Chinese company seeks to acquire Ajaokuta Steel Company

*Ajaokuta Steel Company Limited.

*Ajaokuta Steel Company Limited.

Oscarline Onwuemenyi

24 August 2016, Sweetcrude, Abuja – A Chinese consortium, China Polaris Technologies Co., Ltd, is seeking to acquire the Ajaokuta Steel Company Limited (ASCL) to further boost Nigeria’s diversification drive.

Chief Executive Officer of the company Mr. Zhang Wendong, said during a courtesy visit to the Minister of State for Solid Minerals Development Hon. Abubakar Bawa Bwari, in Abuja, the mission of his team’s visit was to indicate the group’s interest in investing in Nigeria’s solid minerals sector.

Wendong indicated the company’s interest to acquire ASCL, adding that they had discovered an iron ore site of high quality that can be explored to provide raw materials for the Ajaokuta Company and other steel processing companies in the country.

He said the consortium was a group of companies that were into mining, exploration, financing, provision of technologies, commodity exchange and minerals product beneficiation.

He urged the Ministry to speed up the process of obtaining mining licenses and how to link up with licensed companies in the sector to foster partnership.

Earlier, Hon. Bwari restated the Federal government’s determination to encourage and partner with genuine local and foreign investors to develop the solid minerals sector in the country.

He said government was ready to assist and cooperate with any investor in the solid minerals sector and necessary enabling environment has been provided for the smooth operations in the sector.

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