Nigeria and Saudi Arabia is to partner on the extraction and processing of iron ore to steel.
A statement signed by the Special Adviser to the Minister of Solid Minerals Development, Kehinde Bamigbetan in Abuja, says both countries discussed this initiative during a meeting on the sidelines of the Resourcing Tomorrow event at the annual Mines and Money Expo in the London.
According to the statement, the Minister, Dr. Dele Alake pitched for the extraction and beneficiation of iron ore to steel in Nigeria adding that the value-added exports will attract better prices than raw ores.
It adds that the Minister also held discussions with the Director of AMG Group, Mr. Ajay Commem and Managing Director of Business Idea ManagementCentere, China, Young Chan, on funding for mining projects in Nigeria.
According to the statement, Dr. Alake encourages them to push for the early take-off of the project, highlighting the plans of the Tinubu administration to float the Nigerian Solid Minerals Corporation, which will be a reliable joint venture partner for the project.
Alake commends the initiative and promised to put it on the agenda of the AMSG at its next meeting in Riyadh, Saudi Arabia.
The statement says Dr. Alake also met other investors, tin manufacturers Woodcross and Gerald Group, fund managers AMG and Business Idea Development, China and the meeting yielded positive results.
It stresses that the Minister has set up a Ministerial Committee to implement the start-up in line with the timeline and provide weekly updates.
According to the statement the Director of AMG Group, Ajay Commem who welcomes the Tinubu administration’s plan to set up the Nigerian Solid Minerals Corporation, expresses willingness to source capital and investors globally for the corporation.
Also the Representatives of the Saudi Arabia, Al-Mudaifer confirms interest in sourcing iron ore for its steel industry and assured the Minister that the government would consider Nigeria’s proposal for the domestication of the downstream value chain In the country.
The statement explains that the forum reviewed the proposal for the African Excrative Minerals Bank and urges the Minister as the Chairman of the Africa Minerals Strategy Group to support the novel idea of providing exploration funding for mining across the continent.
According to the statement a follow-up meeting is scheduled for Riyadh, capital of Saudi Arabia, during the Future Metals Forum in January 2025.
