News

September 5, 2018

FG attracts $3.32bn private investment into mining projects — Minister

FG attracts $3.32bn private investment into mining projects — Minister

Abubakar Bawa Bwari

By Gabriel Ewepu

ABUJA—THE Minister of State for Mines and Steel Development, Abubakar Bwari, yesterday disclosed that Federal Government had attracted $3.32 billion private investment into mining projects as provided in the Economic Recovery and Growth Plan, ERGP lab.

Abubakar Bawa Bwari

This was contained in a statement signed by the Personal Assistant to the Minister on Media, lshaku Kigbu, where Bwari said the government was keen on making the mining sector investor friendly for conducive business operations toward economic diversification as its major focus under the Buhari-led administration.

He made this known at the just concluded Africa Down Under 2018 Conference on a topic titled ‘A New Dawn ln Nigerian Mining Sector’ in Australia, where he said, 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, and added that Nigeria today ranked among the most conducive environments to do mining business.

He said: “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 tonnes per month lead-zinc concentrates; Thor Explorations Limited that are 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.”

“The Nigerian Mining Sector is now more than ever an investors’ haven evidenced from the high grade deposits exploited by current operators coupled with the conducive and competitive investment climate comprising 100 per cent ownership of mining project as secured by the Nigerian Minerals and Mining Act, 2007; waiver of customs and import duties for plant, machinery and equipment imported for mining operations; tax holidays of three to five years; free transfersbility of funds; permission to retain and use earned foreign exchange; capital allowances of up to 95 per cent of qualifying capital expenditure and predictability of environmental costs,” he told the gathering.

Meanwhile, the Minister yesterday, also disclosed at the 2-day Nigeria Metallurgical Industry Stakeholders’ Forum, MISF, holding in Abuja that Nigeria’s Lead/Zinc Ore contains 22% zinc compared with world’s average of six per cent, therefore surpassing the world’s average, which an investor in Lead/Zinc mining in Bauchi State, Chairman of Symbol Mining, Australia, Andrew Simpson, revealed.