Stanbic IBTC, Standard Chartered Bank to Fund 5.4MT Steel Plant

• Stanbic IBTC, Standard Chartered Bank to Fund 5.4MT Steel Plant

Stanbic IBTC and Standard Chartered Bank have agreed to jointly fund a steel plant capable of producing 5.4 metric tons of steel daily in Kagorko, Kaduna State.

Abubakar Bwari, ex-minister of State for Mines and Steel Development, disclosed this on Thursday during his hand-over ceremony in Abuja.

“Two weeks ago, Stanbic IBTC and Standard Chartered Bank agreed to provide $600 million as funding for an integrated iron and steel plant being built in Kagorko, Kaduna State by African Natural Resources and Mines Limited. The project will have a capacity of 5.4 metric tonnes per day and generate 3,500 direct jobs,” Bwari stated.

African Natural Resources and Mines Limited will collaborate with the banks to bring the project to fruition.

Speaking on the industry, Bwari said “in less than four years, we have been able to record some major achievements, including plugging revenue leakages, increasing sector funding, producing more accurate geoscience data through world-class exploration projects, improving job opportunities in the sector while developing the downstream sector. We also initiated a N15 billion National integrated Mining Exploration Project which has already discovered new findings. After the conclusion of the project, the areas of new anomalies will be sold to investors who will bring in foreign direct investment to increase the revenue coming into the economy.”