Alana Potash, a Canadian mining company has discovered 1.3 billion tonnes of potash deposits at its site in Ethiopia.
The company has been exploring for potash in the Afar region for the past few months.
Ethiopian Ministry of Foreign Affairs said on Monday that the company expects $2 billion annual revenue when it commences production next January.
Ethiopia is expected to earn large amounts of foreign revenue from its potash resources.
It was reported that the company plans to produce and deliver a million tonnes of potash a year to the market and production should start in six months.
The company earlier announced a discovery of 1.294 billion tonnes of potash on its site, which was provided by the Ethiopian Ministry of Mines.
A number of foreign companies are eyeing Ethiopian mining investment opportunities, including oil and gold deposits.
As part of its plans to boost potash exports, Ethiopia is developing a new port in neighbouring Djibouti, which the landlocked Ethiopia is currently for import and export.