Lagos – Some of the benefitting projects are the Segilola Gold Mine in Osun State, Karowe Diamond mine in Botswana and Bon Ami bauxite project in north-western Guineas.
This came as the corporation and the Solid Minerals Development Fund of Nigeria, SMDF, a Nigerian mining-focused development fund, announced a partnership with the pivotal step toward harnessing Nigeria’s mineral wealth and positioning the nation as a key player in the global mining industry.
The partnership is, specifically, aimed at derisking Nigeria’s mining sector and scaling up artisanal miners in the country to an industrial level of operation.
It follows a cooperation agreement signed by AFC and SMDF earlier in the year, and is set to address the dearth of expertise and funding for early-stage mining projects, paving the way for these projects to reach financial close and full-scale operations.
Nigeria is rich in mineral resources and has immense potential for mining development. However, the lack of available expertise and funding has posed challenges in advancing mining projects. Through this partnership, AFC and SMDF aim to bridge this gap to unlock the immense potential of Nigeria’s mineral resources.
By pooling their resources and expertise, the two leading institutions will not only provide investment opportunities but a joint project development facility that includes technical support, ensuring that promising mining projects receive the guidance and funding they need to thrive.
One of the key deliverables of this collaboration is the AFC-SMDF Investment Manual. This comprehensive document will offer project sponsors a clear understanding of how the joint project development facility operates, its objectives, and the specific requirements for project consideration. The manual will also feature an appraisal checklist outlining the criteria that both institutions require for project evaluation.
To streamline the project submission process, AFC and SMDF have created a dedicated portal for project sponsors. This portal will be managed by PricewaterhouseCoopers (PWC), a renowned global professional services firm, working with renowned Nigerian consulting firms, to screen and conduct initial evaluations. Subsequently, projects will be submitted to AFC and SMDF for further assessment.
