On November 14, 2025, Ethiopian Investment Holdings (EIH) signed a memorandum of understanding with Russian aluminium giant Rusal to build a smelter producing 500,000 tonnes annually. The first phase, estimated at US$ 1 billion, should take 3–4 years to complete and run for up to 50 years. A joint technical committee has been formed to oversee site selection and a full feasibility study.
