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With the groundbreaking ceremonies for the construction of the Segilola Gold Mine done with, the Federal Government and mining stakeholders have unanimously passed a vote of confidence on the project, saying that it will boost the mining sector's contribution to the country's gross domestic product (GDP). Taiwo Hassan reports
Obviously, the Nigerian solid minerals sector is on the verge of a major boost. Having been relegated to the background for years, the emergence of Thor Explorations with the Segilola gold mine project in Osun State is set to redefine and explore the huge potential in the country’s gold reserve. Indications to this fact emerged in March during the groundbreaking, which attracted eminent personalities to Iperindo where the multi-billion naira project has been sited. The event, which had the representative of President Muhammadu Buhari, the Minister of Mines and Steel Development, Arch. Olamilekan Adegbite, the Governor of Osun State, Adegboyega Oyetola and other eminent stakeholders in Nigeria's mining sector in attendance, is enough proof that Thor Explorations, owners and investors, is working in line with the present administration's agenda to diversify the country's economy from crude oil by a focus on mining, agriculture, and manufacturing… More details through: https://www.newtelegraphng.com/segilola-gold-potential-game-changer-in-nigerias-mining-field/
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As part of efforts geared towards revitalising the nation's dwindling mining sector, and boosting food security, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has consolidated its collaboration with the Australian government on mining and agricultural sectors respectively.
The National President of NACCIMA, Hajiya Saratu Iya-Aliyu disclosed this during a courtesy visit to the Australian High Commissioner, Ms. Claire Ireland, at the Australian High Commission office in Abuja, over the weekend. She pointed out that increasing collaboration between the Australian private sector and the Nigerian private sector, as well as between the Chambers, are important areas of her administration's agenda… More details through: https://thenationonlineng.net/naccima-renews-ties-with-australia-on-mining-agriculture/ The Federal Government, Tuesday, inaugurated Nigeria’s first Gold and precious Metals Refining Conglomerate, an operation of Dukia Gold a Precious Metals Raw Materials Buying Program in collaboration with Heritage Bank.
At the inauguration via a Zoom virtual meeting, Vice President, Prof. Yemi Osinbajo, explained that Nigeria has the potential reserves of 200 million ounces of gold, and the commencement of the project would create new opportunities locally and beyond especially after post-COVID-19. Osinbajo expressed optimism that the launch would enable Nigeria to mine reserves properly, trade responsibly, refine locally, and boost the nation’s foreign reserves. He added that the project will also create primary employment for local artisanal miners and mining cooperatives, and across the solid minerals value chain… More details through: https://guardian.ng/business-services/federal-government-inaugurates-first-gold-refining-company/ ASX-listed Kogi Iron and its Nigerian subsidiary KCM Mining have started small-scale trial mining at the Agbaja Cast Steel project, in Nigeria.
The companies have appointed a local Lokoja-based civil engineering contractor to start the trial mining on a 30 m by 30 m by 5 m deep pit, owing to restricted availability of local officials for site sign-off on approvals, amid measures to curb the spread of Covid-19. https://www.miningweekly.com/article/kogi-appoints-nigerian-contractor-to-start-trial-iron-ore-mining-2020-05-08 PW Nigeria have secured an initial investment from a consortium of Irish-Canadian mining investors on three gold targets in Niger state. The investment will be used for further exploration in the form of geo-chemistry, aero magnetics, reverse circulation drilling, diamond drilling and fire assays.
PW Nigeria was recently taken over by the BUA Group, a strong indigenous consortium, which will enable PW Nigeria to scale up its operations. PW is already a strong player in Ghana's mining sector and is bullish about the prospects for the mining industry in Nigeria. https://www.miningreview.com/event-news/exclusive-bua-a-perfect-fit-for-pw-nigeria/ Nigeria imported N400bn ($1billion) worth of iron/steel in 2019, New Telegraph has learnt. According to Nigeria's Most Valuable Import Products report, the amount represented 21 percent of Nigeria’s 10 top imports during the period.
It also represents the least value in the list of top 10 Nigeria imports during the period under review. Report by the International Trade Center (ITC) has it that Nigeria is currently a net importer of steel with negative trade balance of $1.27 billion in 2018. The report came in the wake of shortage of billet, which affected the capacity of steel companies in Nigeria to produce. More details through: https://www.newtelegraphng.com/nigeria-imports-n400bn-steel/ BUA Group, one of Africa’s largest infrastructure companies has announced its acquisition of majority shareholding in P.W. Nigeria Limited – one of Nigeria’s largest construction, engineering and mining companies. According to BUA, this was necessary to further deepen its investments in the infrastructure business in Sub-Saharan Africa.
Speaking on the acquisition, Abdul Samad Rabiu, Executive Chairman of BUA Group said, “This acquisition marks the beginning of the next phase of our medium-term strategy for our infrastructure business following the completion of the consolidation of our cement arm, BUA Cement, in January 2020… More details through: https://www.vanguardngr.com/2020/03/bua-group-acquires-majority-interest-in-construction-mining-giants-p-w-nig-ltd/ The federal government has secured about $1.46 billion for the completion of the Ajaokuta Steel Mills in Ajaokuta, Kogi State.
The development signifies what could become an effective end to the over 40 year-delay in the completion of the multi-billion-dollar project. Minister of Mining and Steel Development, Arc.Olamilekan Adegbite, disclosed this in an interview with Vanguard in Abuja. More details through: https://www.vanguardngr.com/2020/02/fg-secures-1-46bn-to-complete-ajaokuta-mills/ Nigeria expects its mining sector to account for 3% of GDP over the next five year from just 0.3% as the government seeks to diversify the economy away from oil, the minister for mines and steel development said on Wednesday.
Olamilekan Adegbite said he expects “exponential growth” in the mining sector and that gold, lead, zinc, limestone and coal were among seven strategic minerals identified for investment. (Reporting by Wendell Roelf writing by Chijioke Ohuocha, editing by Louise Heavens)… More details through: https://af.reuters.com/article/nigeriaNews/idAFL8N2A53D5 This week, Nigeria will launch the Beneficial Ownership Register in the extractive industries in line with the global Extractive Industries Transparency Initiative (EITI) standards.
Last week, Nigeria Extractive Industries Transparency Initiative (NEITI), the government agency championing the promotion of transparency and accountability in the oil, gas and extractive industries, along with its partners, the Department of Petroleum Resources (DPR) and the Corporate Affairs Commission (CAC), spoke about how the register will work. It was at the Roundtable on Beneficial Ownership Register in Nigeria hosted by the Media Initiative on Transparency in Extractive Industries (MITEI) to sensitize Nigerians on the benefits and significance of the register to the Nigerian economy… More details through: https://www.premiumtimesng.com/business/business-news/367378-nigeria-set-to-open-extractive-industry-ownership-register-heres-how-it-will-work.html |
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