The Minister of Metal Growth, Prince Shuiabu Abubakar says the ministry is exploring partnership with the Republic of China for the revitalisation of each Ajaokuta Metal Firm Restricted (ASCL) and Nationwide Iron Ore Mining Firm (NIOMCO).
Abubakar disclosed this on the opening of the tenth version of Nigeria’s Mining Week, themed `Nigeria Mining: From Progress to International Relevance`, on Tuesday in Abuja.
He stated that in September 2024, the Federal Authorities signed a Memorandum Of Understanding with Messrs. Tyazhmashpromexport (TPE), the unique builders of ASCL, primarily based in Russia.
He stated the transfer was to rehabilitate, full, and function the plant and NIOMCO Itakpe, each in Kogi State, however the Russia-Ukraine struggle has hindered progress
“Attributable to constraints on account of the Russia – Ukraine struggle, we at the moment are exploring partnership with the Republic of China for the revitalisation of each ASCL and NIOMCO.
“Mr President will give the ultimate approval primarily based on {Financial}, Managerial and Technical competencies.”
He stated that the renewed hope agenda beneath President Bola Tinubu`s authorities had remained resolute in breaking the almost five-decade jinx of the metal firm`s comatose state.
Based on him, the ministry is in very superior discussions with the Ministry of Defence and the Defence Industries Company of Nigeria (DICON) to start production of enter supplies for army {hardware}.
These hardwares, he stated, embrace rifles, vests, helmets and bullets on the Engineering workshop of the Ajaokuta Metal Complicated.
“This understanding is to assist the defence sector of the Nigeria economic system for improved safety,” he stated.
He stated 12 iron ore deposits throughout the nation had been presently at varied phases of exploration.
Abubakar stated its company, the Nationwide Metal Uncooked Supplies Exploration Company, Kaduna, recognized the 12 deposits and was working to generate the wanted useful resource information to drive investments within the sector.
This he stated, was particularly on Iron Ore, Cokeable Coal and Bauxite.
He stated native Metal production in Nigeria would drive huge native Metal uncooked supplies consumption from Iron Ore, Limestone, Dolomite, Refractory Clay, Coal amongst others with its {economic} advantages.
He urged non-public sector contributors on the convention to view investments within the metal uncooked supplies worth chain as key to unlocking development within the sector.
“We’re collaborating with vital stakeholders throughout the Federal Authorities, particularly our sister Ministry of Stable Minerals Growth on this regard”.
He stated that the Federal Authorities’s efforts to reposition the Nigerian Metal Business for sustainable development with elevated international direct funding would solely be potential with sustainable mineral uncooked supplies provide.
Based on him, the strong enterprise engagements and coverage alignments for the event of strategic minerals like Iron Ore, Fluxes, Coal and different alloying minerals ought to see the Nigerian Metal Business as a significant companion/offtaker.
“The highest administration of Ministry of Metal Growth, its Companies and business gamers are current at this convention and the Federal Authorities is ever prepared to supply the required enabling surroundings,” he assured.