Private Investments in Mining Hit $3.32b

  • Private Investments in Mining Hit $3.32b

So far, a whopping $3.32 billion in private investments have come into Nigeria mining sector, it was learnt yesterday.

The Minister of State for Mines and Steel Development, Hon Abubakar Bwari said the feat was acheived because of Federal Government’s commitment to growing the mining sector.

He said the country is now ranked among the most conducive environments to do mining business in the world.

Bwari who spoke in Australia, at the Africa Down Under 2018 Conference, said the investment figure was provided by the Economic Recovery and Growth Plan (ERGP) Focus Lab.

Speaking on: A New Dawn ln Nigerian Mining Sector, in Australia, he said already, given this new trend, private investments into mining projects covering gold mining and refining, foundry works, lead/zinc exploration and production, tin and columbite mining and processing among others, have experienced unprecedented leap in production.

“Formal mining is on the rise in Nigeria and this is evidenced by the number of mineral titles held by investors.

“Prominent among these projects include Symbol Mining/Goidal Resources that are currently developing an open pit mine for exploiting lead-zinc deposits located in Bauchi and Nasarawa states. First Patriots are already mining and producing 5,000 tons per month lead-zinc concentrates; Thor Explorations Limited that is continuing with mine development and exploration works over Segilola Gold Project; two coal mines operated by Eta-Zuma Group and Ashaka Cem Plc; and Promethean Resources that engages in the production of tin and columbite concentrates for export,” he said.

While speaking in Abuja yesterday at the Nigerian Metallurgical Industry Stakeholders Forum (MISF), Bwari said the country’s Lead/Zinc ore mined in Bauchi State contains 22 per cent zinc compared with world’s average of six per cent .scores highest in world.

He said the desire of the Federal Government is to diversify the economy presently dependent on oil and gas sector to other sectors such as minerals and metals.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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