• Thursday, March 28, 2024
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BusinessDay

Mining companies energise in bid to be part of Nigerian growing economy

Mining industry

Since the new rush into the mining industry in Nigeria commenced, mining companies are making conscious push into the mining economy. While some new companies have emerged, others have revitalised their energies to be part of the multi-billion-dollar economy that is expected to shape the future of the Nigerian economy.

Jamis Minerals is one of the local companies licensed to mine and export ores. Jamil Suleiman, CEO, Jamis Minerals Ltd., told BusinessDay that his company is registered as an indigenous company to carry out mining and exploration, mineral processing and export of processed solid minerals.

“We are licensed to mine lead ore, zinc ore and copper ore, although we also keep our eyes in other minerals, but we are unable to venture into them now because of unavailability of funds,” said Suleiman.

Topmost Minerals and Allied Resources Ltd. is another Nigerian- owned company that is a player in the mining industry field.

Dele Ayanleke, the CEO of the company, told BusinessDay that the company mines gemstones and metallic minerals, in its location in Komu, Itesiwaju Local Government Area, Oyo State.

A company that has decided to do things differently is Kian Smith Gold Refinery. The company has emerged as the first company to be awarded a license to refine gold in Nigeria by the Federal Government. With its plant located in Mowe, Ogun State, the company is set to open the first gold refinery in Nigeria, in June, 2019.

When operational, it will serve as a gateway to the small and medium scale miners across the country where it plans to locally source raw materials for its refinery. Miners in Ile-Ife, Ibadan, Ilesha, Zamfara, Kwara, Kaduna, Kebbi and other places are expected to benefit from the market.

Symbol Mining, an Australian publicly listed company, mining high-grade zinc and lead in Bauchi State, is another player in the industry.

Symbol has two local Joint Venture projects— Tawny in Nasarawa State and Imperial in Bauchi State, with total tenements spanning over 500km2.

Next is Minutor International, which is mining gold, zinc, lead, lithium and copper in many parts of Nigeria.

“Nigeria has amazing blue-sky opportunities in the solid mineral industry: from IOCG deposits to hydrothermal and epithermal gold deposits, copper porphyries, sedimentary copper deposits, high-grade battery minerals including lead, zinc, lithium and graphite to name but a few,” Riaan van der Westhuizen, MD, Minutor, said.

Similarly, Mines Geotechniques Nig. Limited, an Australian firm, and Northern Numero Resources Ltd. from the UK mine gold in Kebbi State.

In addition, Segilola Nigeria Ltd. and KCM Mining Ltd, two Australian firms mine gold in Osun and iron ore in Kogi.

Nigeria has at least 44 known mineral assets that include precious minerals, base metals, gold, iron ore, barite, bitumen, lead, zinc, tin and coal, among others.
The sector lacks bankable data and suffers from state government interference.

 

JOSEPH MAURICE OGU and ODINAKA ANUDU