Yaakov Engel's private real estate and mining company, EngelInvest Group Ltd., is expanding its mining exploration activity. The company has acquired 72 gold, copper, and other mineral exploration and mining concessions in Tanzania through Elenilto Investments Ltd. The local concession owners who sold the rights have some profit-sharing rights to these concessions.
Following the acquisitions, EngelInvest owns exploration and mining license across a 7,500-square kilometer area in Tanzania, and plans to invest millions of dollars to complete detailed geological surveys of the concessions and buy mining equipment.
EngelInvest has already carried out preliminary geological and geophysical surveys of the sites, as well as initial aerial surveys, which indicated large concentrations of gold, copper, and other minerals.
EngelInvest operates with local partners, which are responsible for relations with the local authorities.
EngelInvest owns copper, chrome, zinc, gold, diamonds, iron and other mineral ores in Israel, Albania, Romania, Ghana, Tanzania, Congo, Liberia, and Ethiopia. The company develops real estate projects in India, Vietnam, and Russia.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2009
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