Rashmi Group to invest $300 million in Ethiopian gold mining

Rashmi Group, the Kolkata-headquartered steel and mining conglomerate with annual revenues of roughly $575 million, has signed a memorandum of understanding (MoU) to invest approximately $300 million in Ethiopia’s mining sector. The agreement was concluded at the “Invest in Ethiopia – High-Level Business Forum 2026” in Addis Ababa, where the group also filed applications for gold mining licences in the western regions of Gambela and Benishangul-Gumuz.

The MoU was signed between Sunil Kumar Patwari, the chief executive of Rashmi Group, and Zeleke Temesgen, in the presence of Ahmed Shide and Brook Taye. The proposed investment covers gold exploration and mine development, as well as the construction of aggregate production and mineral processing facilities aimed at supplying Ethiopia’s infrastructure and construction industries.

Gambela and Benishangul-Gumuz lie within Ethiopia’s western greenstone belt terrain, part of the broader Arabian-Nubian Shield, a vast Precambrian rock formation spanning nine countries from the Nile basin to the Saudi highlands and recognised as one of Africa’s most significant gold-bearing geological structures.

The investment comes at a time of deliberate policy liberalization in Ethiopia. Addis Ababa has been rolling out its “Home-Grown Economic Reform Agenda 2.0”, a broad market-opening programme targeting export revenues, foreign direct investment, and private-sector participation in sectors previously dominated by state-owned enterprises.