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The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, last weekend said Nigeria may end steel importation soon when a $1.5 billion steel plant being built by African Natural Resources and Mines Limited at Jere in Kaduna State comes on stream. The firm has one million metric tonnes (MT) capacity of daily production.
The minister who inspected the plant along with the management of the company, further noted that Nigeria was on the path of industrialization which will be yielding results five years from now. “Producing one million metric tonnes of steel per annum means that Nigeria will really be well on its way of being independent of importing steel into our country and this will attract other investors,” Zainab said… More details through: https://dailytrust.com/minister-hopeful-1-5bn-kaduna-plant-will-end-steel-imports
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Hope rises for the moribund Ajaokuta Steel company, as Olamilekan Adegbite, the Minister of Mines and Steel Development says a 60-man team from Russia will soon arrive in Nigeria to start a Technical Audit of Ajaokuta steel. Adegbite disclosed this to the News Agency of Nigeria (NAN), in Abuja…
More details through: https://businessday.ng/business-economy/article/nigeria-government-turns-to-60-russian-experts-to-revive-ajaokuta-steel/ The Director General of the Mining Cadastral Office (MCO), Engr. Simon Obadiah Nkom, has said the country currently has five thousand, two hundred and seventy-six valid mineral titles.
Nkom stated this when the Chairman of the Maitama branch of the Nigeria Society of Engineers (NSE) and the newly formed executives paid him a courtesy visit recently. In a statement, Nkom said Minerals licensing’ is the mandate of the Mining Cadastral Office. “Right now, we have about 5276 Valid Mineral Titles in the country. Our reach extends to the boundary of Nigeria. Whatever mineral you mine whether gold or sand, you must come to the MCO to obtain a license. We are doing it for the growth of the engineering profession and for the country… More details through: https://dailytrust.com/nigeria-has-5276-valid-mineral-titles-mining-office Nigeria’s first industrial gold project is on course to enter production next year, and its success will be crucial for boosting mining in Africa’s biggest oil producer, the country’s mines minister said.
Thor Explorations Ltd. is spending $98 million to develop the project, which will have an annual average output of 80,000 ounces. The Canada-based company’s Segilola mine in the southwest should yield gold by the end of the first quarter of 2021, Minister of Mines and Steel Development Olamilekan Adegbite told reporters in Abuja, Nigeria’s capital, on Friday. The West African nation has sizable untapped deposits of metals including iron ore, gold, zinc and lead, but almost all extraction is done on a small-scale or manual basis. The government wants to increase mining’s contribution to gross domestic product to 3% by 2025, from less than 0.1% currently… More details through: https://www.bloomberg.com/news/articles/2020-10-09/nigeria-pins-hopes-on-first-gold-project-to-boost-mining-sector Zamfara State Government has established a gold reserve beginning with 31 kilogrammes of processed gold.
Speaking to journalists in Gusau on Tuesday, Governor Bello Matawalle said the gold was wholly mined and refined by artisanal miners in the state. Matawalle said the decision to establish a gold mine was part of the efforts to prop up the economy of the state and guarantee the economic and social wellbeing of the people now and in the future. The governor said, “My administration will subsequently continue to buy gold from our local miners so as to gradually improve the reserve… More details through: https://punchng.com/zamfara-establishes-gold-mine/ The Oyo State Government has signed a Memorandum of Understanding with a Hong Kong-based firm, HSIT, on data capturing of the marble deposit at Igbeti, in the Olorunsogo Local Government Area of the state.
The Chairman of Oyo State Minerals Development Agency, Mr Abiodun Oni, signed the MoU on behalf of the state while the Managing Director of HSIT, Mustapha Alfarra, signed for the company. The data capturing exercise will be carried out to determine the quality and the quality of the marble beneath the ground in a section of the extensive marble field in the town. Oni, a seasoned geologist, told our correspondent in an interview after the signing of the MoU on Friday that the interest of the state, the host communities and the environment would not be toyed with in any arrangement with investors… More details through: https://punchng.com/oyo-partners-foreign-firm-to-capture-marble-deposit-data/ The Federal Government said it aims to have 50 mines in operation by 2023 and can make up for time lost because of the impact of Covid- 19 on development of the nascent sector, Minister of Solid Minerals, Olamilekan Adegbite has said. Government is banking on mining to diversify its income and revive its finances following a collapse in crude prices, which earlier this year hit two-decade lows.
“The pandemic has slowed things down, but we can still catch up,” Adegbite said. Nigeria hopes mining will grow tenfold in five years to account for 3 per cent of the economy and that Nigeria can process as well as mine, which generates increased profits compared with shipping raw minerals. In particular, he said Nigeria aimed to process barite, used in drilling for oil and gas, and sell it to countries such as Ghana and South Africa, which need the mineral to exploit new oil discoveries. In common with other African countries, Nigeria is also seeking to formalise artisanal mining, which could generate tax and royalties from gold… More details through: https://www.newtelegraphng.com/fg-to-commence-sold-minerals-mining/ Nigeria spends about $3.3bn every year on the importation of metals, the Minister of Mines and Steel Development, Olamilekan Adegbite, stated on Monday.
He stated this in his remark at the takeover ceremony of assets of steel plants of Standard Metallurgical Company Limited in Ogun State by KAM Steel Integrated Company Limited. KAM Steel, a subsidiary of KAM Holding, acquired SMC at N60bn. Adegbite, who was represented at the ceremony by his Senior Special Assistant, Technical, Olu Adedayo, said despite the fast growth of Nigeria’s economy, the country was not producing liquid steel… More details through: https://punchng.com/metals-import-gulps-3-3bn-annually-says-minister/ KAM Steel Integrated Company Limited on Monday acquired $158 million (N60billion) steel plants and other assets in Sagamu, Ogun State, pledging to create 10,000 directs jobs in the coming months.
The steel plants and assets located at Igbafa village in Sagamu, Sagamu Local Government, until the acquisition, belonged to the Standard Metallurgical Company Limited (SMC). The transfer of ownership to KAM Steel, an integrated company under the KAM Holding, an indigenous iron and steel products manufacturing company, was witnessed by major stakeholders in the industry. The Chairperson of KAM Holding, Alhaja Bolanle Yusuf, said the acquisition was part of the firm plan to increase its capacities and reposition the country as a self-sufficient nation in steel and allied products… More details through: https://thenationonlineng.net/kam-acquires-n60b-steel-plant-in-ogun/ The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, has said the Presidential Artisanal and Gold Mining Initiative (PAGMI) could fetch Nigeria $675 million yearly (about N261.9 billion) as 400 trading centres have already been registered for licit transaction.
Adegbite who stated this during an interactive session in Abuja yesterday, gave the breakdown of the expected revenue drive to include, an annual average of $150m in taxes, $25m in royalties and $500m accretion to foreign reserves, by integrating artisanal gold mining activities. He said, "Using a Centralized Offtake and Supply System supported by a Decentralized Aggregation and Production network, PAGMI' will buy all the gold produced by artisanal and Small-scale miners and aggregated by licensed buying centres and aggregators for supply to the Central Bank of Nigeria." Read more: https://www.dailytrust.com.ng/gold-mining-initiative-to-fetch-nigeria-n261-9bn-yearly.html |
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