The Minister of Solid Minerals Development, Dele Alake, on Sunday hailed the $1 billion new iron-ore-to-steel project planned for Kogi state as a breakthrough in the federal government’s campaign to make local value addition the model of development in the solid minerals sector.
Addressing the promoters, Chart and Capstone Integrated Limited of Nigeria and Sinomach-He of China-on the sidelines of the visit of President Bola Tinubu to China in Beijing, Alake pledged the cooperation of the federal government with the promoters to ensure the delivery of the project as fast as possible.
He said the federal government had reversed the pit-to-port policy under which mining companies exported raw minerals to extraction with local value addition which is the best guarantee of jobs for the youths, skills transfer and better balance of trade between the country and her trading partners.
Alake, according to a statement by his Special Adviser, Kehinde Bamigbetan, noted that to promote local value-addition, he had announced that applicants for licences to mine must disclose plans for processing the raw minerals as part of the conditions for approval.
“The trade balance between Nigeria and China is over $1 billion in favour of China because the minerals imported from Nigeria are essentially in raw forms.
“Once Nigeria starts to export finished or semi-finished value-added mineral products to China and other trading partners, our balance of trade will be more favourable, and our foreign exchange earnings will improve. With aggressive local value addition and the revenue from it, the prospects of reducing our debt burden in the nearest future is possible,” he said.
Presenting the Memorandum of Understanding (MoU) signed by both companies to the minister, Chief Executive Officer of Chart and Capstone Integrated Limited, Chief Abel Edijala commended him for putting in place an efficient licence application process that works without red tapes and corruption.
“ We applied for an exploration licence for our iron ore mining project at the Mining Cadastral Office, and we did not need to see anybody before our application was approved within a reasonable period. This shows that the system you have put in place is fair and works for all. I must commend you for this,” Edijala said.
He explained that the model is that the iron ore site will feed the steel manufacturing plant and grow to service the needs of the Nigerian economy for industrialisation.
Edijala further stated that the project will require tax waivers for the importation of equipment and tax holidays during the take-off period to cope with the fluctuations in the macro-economic system and meet targets.
Explaining Sinomach-He’s readiness to start the project, its Vice Manager, Hou Encai said the state-owned company was established in 1958 to meet the needs of the Chinese economy and has over 15,000 staff including 2,000 engineers on its payroll.
Encai said the company engages in mining, iron making, steel rolling, steel making, the construction of infrastructure, and handles 80 per cent of the steel needs of the Chinese economy.
“In mining, we have the technology on how to excavate the ores from the earth. We can evaluate the iron ore potential of any site and tell you what the feasibility of mineral extraction is on a site.
“Secondly, we have the equipment needed, including excavators and drilling machines for mining iron ore. For transportation of iron ore from site to the factory, my group produces the trucks,” he said.
According to the MoU, Sinomach-He shall be the master contractor and deploy its expertise in the engineering, procurement, installation, commissioning, and training of the project.
Other participants at the meeting were the Executive Secretary General, Working Committee for Overseas Co-operation of China Association of Small and Medium Enterprises, Prof. He Lixiong; Chairman, Belt and Road Africa Economic Initiative, Mr. Innocent Okonkwo, Sinomach-He overseas General Manager, Li Ke, and Senior Project Manager, Deng Shiyuan.
Earlier, Nigeria’s Consul-General to China, Gbadebo Afolabi confirmed the integrity of Sinomach-He, disclosing that a team from the embassy had conducted due diligence on the company and found it suitable for the transaction.
Emmanuel Addeh
Follow us on:
Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…
A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…
https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…
Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…
Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…
Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable Rates.VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION FOR MORE INFORMATION Call or message on WhatsApp O8O__6739__9O9O.
RICE AVAILABLE FOR SALES ARE :-
MamaGold=29,500
Royal umbrella=29,500
Mama Gold=29,500
Rising sun=29,500
Mama Africa=29,500
Elephant Gold=29,500
Caprice =29,500
NOTE: Delivery fee IS (#4000)
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
O8O__6739__9O9O
•Toyota Land Cruiser-N3.5m
•Toyota Prado N2.5m
•Toyota Corolla
–N1.2millon
•Toyota Camry –N950,000
•Toyota Avensis –N1.2m
•Toyota sienna –1millon
•Toyota Yaris – N900,000
•Toyota picnic _ N750,000
•Toyota Venza– N2m
•Toyota Matrix –750,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N1.8m
•Toyota Hilux Pickup-N2.5m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1.3m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-1m
Honda Civic cars – N850,000
Honda Accord – N950,000
Honda CR-V –N980,000
Honda CR-V –950,000
Honda Pilot – N900,000
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONBENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.. BALE OF CLOTHES
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9O Bags of cement #3,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER O8O__6739__9O9O THANKS FOR PATRONIZING WITH US.!!!〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.