Arc. Olamilekan Adegbite, Honourable Minister for Mines and Steel Development

Resource leakage biggest challenge in mining industry: Minister

*There is leakage in the port; those who export illegally without paying the royalties that are due and people who mine illegitimately constitute a very big problem in the industry in Nigeria ─Arc. Olamilekan Adegbite, Minister for Mines and Steel Development

*UK firm set for $100million mining investment in the country

Isola Moses | ConsumerConnect

Lamenting the far-reaching impacts of the economic sabotage in the country, Arc. Olamilekan Adegbite, Honourable Minister for Mines and Steel Development, has said that resource leakage is one of the greatest obstacles to the development of the emerging mining industry in Nigeria.

Adegbite stated this when receiving the delegates from Aurelia Mining Company Limited, in the United Kingdom (UK), The Sun report said.

The Minister noted though eliminating illegal mining is becoming impossible, the Ministry of Mines and Steel Development would collaborate with other relevant authorities especially the security agencies to curb it in the country.

Some mineral resources in Nigeria

He said: “We are working with other agencies, government departments and ministries as well so that we can overcome all these leakages.

“There is leakage in the port; those who export illegally without paying the royalties that are due and people who mine illegally, it is a very big problem.

So, we are cooperating with other agencies, especially the security agencies, to make sure we reduce it as much as possible. It is almost impossible to eliminate it, but we can keep it to the nearest minimum.”

Adegbite further stated that the “whole essence of this is to promote the mining industry in Nigeria by convincing more investors to come over to Nigeria for the mining business.

“Nigeria used to do mining before we discovered oil and gas. Due to the easy nature of the development of the sector, we shifted focus from mining but now we have realised that we need to do both.”

Earlier in his remarks during the visit, Julian Hammond, Team Leader at Aurelia Mining Company Limited stated that the company would be investing not less than $100 million in the industry.

Hammond emphasised that the mineral industry in Nigeria would soon dominate the economy.

He urged Nigerians overseas to return and make use of the available resources in their fatherland.

The Team Leader noted: “The visit is to meet the ministry and see how they feel about investing in the mineral industry, and we have discovered that the best place to invest in the mineral industry in Africa is Nigeria.

“We are still in the preliminary stage which will cost about $5 to 10 million, but as we begin the formal mining operation, and if it is big as what we envisage, we are going to be talking as much as $50 to 100 million.”

Kindly Share This Story