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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (11005)	11/29/2007 10:43:05 AM
From: LoneClone	Read Replies (1) \| Respond to of 194504

Nigeria plans to invest massively in solid minerals to be among world top 20 economies mineweb.com Nigeria is planning to develop its solid minerals resource sector to help it towards its goal of becoming one of the world's top 20 economies by 2020. Author: Frank Jomo Posted: Thursday , 29 Nov 2007 BLANTYRE - Oil-rich West African giant - Nigeria, which contributes three percent of the world's oil production aspires to be among the world's 20 richest countries come 2020. While one would think the country plans to invest massively in its oil industry to achieve this feat, the government thinks otherwise and instead plans to invest in the solid mineral sector to spur economic growth and realize its 2020 aspirations. But to develop the solid mineral sector, Nigeria will have to part with a fortune. According to the Minister of National Planning Commission, Senator Sanusi Daggash, the country would require over 1.28 trillion Naira (US$10 billion) annual capital inflow and an over 10 percent annual growth rate for the next decade if her desire to develop the solid mineral potentials are to be realized. Nigeria's This Day newspaper quotes Daggash as telling participants to an international workshop on sustainable development of Nigerian mineral potentials that it would be a far-fetched dream for the country to be among the 20 largest economies in the next 12 years if it does not propel development in the solid mineral sector. "Our vision is to transform Nigeria's solid mineral sector into an irresistible mining destination for global capital and foreign direct investment (FDI)," said Daggash. "There is however the need to ensure an orderly exploitation of solid mineral resources in order to engender sustainable growth." Nigeria has in the past largely focused on the development of its oil industry while neglecting the solid mineral sector. However geological reports show that the country has a strong mining potential. In total, according to Daggash, Nigeria has some 34 known major mineral deposits distributed in locations across the country and offers considerable attraction for investors. Currently, the solid mineral sector accounts for between 0.05 and one percent of Nigeria's Gross Domestic Product (GDP) despite the country having significant coal and iron ore reserves as well as several known gold, uranium, tin and tantalum deposits. And the government is determined to turn the corner and look at this solid mineral sector as its economic bedrock. Nigeria, with the help of South Africa has been developing a geochemical database of the country that is intended to facilitate exploration efforts. In addition, the government in partnership with the World Bank pooled US$120 million two years ago to fund the solid minerals sector through the establishment of a project for sustainable management of mineral resources in an attempt to address issues of artisan and small-scale mining as a poverty reduction strategy. Minister of Mines and Steel Development Safa Isola is also quoted by the media telling the same workshop that the Federal Republic of Nigeria will launch a new Mines and Metals policy in the first quarter of 2008 besides facilitating accessibility of loans from the financial institutions for artisan and small scale miners and communities participating in mining activities, as a means of enhancing the mining sector.