, using its proprietary vapour metallurgy processes for manufacturing of high value metal powders, net shapes and super alloys.