{"id":280878,"date":"2019-07-05T08:24:15","date_gmt":"2019-07-05T12:24:15","guid":{"rendered":"https:\/\/news.google.com\/articles\/CBMiSmh0dHBzOi8vd3d3LmJ1c2l3ZWVrLmNvbS9ldGhpb3BpYS1nZXRzLWludmVzdG9ycy1mb3ItYWR5YWJvLW1ldGFsLXByb2plY3Qv0gEA?oc=5"},"modified":"2026-10-06T11:31:20","modified_gmt":"2026-10-06T15:31:20","slug":"chinese-miner-tibet-huayu-agrees-to-finance-tigrays-adyabo-gold-and-base-metals-project","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/280878","title":{"rendered":"Chinese miner Tibet Huayu agrees to finance Tigray\u2019s Adyabo gold and base metals project"},"content":{"rendered":"<p>East Africa Metals signed a definitive share purchase agreement and joint venture contract in early July 2019 with Silk Road Resources Investments, a wholly owned subsidiary of China\u2019s Tibet Huayu Mining, to develop and operate the Mato Bula and Da Tambuk deposits of its Adyabo project in the Tigray region, East African Business Week reported.<\/p>\n<figure class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" height=\"780\" width=\"780\" class=\"aligncenter size-large wp-image-837352\" src=\"https:\/\/i0.wp.com\/mereja.com\/index\/wp-content\/uploads\/2026\/10\/tigray-terraced-mountains-2007.jpg?fit=780%2C780&#038;ssl=1\" alt=\"Terraced mountains on the road from Adwa to Yeha in the Tigray region, October 2007\" \/><figcaption class=\"wp-caption-text\">Terraced mountains on the road from Adwa to Yeha in the Tigray region, October 2007 (A. Davey, Wikimedia Commons, CC BY 2.0) [file photo]<\/figcaption><\/figure>\n<p>Under the deal, East Africa Metals would receive $1.2 million in cash when the transaction closed, giving Tibet Huayu a 70 percent interest in the Adyabo project. The Chinese company would pay all of the capital costs and carry out mine development and mining. Construction was estimated to cost $54 million at Mato Bula and $34 million at Da Tambuk.<\/p>\n<p>East Africa Metals would keep a 30 percent net profit interest and its exploration rights to any promising ground on its concessions outside the current resource. It agreed to transfer to Tibet Huayu 70 percent of its stake in Tigray Resources Inc, the Ethiopian subsidiary that owns the Adyabo project outright.<\/p>\n<p>\u201cWith the share purchase agreement and joint venture contract, East Africa and Tibet Huayu have agreed on terms and are now committed to closing the transaction prior to August 9, 2019, that will see the financing for the development of the Mato Bula and Da Tambuk projects finalized,\u201d said Andrew Lee Smith, the company\u2019s chief executive.<\/p>\n<p>The two companies were also negotiating a separate agreement to finance and develop the Harvest project, 11 kilometers east of Adyabo and also in Tigray, and expected to conclude it soon. East Africa Metals describes its assets as four fully permitted, development-ready gold and base metal projects in Africa.<\/p>\n<p><strong>Sources:<\/strong> <a href=\"https:\/\/www.busiweek.com\/ethiopia-gets-investors-for-adyabo-metal-project\/\" target=\"_blank\" rel=\"noopener\">East African Business Week<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Ethiopia gets investors for Adyabo metal project&nbsp;&nbsp;East African Business WeekEast Africa Metals has executed a definitive share purchase agreement and joint venture contract with Silk Road Resources Investments Co Limited for &#8230;<\/p>\n","protected":false},"author":30,"featured_media":837352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-280878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethiopian-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/mereja.com\/index\/wp-content\/uploads\/2026\/10\/tigray-terraced-mountains-2007.jpg?fit=1280%2C653&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p9NivD-1b4i","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/280878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/comments?post=280878"}],"version-history":[{"count":2,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/280878\/revisions"}],"predecessor-version":[{"id":837363,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/280878\/revisions\/837363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media\/837352"}],"wp:attachment":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media?parent=280878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/categories?post=280878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/tags?post=280878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}