The company management of East Africa Metals Inc. is currently holding discussions with Ethiopian officials to begin the development of a mining operation for the Harvest Cooper-Gold VMS Project in Ethiopia.
Through its subsidiary, Tigray Ethiopia Holdings Inc., (TEHI), East Africa Metals owns 70 percent of Harvest Mining PLC which owns the Terakimti Mining License. The license includes all rights to all deposits of Terakimti Oxide and Sulphide in the nation.
Currently, negotiations are being held for the Harvest Project that include an exchange of 55 percent of East Africa Metal’s interests in the project for a 500,000 USD payment and a commitment from the purchaser to manage all the administrative, logistic, and operational functions of the projects.
Aside from the Terakimti projects, the purchaser is also acquiring the rights for the Mato Bula and Da Tambuk gold projects located in the Tigray region. The purchaser would also be getting a 70 percent equity interest of TEHI.
East Africa Metals will retain mineral and exploration rights for prospective targets that are not included in the Terakimti License.