Somali business men come in!!!

[Yaquub]

How much would it cost me to open a metal extraction company or gold mining company? and what other processes will i have to go through to get permission from the government to do so? pls state exact cost quotes using credible sources.

 

[Yaquub]

Does anyone have a rough idea?

 

[Shushue]

Financing is most important.

Companies like debt to finance their business.

That’s why banking is first priority to Somalis.

 

[Yaquub]

Financing is most important.

Companies like debt to finance their business.

That’s why banking is first priority to Somalis.

What does this have to do with me opening a mining company? forgive me for my ignorance brother but could you explain pls.

 

[Shushue]

What does this have to do with me opening a mining company? forgive me for my ignorance brother but could you explain pls.

How you gonna fund your business?

Somalia doesn’t have banking sector.

Also you have to import workers, no one in Somalia has the expertise in mining.

Perhaps from India or China or some other African country?

You have to import the equipment too. Or lease the equipment instead of buying them.

To manage the company you will need professional managers, accountants, engineers, human recourse managers, etc...

You will also need permission to extract.

You need to finance unexpected costs, you have to take on some debt, unless the business environment is seen as favorable. you won’t get a decent interest rate from the lender.

Where export to ?

You need to sign agreements with shipping companies, also the fees payed to the port.

First of all you need to map the geology for the possibility of mining. You need to hire experts who can scan the ground.

 

[Shushue]

You will need trust and support from the government, local and national governments.

 

[GeKo]

You'll need to pay me a consulting fee for that

 

[Yaquub]

You will need trust and support from the government, local and national governments.

Yep i think i'll have to wait for somalia to stabilise a bit before i attempt moving my business there. I was more worried about the price and was wondering how much it costed westerners to open a mining company when they first started.

 

[Shushue]

Yep i think i'll have to wait for somalia to stabilise a bit before i attempt moving my business there. I was more worried about the price and was wondering how much it costed westerners to open a mining company when they first started.

The most important thing is the enforcement of contracts.

It’s the most basic.

 

[Shushue]

It should be ideal to be mining in Somalia, we’re close to an Asian market plus Ethiopia could be a big costumer.