The minister of state, Ministry of Mines and Steel Development, Dr Uchechukwu Oga has noted that as the largest economy in Africa and with her vast untapped solid mineral resources, Nigeria, according to him has potentials for industrialisation through the mineral sector.
In a press release from the office of the Director, Press and Public Relations, Ministry of Mines and Steel Development, Abuja on Saturday, the minister of state made the remark when a leading Luxemberg incorporated private gold development and mining company in Cairo, Egypt, Messrs La Mancha Incorporated has signed an Expression of Interest Agreement (EIA) with Ministry of Mines and Steel Development to invest in gold mining in Nigeria.
Speaking during the signing ceremony coordinated by Egyptian African Arab Company for Development (EGAAD) in Cairo, Egypt recently, the Minister of State stated that with the signing of the Expression of Interest by La Mancha, the efforts to attract big investors into the sector have started yeilding the desired result. He added that it would boost the diversification of the economy through the minerals and metals sector.
Dr Ogah expressed satisfaction that with the collaboration between the Federal Government and La Mancha Holdings Incorporated, with portfolio companies such as Endeavour Mining, Golden Star Resources and Altus Strategies among others and with a market capital in excess of about US$10bn and over 1.2Moz of gold production. He said Nigeria stood to benefit immensely from the partnership, noting that the collaboration would further cement African brotherhood in a way that would ensure development within the continent using its abundance gold resources.