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MITHRA Metals advances strategic nickel laterite initiative in Ethiopia
The project is located in the Moyale region within the Mozambique Metamorphic Belt
- PUBLISHED: Wed 3 Jun 2026, 5:33 PM
MITHRA Metals Holding, a private investment firm headquartered in Abu Dhabi Global Market, has announced the advancement of a strategic nickel laterite initiative in Southern Ethiopia, expanding its critical minerals portfolio across Africa and Middle East.
The initiative is being advanced through a majority-controlled Ethiopian subsidiary holding exploration licences issued by Federal Democratic Republic of Ethiopia Ministry of Mines. The company currently retains approximately 201.55 km² under the first exploration licence renewal and 131.50 km² under the second licence area, representing a combined retained exploration footprint of approximately 333 km².
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The project is located in the Moyale region within the Mozambique Metamorphic Belt, a globally recognised mineral corridor extending from Southern Ethiopia through Tanzania, Burundi, Mozambique, and Madagascar. The belt is home to the East African Nickel Belt, which hosts several major nickel deposits across the region.
"This initiative aligns with our long-term strategy of investing in energy transition metals and sustainable mining projects supporting the global shift toward electrification, battery storage, renewable energy infrastructure, and responsible industrial development," said a company spokesperson.
Geological exploration and discovery drilling activities have confirmed the presence of significant nickel laterite systems. Drillhole highlights include 15.0 m at 2.3 per cent Ni, 15.0 m at 3.4 per cent Ni, and 15.7 m at 4.1 per cent Ni. Trench results include 18.0 m at 1.8 per cent Ni, 11.8 m at 1.7 per cent Ni, and 14.5 m at 1.1per cent Ni.
Nickel laterites are supergene ore bodies formed by the enrichment of dispersed nickel and cobalt through intense chemical weathering of ultramafic rocks such as dunite, peridotite and serpentine. They are globally important due to large-scale resource potential, long mine-life capability, surface-accessible mineralisation, potential cobalt by-products, and suitability for battery-grade nickel production.
Nickel is essential for electric vehicle batteries, grid-scale energy storage, hydrogen technologies, renewable power infrastructure, and stainless steel manufacturing. Global nickel demand continues to rise steadily, particularly in Asia and battery manufacturing markets. It is predicted that global primary nickel supply could already be in short supply by 2028.
"We believe Ethiopia is strategically positioned to become an important future participant in the global critical minerals economy due to untapped geological potential, expanding mining reforms, growing international interest, and vast in-country energy resources," told the spokesperson. "Our long-term development approach prioritises responsible resource management, environmental assessments, local stakeholder engagement, and sustainable operational practices aligned with international ESG expectations."