A Review of the Nigerian Energy Industry

Nigeria’s iron ore quoted on ASE

Iron-Ore15 October 2013, Abuja – MINISTER of Mines and Steel Development, Mr. Musa Sada, said about 500 million metric tonnes of the nation’s iron ore is quoted on the Australian Stock Exchange, ASE, according to a data recently released.

The Minister disclosed this at the inauguration of the Inter-ministerial Committee on the KCM Mining Company, scoping studies on rail and waterways infrastructure for the Agbaja mining site, Kogi State.

He said the information was made available to the government by KCM Mining Company following a maiden, Joint Ore Reserve Committee, JORC resource announced at the Australian Stock Exchange.
Sada said: “Messrs. KCM Mining Limited is an Australian firm that has extensively carried out exploration activities in its Exploration License No. EL1212, in Agbaja, Kogi State.

“The firm has drilled over 600 boreholes and processed over 1,700 samples. It has recently announced a maiden Joint Ore Reserve Committee, JOCR, resource of about 500 million metric tonnes of iron ore at the Australian Stock exchange.

“The quantity is obtained from only 18 per cent of the Agbaja Plateau Project area. The firm is now proceeding to prepare the necessary studies for final project development. It is expected that the mine will last for 20 years at a production rate of 20 metric tonnes per annum.”

Meanwhile, Sada said the inauguration of the 9-man committee, which is chaired by Mr. Abdullahi and co-chairman, Mr. Barau Gafai, was to place the mining sector in its proper place in the economic development of the country, as government was doing everything to diversify the economy.

He said the ministry was collaborating with the Ministry of Transport in line with the current effort by the government to initiate a master plan that will transform the sector.

“I had said earlier that we will collaborate with Ministry of Transport, and also discuss with operators in the industry in line with the current effort by Federal Government to evolve a National Integrated Infrastructure Master Plan (NIIMP).

I chair one of the Technical Working Committees on Mines, Agriculture and Water Resources, being done with a view to align all the natural resources for effective transport infrastructure. This is therefore is the first step in achieving this type of collaborative efforts.

“The success of this project will no doubt provide the much needed catalytic effect in attracting other investors into the mining sector of Nigeria. It is therefore imperative for the government to assist this firm in whatever way possible in the early take off of the project.

“The objective of this committee therefore, is to offer assistance to Messers. KCM Mining Limited in the provision of information and access to necessary infrastructure facilities during the company scoping study towards achieving one of the objectives of the mineral development policy of the Federal Government.

“I therefore urge the committee to work assiduously in order to achieve the objective of setting it up and accomplish its terms of reference within the time frame allocated to it,” Sada stated.
Gabriel Ewepu, Vanguard

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