Nigeria and Venezuela have engaged in discussions regarding investment opportunities in the mining sector during the Mining Indaba in Cape Town, South Africa. The Minister of Solid Minerals Development, Dr Dele Alake, highlighted the shift both countries must make from petroleum sales to solid minerals due to global energy transitions and economic pressures.

Alake emphasized Nigeria’s commitment to diversifying its economy under President Tinubu’s Renewed Hope Agenda, focusing on critical minerals like lithium and cobalt necessary for the global energy shift. He expressed that both nations can collaborate effectively to utilize their mineral resources sustainably, enhancing local economies.

In seeking to process minerals like lithium for local use instead of exporting them raw, Alake stressed the goal of creating jobs and boosting the economy through value-added production. He also invited Venezuela to participate in a new coalition named the Super Region, aimed at facilitating trade and economic independence for member countries.

Deputy Minister Alejandro Martinez praised Alake for recognising the shared challenges faced by both nations reliant on oil and eager to transition their economies. He expressed interest in Venezuelan investment, particularly in mining machinery, and requested support for investor engagements in Nigeria.

A delegation from Venezuela included the ambassadors to South Africa, indicating diplomatic support. Martinez conveyed appreciation from Venezuelan President Nicolas Maduro for President Tinubu’s leadership.

Nigeria and Venezuela are exploring collaborative opportunities to develop their mining sectors, transitioning from oil dependence to solid minerals as a means of economic diversification. The focus is on sustainable resource exploitation, enhancing local economies by processing minerals for local use. Ultimately, this partnership aims to foster trade among similar countries facing economic challenges.

Original Source: fmino.gov.ng

The post Nigeria and Venezuela Collaborate on Mining Sector Opportunities first appeared on Nigerian Mining News.

Nigeria, abundant in over 44 minerals across 500 locations, is evolving into a major player in Africa’s mining sector. The government aims to elevate the mining sector’s GDP contribution to 10% by 2026 by fully exploiting its vast mineral resources. Upcoming events like Africa Mining Week in Cape Town will spotlight investment opportunities in Nigeria.

Bitumen: Nigeria possesses 42.47 billion tons of probable bitumen reserves, ranking sixth globally. Major deposits are located in Lagos, Ogun, Ondo, Rivers, Bayelsa, and Edo States. A $1 billion investment by Owena Bitumen Exploration Nigeria Limited aims to develop these reserves in Ondo State.

Limestone: With approximately 10.6 billion tons, Nigeria has one of Africa’s largest limestone reserves, spread across 14 states. This resource is key for job creation and economic diversification, particularly in cement production through companies like Dangote Cement.

Coal: Nigeria’s coal reserves are significant, estimated at 2.75 billion tons, mainly found in Gombe, Kogi, Nasarawa, and Enugu States. The Zuma Coal Mining Project, operated by Zuma Energy Nigeria Limited, has a production target of two million metric tons annually over 25 years.

Iron Ore: The Itakpe mine in Kogi State hosts around 3 billion tons of iron ore, a crucial resource for Nigeria’s industrialization. The iron ore is processed to 67% purity and supplies steel plants like Aladja and Ajaokuta.

Gold: Nigeria, with 21.37 metric tons of gold reserves, is the sixth-largest gold holder in Africa. Major deposits are spread across Zamfara, Kaduna, Bauchi, Niger, and Osun States, while initiatives, including a new gold refinery by Kian Smith, aim to enhance the gold value chain.

Nigeria’s mining sector offers significant opportunities for investment and economic growth, driven by its vast mineral reserves in bitumen, limestone, coal, iron ore, and gold. By attracting global investors and focusing on sustainable exploitation of these resources, Nigeria aims to diversify its economy and improve its mining contributions to GDP.

Original Source: energycapitalpower.com

The post Five Emerging Mineral Resources in Nigeria first appeared on Nigerian Mining News.

Nigeria is opening its mining sector to Venezuelan investors, a move aimed at boosting foreign investments. This initiative was discussed during the Mining Indaba in Cape Town, where Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, met with Venezuela’s Deputy Minister of Mining, Alejandro Martinez. They explored opportunities for cooperation in the mining sector to strengthen economic ties between the two nations.

Alake highlighted the need for Nigeria to diversify from petroleum, noting the global shift towards green energy and the importance of mining critical minerals like lithium and cobalt. He stated, “Nigeria focused on petroleum. Now, the world is moving to green energy. Compulsorily, we have to shift our attention to our minerals.”

Emphasising local value addition, Alake expressed Nigeria’s desire for lithium to be processed domestically to create jobs and stimulate the economy. He invited Venezuela to join a new coalition for mining countries aiming for trade and economic independence.

Martinez acknowledged the challenges faced by both oil-producing countries and expressed Venezuela’s eagerness to collaborate. He conveyed gratitude from Venezuelan President Nicolas Maduro to Nigeria’s President Bola Tinubu for support and urged investment facilitation through closer ties between the two nations.

Nigeria and Venezuela’s partnership aims to diversify economies through mining, highlighting the importance of local processing and collaboration. Both countries seek to exploit their resources sustainably, focusing on critical minerals needed for the energy transition.

Original Source: tribuneonlineng.com

The post Nigeria and Venezuela Forge Mining Partnership to Boost Economic Ties first appeared on Nigerian Mining News.

Nigeria is gaining global attention due to its vast lithium reserves, essential for sustainable energy technologies like electric vehicles (EVs) and solar panels. With Africa expected to contribute 20% of global lithium supplies by 2030, Nigeria is working to establish itself as a crucial competitor in the lithium market.

The country has begun constructing lithium processing plants, with two already operational and a third in progress. Segun Tomori, media assistant to the minister of solid minerals development, emphasised lithium’s importance, stating that it is increasingly sought after in discussions about green energy.

In 2022, the Nigerian government denied Tesla’s proposal to buy raw lithium, insisting on local processing to boost job creation and industrial growth. This reflects Nigeria’s evolving mining policies that prioritise domestic processing over raw material exports. Additionally, Nigeria is partnering with South Africa to enhance lithium’s role in the energy transition.

The Nigerian government aims to foster a favourable investment climate by addressing security issues and establishing technical partnerships with leading mining countries. Despite facing challenges, Nigeria’s commitment to lithium mining demonstrates its potential to lead Africa’s critical mineral sector.

Nigeria’s lithium reserves are positioned to play a transformative role in the global green energy landscape. By focusing on domestic processing and attracting international investors, the country is laying the groundwork to become a dominant player in lithium production. Collaborative efforts with nations like South Africa further underline its ambitions in the critical minerals industry.

Original Source: northafricapost.com

The post Nigeria’s Lithium Reserves: A Key Player in Global Green Energy Transition first appeared on Nigerian Mining News.

Nigeria and Venezuela are exploring investment opportunities in the mining sector. Discussions took place between Nigerian Solid Minerals Development Minister Dele Alake and Venezuelan Deputy Minister of Mining Alejandro Martinez during a mining event in Cape Town, South Africa. Both countries face similar political and economic challenges and seek cooperation to sustainably utilize their resources.

Minister Alake invited Venezuela to join a new coalition of African, Asian, and Middle Eastern countries in mining, aiming to enhance trade among members and leverage investment opportunities. In response, Deputy Minister Martinez praised Alake for recognising the parallels between the two oil-producing nations, both of which are now looking for alternatives to strengthen their economies through solid minerals.

The collaboration between Nigeria and Venezuela in the mining sector is a strategic move aimed at overcoming their respective economic challenges. By joining forces, both countries can work towards sustainable resource management and explore new avenues for economic diversification through mining partnerships.

Original Source: nta.ng

The post Nigeria and Venezuela Collaborate on Mining Investment Opportunities first appeared on Nigerian Mining News.

Nigeria and Venezuela are exploring investment opportunities in the mining sector, as revealed in recent discussions between Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, and Venezuela’s Deputy Minister of Mining, Alejandro Martinez. Their talks took place during the Investing in African Mining Indaba Conference in Cape Town, South Africa, with a commitment to strengthening collaboration and attracting investments.

Minister Alake highlighted the potential for both nations to work together in sustainably utilising their mineral resources for economic benefits. He stressed the importance of local processing, particularly of lithium, to create jobs and enhance the economy instead of merely exporting raw materials.

Alake also invited Venezuela to join the Super Region, a coalition of mining countries aiming to promote trade and economic independence. The minister expressed openness to collaborations with investors who demonstrate commitment to sustainable practices and local value addition.

In response, Martinez noted Venezuelan investors are particularly interested in Nigeria’s market for mining machinery and services. He asked for Alake’s support in facilitating collaboration and encouraging investors to visit Nigeria for further information.

The discussions stem from ongoing efforts by Nigeria and Venezuela to enhance their mining sectors, utilising each country’s resources effectively. Both countries face similar political and economic challenges, which provides a unique opportunity for mutual cooperation. The Investing in African Mining Indaba serves as a strategic platform for countries to seek partnerships and investments.

The engagement signifies a strategic move towards deeper collaboration in the mining sector between Nigeria and Venezuela. By focusing on sustainable practices and local economic growth, both nations hope to leverage their mineral resources more effectively and create significant employment opportunities.

Original Source: von.gov.ng

The post Nigeria and Venezuela Seek Collaborative Opportunities in Mining first appeared on Nigerian Mining News.

Venezuelan Deputy Minister of Mining, Alejandro Martinez, has announced that Venezuelan investors are keen to explore opportunities within Nigeria’s mining sector. This interest was conveyed during discussions with Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, at the Mining Indaba in Cape Town, South Africa. Martinez noted that Venezuelan investors, particularly those in mining machinery production, are eager to collaborate and seek assistance in facilitating visits to Nigeria for investment insights.

Minister Alake highlighted that both countries previously benefited from petroleum but now face the need to diversify into solid minerals due to global warming and economic pressures. He emphasised that Nigeria has significant mineral resources crucial for energy transition, such as lithium, cobalt, nickel, and rare earth elements. Alake stressed the importance of processing minerals locally to generate employment and economic growth.

Alake called on Venezuela to join a new coalition of nations, termed the “Super Region,” aimed at facilitating trade among member countries and leveraging shared economic challenges for collective gain. He reiterated Nigeria’s commitment to collaborating with Venezuela on mineral exploitation and ensured that any projects would focus on local value addition and sustainability. The meeting saw participation from key Venezuelan officials, including the Ambassador to South Africa, Carlos Fed Acevedo.

The collaboration between Venezuela and Nigeria in the mining sector emerges as both countries seek to diversify their economies. With a shared background in petroleum production, both nations are now facing the reality of shifting global energy demands. Venezuela’s interest in Nigeria’s mining sector comes at a time when Nigeria is keen to exploit its mineral resources to boost economic independence and local employment. This partnership presents opportunities to harness each nation’s strengths for mutual benefit, particularly in mineral processing and trade.

The engagement between Venezuelan and Nigerian officials points towards a promising partnership in the mining sector. With a strong focus on sustainable development and local value addition, both nations are committed to leveraging their mineral resources effectively. As they navigate economic diversification, initiatives like the ‘Super Region’ coalition could strengthen their cooperative efforts and enhance trade relations, ensuring growth in the increasingly important mining sector.

Original Source: punchng.com

The post Venezuelan Investors Show Interest in Nigeria’s Mining Sector first appeared on Nigerian Mining News.

Nigeria and Venezuela are exploring mining sector investment opportunities following discussions at the Mining Indaba in Cape Town. Dr Dele Alake, Nigeria’s Minister of Solid Minerals Development, highlighted the shift from petroleum to solid minerals due to global energy transitions. He stated that diversifying economies aligns with President Tinubu’s agenda, emphasising the importance of minerals like lithium and cobalt for the energy transition.

Alake expressed readiness for cooperation in mineral exploitation and trade, aiming for local processing and job creation. He invited Venezuela to join a coalition named the Super Region, designed to enhance trade among countries with similar economic goals. Venezuelan Deputy Minister Alejandro Martinez acknowledged both nations’ shared challenges and expressed interest in exploring Nigerian mining markets, seeking local investment facilitation.

Both Nigeria and Venezuela have historically relied on petroleum exports, facing economic challenges related to global climate policies. As the world shifts towards green energy solutions, both nations are now focusing on sustainable alternatives in the mining sector. The ongoing discussions signify a strategic move to explore and develop their mineral resources for economic diversification and local value addition.

The discussions between Nigeria and Venezuela signal a cooperative approach to mining, focusing on jobs and local processing of minerals. The invitation to join the Super Region coalition represents an opportunity for collaboration among countries facing similar economic challenges. Both nations are committed to leveraging their mining sectors to achieve sustainable economic growth.

Original Source: blueprint.ng

The post Nigeria and Venezuela Collaborate to Explore Mining Opportunities first appeared on Nigerian Mining News.

Nigeria is seeking $500 million in initial foreign investments in its solid minerals sector through a four-day investment roadshow in South Africa that began on November 6. Organised by the Nigeria High Commission and Rosebank Capital, the event focuses on utilising South Africa’s mining expertise to boost Nigeria’s capacity in the $700 billion sector which includes resources like gold, tantalite, and lithium. Despite the potential, mining exploration in Nigeria is underfunded, with projects facing hurdles such as financing challenges and a lack of expertise.

Niyi Oloruntoba, CEO of Rosebank Capital, noted, “We are targeting at least $500 million in initial investments and that is coming on really well,” indicating discussions for a $200 million project. Yemi Kale, chief economist of Afrexim bank, emphasised that the sector could diversify Nigeria’s economy and contribute $25 billion to its GDP over the next decade, generating up to three million jobs.

Despite challenges, including a heavy reliance on crude oil, the Nigerian government is committed to diversifying its revenue streams. Mary Ogbe, permanent secretary of the solid minerals sector, stated initiatives like tax waivers and guaranteed profit repatriation are being implemented to attract investors. Additionally, small-scale mining licences are being granted to formalise artisan miners in cooperatives.

Nere Emiko, CEO of Kian Smith, reassured potential investors about the sector’s opportunities, revealing promising pathways in the 44 different minerals available in Nigeria. Her insights aimed to dispel concerns and highlight the positive outlook for investing in the nation’s mining industry.

Nigeria is rich in mineral resources, with significant potential for growth in its mining sector, estimated at $700 billion. However, underfunding and other challenges have hindered exploration and exploitation of these resources. The recent investment drive in South Africa is a strategic effort to attract foreign investment and expertise, which are crucial for the sector’s development and diversification of the Nigerian economy away from oil dependence.

The Nigerian government is intensifying efforts to secure $500 million in initial investments to harness its vast solid mineral resources. By addressing financial and technical barriers and offering incentives to investors, Nigeria aims to revitalise its mining sector, create jobs, and increase its GDP contribution. Through partnerships and initiatives targeting sustainable development, the country is working towards a more diversified economic future.

Original Source: businessday.ng

The post Nigeria Seeks $500 Million Investment in Mining Sector During South Africa Roadshow first appeared on Nigerian Mining News.

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

The post Terrahaptix to Supply Drones for South Africa’s Mining Industry first appeared on Nigerian Mining News.