- Foreign Investors Target Nigeria’s Mining Industry
Nigeria’s fast growing mining industry has become a target for global experts, the organisers of the three-day National Mining Summit and Construction and Mining Machinery Exhibition, which begins on June 13, have said.
The organisers said that with new regulations, there had been increased interest from financiers and international parties ready to offer assistance to the industry.
“So too do developments in the sector. Last month, the World Bank earmarked $150m to support the Nigerian mining sector and there have been announcements that 30 per cent of Nigeria’s energy mix has now been forecast to be met by coal. The sector is moving and it is moving fast,” the organisers said in a statement on Tuesday.
According to the statement, the summit will help the industry’s development through ensuring that all key stakeholders from across the supply chain are present and enabling for businesses to connect with policymakers and financiers.
The organisers said there would be an important mix of international players from countries where mining was far more advanced to offer case studies and advice.
The statement read in part, “This will include Minister Mosebenzi Joseph Zwane from South Africa; Minister Dan Kazungu from Kenya; Monsieur Hassane Baraze Moussa, Ministre Des Mines, Niger; and Paul Lehman, the High Commissioner of Australia to Nigeria.
“Attendees at the summit will also hear from the likes of the Chief Executive Officer of the Ghana Minerals Commission, Dr. Toni Aubynn; the Executive Secretary of the Nigerian Investment Promotion Council, Ms Yewande Sadiku; and the CEO of the Nigerian Stock Exchange, Mr. Oscar Onyeama.”
Global Deal Activity Down by 4.5% in October 2020
A total of 6,304 deals were announced globally during October 2020, which is a decrease of 4.5% over the 6,598 deals announced during September, according to GlobalData, a leading data, and analytics company. An analysis of GlobalData’s Financial Deals Database revealed that the deal volume during October remained below the monthly average of Q3 2020.
Aurojyoti Bose, the Lead Analyst at GlobalData, comments: “After demonstrating growth for four consecutive months, the deal volume shrank in October. The decline in deal activity could be attributed to inconsistencies across different regions. The APAC region remained a weak spot, while deal activity remained mostly flat in North America, and the Middle East and Africa (MEA) region witnessed growth in deal activity.”
North America attracted the highest number of investments, followed by APAC, Europe, the MEA, and South, and Central America.
The uncertain global economic landscape lowered the deal volume in October for major markets such as the US, Germany, Australia, France, India, and China compared to the previous month. On the contrary, the UK, Japan, South Korea, and Canada saw growth of 15.6%,14.9%, 3.8%, and 2.2%, respectively, in October as compared to September’s deal volume.
Bose continued: “Most of the deal types witnessed a decline in volume during October compared to the previous month. Private equity, equity offerings, venture financing, debt offerings, and partnership deals volume decreased by a respective 2.4%, 9.1%, 9.8%, 14.6%, and 24.6% – while the deal volume for mergers and acquisitions (M&A) increased by 7.2%.”
Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business
Japaul Gold & Ventures Plc (Japaul), formerly known as Japaul Oil and Maritime Services Plc, announced it has gotten approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.
According to a statement released through the Nigerian Stock Exchange (NSE), H&H Mines Limited has several licenses, which include two major Mining Leases for 25 years renewable.
The statement noted that extensive exploration has been done on the Mining properties and the last lap of the exploration works is core drilling. This, it said will allow Japaul knows the measured Minerals Reserve contained in the Mine, which it claimed contain Gold, Silver, Lead, Zinc, etc.
Japaul further explained that the need to get the drilling done was what led H&H Mining to engage the services of Xiang Hui International Mining Company Nigeria.
“Since Japaul will eventually be part of H&H Mines Limited, it was necessary that Japaul is carried along on the kind of Contract of Drilling to be entered into, and that was why the signing of the Drilling Contract between the Chinese Company and H&H Mines Limited was concluded at Japaul’s Head Office,” the company stated.
The drilling is expected to be concluded in the next 12 months and within this time, Japaul is expected to have concluded the Fund Raising and formalise her involvement in the Mining.
The company added that Canadian reports revealed that there are huge gold, silver, lead, etc deposits, but it is drilling that will show the actual reserve.
Africa Investment Forum (AIF) Rescheduled to Hold in 2021 – AfDB
Investment Forum to Now Hold in 2021 in a Bid to Curb Possible Second Wave of COVID-19
The Africa Investment Forum scheduled to hold in November 2020 in Johannesburg, South Africa has been rescheduled to hold in2021 as a result of the ongoing global health pandemic.
This announcement was made in a statement by AfDB on Wednesday. The African Development Bank (AfDB) and the Africa Investment Forum founding partners agreed to the postponement of the annual three-day investment market place.
Considering the negative effect of Covid-19 on the global economy, agreement by the two bodies was made after a careful assessment of the impact of COVID-19 on global travels, investments, observing the social distancing rules and curbing the likely possible risk of a second wave.
In the statement, the bank stated that through the forum innovative digital platforms, it would track investments, source for new deals, progress on financial closure of transactions and other existing deals.
“At the 2019 Africa Investment Forum, 57 deals valued at $67.7bn were tabled for discussions. Fifty-two deals worth $40.1bn secured investment interest.
“In July this year, the AIF Founding partners pledged to strengthen strategic partnership engagement and commitments for Africa Investment Forum Market Days 2021, to help ‘reboot investments in Africa.’ They underscored the need to boost local manufacturing while leveraging the continent’s vast resources to unlock investment.”
In the statement, Africa Investment Forum objectives are achieved through the forum’s four pillars; Closing, Connecting, Engaging and Investment Tracking.
Nigeria’s Annual Remittance Inflow Estimated at $24 Billion -CBN
Nigerians to Start Receiving Remittance Inflows in Foreign Currency Today
Buhari Doubles Npower Beneficiaries to 1 Million, Increase GEEP by 1 Million, School Feeding by 5 Million
Business2 months ago
Npower News on Permanency for Batch A, B
Business2 months ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency3 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
FG to Absorb Exited N-power Beneficiaries into New Program
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020