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Mutiverse signs joint quarry production agreement with Chinese firm


Multiverse Plc has announced that it has signed a joint venture mining agreement with a Chinese firm, Unicontinental Engineering Company Plc, with a view to entering into joint quarry productions across the country.

In a notice filed with the Nigerian Stock Exchange, NSE, Multiverse explained that the project, which is a long term joint production agreement, would allow Unicontinental access to Multiverse’s entire quarry sites for mining of granite stones.

The company said in the notice, “Multiverse is of the opinion that this strategic arrangement, which covers technical, financial, equipment and production, will no doubt ensure continuous production of granite chippings in the country.”

Speaking after the signing ceremony in Lagos, Chairman, Unicontinental International Engineering Company Limited, Mr Alex   Wang,    said   the company plans to build quarries   that   would   supply granite and   minerals to   support infrastructure   projects   across   the country.

He noted that Unicontinental would also extend mining exploration to other states of the country, adding that the project would allow both partners to supply high quality variety of products to the market.

According to him, the company will establish new mining sites and production facilities using modern exploration techniques.

It would be recalled that Multiverse was last year issued with Mining Leases Licence (MLL) by Federal Government for exploration of mineral deposits in the country along side another Chinese firm, Tongyi Allied Mining Limited.

Speaking at the occasion, the Minister of Mines and Steel Development, Arc Musa Mohammed Sada, noted that the two mining investors had satisfied the necessary requirements as provided in the Nigerian Minerals and Mining Act 2007.

Sada said the activity satisfies the ministry’s mandate to facilitate active mining operations in at least one major mining operation exploiting targeted strategic mineral resources by the end of 2012.

“This development will no doubt create wealth and jobs for Nigerians as well as generate revenue for government in the form of royalties and taxes, as well as re-launch Nigeria onto the map of mining nations having been active player before the discovery of oil” he stated.

Multiverse Plc is to mine lead-zinc ore in its tenement area located in Nasarawa State.


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