Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Eritrea expects to have four mines in operation by 2018 producing gold, copper, zinc and potash as one of Africa’s poorest nations looks to build an industry that can kick-start its economy, a top mining official told Reuters.
Eritrea’s artisanal miners have long scratched for gold nuggets on deposits that stretch along the Red Sea, a geological formation known as the Arabian Nubian Shield, but the country currently has just one working commercial mine.
But the threat from Ethiopia, from which it won independence in 1991 and fought a border war in 1998-2000, makes investors wary.
