Bermuda Based Company to Mine in Africa
Bermuda based company Sahar Minerals was granted a mining exploration licence on Feb 17 by the African nation of Eritrea.
The war and famine torn African nation, where average annual incomes are under $800 per person [1][2], is hoping for desperately needed additional revenue from the development of several international mining projects.
The video below covers the emergence of Eritrea’s mining industry, as well as some of the nation’s history.
Sahar’s managing director Alasdair Smith told Reuters:
In the last 12 months we have assessed opportunities all over east Africa where there is a lot of similar geology and prospective areas, but Eritrea’s offer to foreign companies is by far the most attractive.
The Eritrean licence is the first for Sahar Minerals, which was established in 2009 [registering in Bermuda in 5/6/2009] by mining professionals specifically to target opportunities in East Africa. Sahar’s license covers 373 square km [144 square miles] located near Sudan. Gold, copper and zinc are the main interests.
Sahar is the 16th foreign mining company now operating in the country, joining companies from Australia, Canada, China, Libya and Britain.
A photo gallery of Eritrea and her people courtesy of Charles Fred. Click to enlarge images:
