FG, Egyptian Firm Sign Pact To Invest In Gold Mining

Whatsapp News

The Federal Government and Messrs La Mancha Incorporated, a leading Luxembourg Incorporated Private Gold Development and Mining in Cairo, , have signed an Expression of Interest to invest in gold mining in Nigeria.

Speaking at the signing ceremony supported by Egyptian African Arab for Development (EGAAD) in Cairo, the Minister of , Mines and Steel Development, Dr Uchechukwu S. Ogah, said the signing of the pact, the effort would attract big investors into the sector to started yield the desired result.

Ogah also added that the diversification of the economy through minerals, the firm, which has portfolio companies like Endeavour Mining, Golden Star Resources, and Altus Strategies among others, also has a market capital in excess of about $10 and over 1.2Moz of gold production.

He explained that Nigeria stands to benefit immensely the partnership, saying it would cement African brotherhood in a way that would ensure development within the continent of , using its abundant gold resources.

“Our ultimate goal is to attract investors the technical and financial competence to invest in our solid minerals sector, detailed exploration to mining, development, processing and refining to producing ores in Nigeria,” he said.

The minister therefore noted that Nigeria, as the largest economy in and with its vast and mostly untapped solid mineral resources, has the potential for industrialization, assuring that his would provide La Mancha with available geoscience data and necessary support for the investment.

Earlier, Chairman, La Mancha, Naguib Sawiris, said the signing of the document its way of formally expressing the ’s interest to begin earnest operations in Nigeria, and to continually look at new to expand its investment in gold mining across .

Sawiris, equally said that apart being the largest market in Africa, the political stability in Nigeria a factor that drew the interest of the company to Nigeria, stressing that the company’s intention is to commence by the first quarter of 2021.

Also, the Nigerian Ambassador to , Prof. Dandatti Abdulkadir, expressed delight over the deal between the Federal Government and La Mancha, promising they are willing to provide all necessary bilateral support for the company to actualize its investment interest in Nigeria.

Ogah, during a meeting with the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, had emphasised the need for cooperation to realise the African potential for industrialisation, saying the Egyptian mineral sector has a lot of similarities in policy reforms with that of Nigeria.

In his remarks, the Egyptian Minister, Molla stressed the need for big international mining conferences, like the Mining Ndaba for marketing purposes to optimise resources, enjoining Africans to work together to use “African resources to develop Africa.”