The Federal Government of Nigeria has officially signed a Memorandum of Understanding (MoU) with a Russian consortium, led by Tyazhpromexport (TPE), for the rehabilitation and operation of the Ajaokuta Steel Company and National Iron Ore Mining Company. This historic agreement was finalised during a Nigerian delegation’s working visit to Moscow from September 14-21, 2024. It marks a significant step towards revitalising Nigeria’s steel sector, with a projected impact on the economy and job creation.

Prince Shuaibu Abubakar Audu, Nigeria’s Minister of Steel Development, described the arrangement as crucial for fostering industrialisation in Nigeria and reducing reliance on steel imports. The delegation’s discussions with Russian officials included assurances from TPE and its partners, Novostal M and Proforce Manufacturing Limited, regarding their commitment to the project’s success and their readiness to meet government expectations.

During their visit, the Nigerian team inspected the facilities of Novostal M, including their operational electric arc furnace capable of producing 1.2 million tonnes of steel annually, underscoring the potential for local production and job creation. The MoU aims not only to rejuvenate both steel projects but also to contribute significantly to Nigeria’s economic growth, potentially creating over 500,000 jobs and helping achieve President Tinubu’s ambitious economic targets by 2030.

The Ajaokuta Steel Company and National Iron Ore Mining Company are pivotal assets in Nigeria’s industrial landscape. Historically, Ajaokuta has faced many challenges that hindered its proper operation, primarily the need for significant rehabilitation and completion. The recent MoU with the Russian consortium represents a renewed effort by the Nigerian government to unlock the economic potential of these companies, aiming for self-sufficiency in steel production and a reduction of the $4 billion annual steel import bill.

The signing of the MoU between the Federal Government of Nigeria and the Russian consortium signifies a pivotal moment for the country’s steel industry. It offers a comprehensive plan for revitalisation, promising to generate hundreds of thousands of jobs while simultaneously bolstering the national economy. This strategic partnership is anticipated to lay a sustainable foundation for Nigeria’s industrial growth.

Original Source: fmino.gov.ng

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Terrahaptix, a Nigerian drone manufacturer, is set to export drones to South Africa, targeting the mining sector. The company has finalised an exclusive deal with DiggingDeep, a firm dedicated to connecting African mining operations with suppliers, to provide its drones to local mining businesses.

These drones will be used for various applications such as surveying mining locations, inspecting equipment, and monitoring unsafe areas, which helps reduce worker exposure to hazards. Additionally, they will play a role in identifying mineral deposits and keeping track of environmental conditions like air and water quality.

The mining drone market is skyrocketing, with 65% of mines globally employing drone technologies, up from 44% reported in 2018. Expectations suggest the industry could grow from $31.4 billion to $103 billion by 2031.

South Africa will be the fifth African nation to utilise Terrahaptix drones, following Congo, Ghana, Kenya, and Côte d’Ivoire. The company has noted that international sales, now a significant portion of its business, are on the rise, aiming to lead the African drone market within five years. Nathan Nwachukwu, the company’s founder, stated, “This is going to help us solidify our position as a drone leader on the continent.”

Having already exceeded its initial $1.6 million revenue target, Terrahaptix is projected to exceed $2 million in its first year. With the anticipated mining renaissance in Africa and the increasing demand for lithium for electric vehicles, drone demand is expected to rise by late 2024.

With 80% of drone materials sourced locally, Terrahaptix is equipped to expand beyond Africa in the near future.

The article discusses Terrahaptix’s strategic move to supply drones to the South African mining industry, underlining the growing global trend of adopting drone technology in mining. By partnering with DiggingDeep, Terrahaptix aims to enhance efficiency in the mining sector while tapping into a lucrative market that is rapidly expanding. South Africa’s inclusion reflects Terrahaptix’s ambition to become a dominant player in the African drone market, leveraging local sourcing and an increasing international demand for its products.

Terrahaptix is poised to make significant inroads into the South African mining sector with its drone technology, bolstered by a strategic partnership and a fast-growing market. As the demand for drones in mining continues to surge, the company’s focus on local materials and competitive pricing positions it for future success across Africa and beyond. With impressive revenue growth and plans for international expansion, Terrahaptix is on track to solidify its leadership in the continent’s drone industry.

Original Source: newscentral.africa

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Segilola Resources Operating Limited (SROL), a subsidiary of Thor Explorations Ltd, engaged stakeholders in the gold mining sector to reinforce its leadership in the industry. On November 19, 2024, SROL held a Stakeholder Reception in Abuja, gathering key players from various organisations, including the Minister of Industry, Trade, and Investment, Jumoke Oduwole. The reception followed SROL’s participation as a Diamond Sponsor at Nigeria Mining Week.

During the event, Chris Omo-Osagie, Thor’s Chief Financial Officer, highlighted the company’s achievements, such as being named one of Nigeria’s Top 10 Non-Oil Exporters and receiving the Responsible Resourcing Award for Labour. “These achievements underscore our dedication to innovation, sustainability, and community impact,” he stated. SROL Country Manager Austin Menegbo reiterated the company’s commitment to environmental, social, and governance principles, noting that responsible mining is central to its operations.

Oduwole commended SROL’s vital role in Nigeria’s economic diversification, highlighting the importance of non-oil exports. SROL also received recognition as a Presidential Enabling Business Environment Council Export Champion for its dedication to national development. During a panel discussion, SROL showcased its community initiatives, including healthcare provision and educational support, reaching nearly 2,000 individuals through their medical outreach this month.

Menegbo concluded by emphasizing SROL’s commitment to responsible mining practices in Nigeria. The company expressed gratitude to its stakeholders and reaffirmed its goal to drive progress in the mining sector.

Segilola Resources Operating Limited aims to establish itself at the forefront of Nigeria’s gold mining industry while promoting responsible mining and community development. By engaging stakeholders and demonstrating its commitment to social initiatives, SROL seeks to balance profitability with community welfare and environmentally sustainable practices. This event reflects broader trends within the industry where collaboration and accountability are increasingly important.

SROL has made significant strides in establishing itself as a leader in responsible gold mining in Nigeria. Through strategic stakeholder engagement, recognition of outstanding achievements, and community support initiatives, the company demonstrates its commitment to sustainable practices and economic diversification in the country. SROL’s proactive approach sets a benchmark for others in the industry to follow, reinforcing the importance of corporate responsibility in mining operations.

Original Source: punchng.com

The post SROL Hosts Key Stakeholders to Strengthen Gold Mining Leadership in Nigeria first appeared on Nigerian Mining News.

Mikano Motors LHCV, a division of Mikano International, is set to showcase advanced machinery from Lovol Heavy Industry Group tailored for the mining and construction sectors at the Nigeria Mining Week in Abuja this month. This event, now in its ninth edition, serves as a pivotal platform for industry leaders and stakeholders. The display will highlight how Lovol’s equipment can enhance operational efficiency and productivity in Nigeria’s mining industry, featuring products like excavators, loaders, and dump trucks. General Manager Arab Gazi and Sales Manager Aaron Li emphasised the importance of their collaboration in providing high-performance machinery suited for local needs.

The Nigeria Mining Week is a significant industry event drawing local and international representatives from various sectors. It aims to foster collaboration and innovation within the mining industry. Mikano Motors LHCV is notable for its dedication to empowering professionals with reliable machinery and has partnered with Lovol Heavy Industry Group, known for its diverse and high-performance range of construction vehicles, including excavators and dump trucks. This partnership seeks to meet the growing demands of the Nigerian mining sector.

Mikano Motors LHCV’s involvement in the Nigeria Mining Week underscores its commitment to supporting Nigeria’s mining industry through innovative equipment. By showcasing Lovol’s products, the firm aims to demonstrate the potential for increased productivity and efficiency in local operations. This partnership aligns with the broader goals of enhancing the infrastructure necessary for the mining sector’s growth in Nigeria.

Original Source: punchng.com

The post Mikano Motors to Showcase Advanced Mining Equipment at Nigeria Mining Week first appeared on Nigerian Mining News.

Mikano Motors LHCV, a division of Mikano International, will showcase Lovol Heavy Industry Group’s products at Nigeria Mining Week 2024, taking place from November 18 to 20 at the Abuja Continental Hotel. Arab Gazi, GM of Mikano Motors LHCV, highlighted the company’s commitment to providing innovative equipment for the mining sector. Lovol’s diverse product range, including excavators and dump trucks, is tailored to meet the rigorous demands of mining professionals in Nigeria. The collaboration aims to leverage Mikano’s market knowledge and enhance productivity through dependable machinery. The event, organised by the Miners Association of Nigeria in partnership with PwC Nigeria and Vuka Group, will gather key players from the mining and construction industries to discuss the latest technologies shaping Nigeria’s extractive sectors. Hosted by the Ministry of Solid Minerals Development, it aims to engage industry professionals and government officials.

Mikano Motors LHCV, a prominent player in the light and heavy-duty construction vehicle sector, plays a crucial role in enhancing Nigeria’s mining capabilities. With Lovol Heavy Industry Group as its partner, Mikano focuses on delivering advanced and reliable machinery tailored for the rigorous demands of the mining and construction sectors. Nigeria Mining Week is a vital event that brings together stakeholders to explore innovations and address challenges in the extractive industries, with an emphasis on collaboration and technological advancement.

Mikano Motors LHCV will proudly showcase Lovol’s heavy equipment at Nigeria Mining Week 2024, demonstrating a commitment to enhancing the mining sector’s productivity with reliable machinery. The event serves as a platform for industry leaders and professionals to converge, focusing on new technologies and solutions for Nigeria’s mining landscape. This collaboration between Mikano and Lovol is designed to meet the evolving needs of mining operations across the country.

Original Source: dailytrust.com

The post Mikano Motors to Showcase Lovol Equipment at Nigeria Mining Week 2024 first appeared on Nigerian Mining News.

In August 2024, Lobito Atlantic Railway shipped its inaugural copper export from the Democratic Republic of the Congo (DRC) to the U.S., highlighting Africa’s vital role in meeting rising global copper demands. With predictions of a 10 million metric ton shortfall by 2030, African initiatives aim to bridge this gap. The Critical Minerals Africa (CMA) 2024 summit will present lucrative opportunities within Africa’s copper sector, with discussions focused on enhancing production and supporting economic growth in line with the global energy transition. The DRC, now the third-largest copper producer globally, has partnered with Canadian firm Ivanhoe Mines to enhance output at the Kamoa-Kakula Copper Complex, aiming for an additional 150,000 tons annually. Furthermore, Ivanhoe resumed operations at Kipushi mine, contributing a further 140,000 tons to the DRC’s copper supply. Chinese company CMOC is also investing $2.5 billion in the Tenke Fungurume and Kinsafu mines to double production within four years, while Swiss firm Glencore targets 300,000 tons annually at its KTO Copper and Cobalt Mine through innovative technologies. Zambia, the second-largest producer in Africa, seeks to expand its copper output to 3 million tons by 2030 by engaging global investors. Recent resumption of production at Mopani Mine adds 140,000 tons to its annual yield. Beyond DRC and Zambia, emerging projects in Zimbabwe, South Africa, Mauritania, Namibia, and Morocco will also be pivotal. At the CMA 2024 summit, collaborative efforts among policymakers and investors will be discussed to reinforce Africa’s position in the copper market.

The article focuses on the urgency of addressing a looming global copper supply crisis, projected to reach a gap of 10 million metric tons by 2030. Africa, particularly the DRC and Zambia, is highlighted as a crucial player in the copper sector, with various initiatives aiming to bolster production. The Critical Minerals Africa summit serves as a platform for showcasing these opportunities and fostering discussions on strategies to expand the continent’s copper production capacity.

In summary, Africa, notably the DRC and Zambia, is at the forefront of addressing the global copper supply shortage through significant expansions and investments. The CMA 2024 summit aims to further enhance these efforts, promoting collaboration between African nations and global investors to secure sustainable growth in copper production. This concerted approach demonstrates the continent’s commitment to becoming a leader in the critical mineral sector.

Original Source: africanminingmarket.com

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The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that reforms carried out under the Tinubu administration have renewed investor interest in Nigeria’s mining sector. Speaking at the Nigeria Middle East Investors Expo and Awards, he highlighted the government’s focus on solid minerals, which has attracted global attention and boosted investments and revenues. Dr. Alake outlined the success of the 7-point agenda in tackling illegal mining, with over 300 illegal operators apprehended and 133 facing prosecution. The minister mentioned plans to enhance monitoring through satellite surveillance of mining sites, thus allowing for efficient oversight and rapid response to illicit activities. He encouraged investors to exploit Nigeria’s vast mineral resources, including substantial deposits of talc, iron ore, lead, and zinc identified across various states. Alake introduced the Decision Support System (DSS), an online platform aimed at assisting potential investors with comprehensive information about Nigeria’s solid minerals sector. Alake reaffirmed Nigeria’s potential as a global mining destination, noting the presence of over 44 critical minerals and stressing the importance of data for attracting foreign investment. He concluded with a commitment to significantly boost exploration funding to generate essential data.

In recent years, Nigeria’s mining sector has been targeted for reform to increase investment and improve regulatory frameworks. The focus has shifted towards solid minerals as the government seeks to combat illegal mining, enhance operations, and attract international investors. The introduction of new technology and comprehensive data systems aims to create a conducive environment for capital influx into the sector, which is crucial for national economic development.

The reforms led by Dr. Dele Alake aim to rejuvenate Nigeria’s mining sector, evidenced by increased investor confidence and substantial progress in illegal mining enforcement. With strategic initiatives like satellite monitoring and the DSS platform, the Nigerian government is poised to make informed investment opportunities available to global players, reaffirming the country’s position as a major player in the mining industry.

Original Source: tribuneonlineng.com

The post Reforms Boost Investor Confidence in Nigeria’s Mining Sector first appeared on Nigerian Mining News.