MINING REFINING

Nigeria Mulls Creation of Minerals Company to Boost Production

Tue Sep 05 2023

Nigeria is planning to create a solid minerals company to manage Nigeria's significant mineral resources, including gold.

The new company, which will aim to create joint ventures with mining multinationals, will be created as part of a plan to boost production and revenue in the country, according to Dela Alake, minister of solid minerals resources.

The plans also include measures to fight illegal mining, such as establishing mining police force, a comprehensive review of all mining licenses, and the creation of six mineral processing centers to focus on value-added products, Alake said in a statement on Sunday.

Alake noted that Nigeria has significant precious-mineral resources, including gold, lithium, iron ore, coal and copper. The Segilola Gold Project, based in the southwest, has total projected reserves of 517,800 ounces of gold.

Source: https://www.marketscreener.com/