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nigeria seeks $500m to develop mining ... - business journal

The investment sought by the government falls in line with a project to diversify and revive Nigeria’s economy, whose growth has for long been pulled by oil. The country now wishes for mining to represent 10% of its GDP in the next decade, up from 0.3% presently

Nigeria has multiple unexploited deposits containing 44 types of ores of which gold, iron ore, coal, zinc, and tin, spread across more than 500 sites. The only major foreign investor in Nigeria’s mining sector is Kogi Iron which operates at the Agbaja iron ore project

nigeria: 'how illegalmining, sales of gold is aiding

Ajala also announced the readiness of the licensed small scale local miners in the country under ALSSMON to collaborate with the Presidential Artisanal Gold Mining Development Initiative (PAGMI) to tackle illegal mining activities and insecurity in the country

"Illegal mining is that mining activities that are done without licensing. It implies conducting mining activities without license/permit or using inappropriate permit which is detrimental to development of Nigeria and this has also led to recent illegal sales of gold to fund terrorism

"Terrorism financing happening in Zamfara and other parts of the country are regrettably disappointing", he said, adding that the association will be willing to renounce the tragedy with all sense of commitment," he added

He added that the relationship between the association and the presidential team will further solidify the partnership between the legal miners and eventual incorporation of illegal miners for them to be licensed and contribute to economy development of the country

nigeria: 'how illegalmining, sales of gold is aiding

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct

AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 800 news and information items daily from over 130 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.

breaking news |businessbritish firm begins goldmining

The company made the announcement in a disclosure sent to the London Stock Exchange. It explained that the Paimasa Project is located in central Nigeria, approximately 115km north-northwest of the capital city Abuja. A programme of 300m diamond and 1250m reverse circulation (RC) drilling is proposed, it said

Previous drilling by Moydow in nearby tenements at the Dagma prospect, approximately 45km to the north-northwest, resulted in the identification of significant gold mineralisation within quartz veins discovered by artisanal miners

The company said there was no previous drilling in the strategic new frontier in West Africa, adding that there is additional target at the Mint prospect, approximately 1.5 km away ‘along strike with similar veining’ – a potential for large scale mineralised system

It added that the site has “excellent infrastructure” – only 115km from the capital city Abuja and Strong local partner in PW Nigeria Mining Limited (PW Mining) with significant in-country infrastructure and logistics

breaking news |businessbritish firm begins goldmining

The disclosure said Moydow’s Nigerian projects are located within the Benin-Nigerian Shield (BNS) which is comprised of Archaean and Proterozoic basement rocks (migmatites and gneisses) that have been remobilised during the Pan-African orogeny 650-550 million years ago (Ma)

“Within this shield area, elongate zones of schist occur that are interpreted as metamorphosed volcanic-sedimentary belts that have been dated to about the time of the Pan-African event i.e. younger than 650Ma,” it said

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