ADDIS ABABA — Ethiopia’s Ministry of Mines on Tuesday announced the discovery of a mine containing more than 40 tonnes of gold deposit worth 1.7 billion dollars (1.1 billion euros).

The state-run Ethiopian News Agency reported that the new find, announced by the ministry of mines and energy, will require some 200 million dollars to extract and process.

“Geological survey indicates that… an estimated 500 tonnes of gold deposit is found in the country,” the agency said, providing a figure for the whole of Ethiopia.

Some 44 companies are engaged in gold exploration, earning Ethiopia about 105 million dollars in export every year.