Nigeria is forecasting a big investment for her mineral development in a romance that urges foreign investors to partner with government in the new investment opportunities in the sector.

The Minister of Mines and Steel Development, Mrs Diezani Allison-Madueke, who was at the head of a Nigerian delegation to this year’s Prospectors and Developers Association of Canada International Convention, Trade Show and Investment Exchange in Toronto, Canada, said that the huge deposit of mineral resources which the country is blessed with, was testament to this resolve. 

During her visit to stand put up by Nigeria and subsequent visits to other stands exhibited at the event, she outlined the mineral resources that have been found to have proven reserve to investors, project managers’ financial brokerage firms and consultants in the development of the sector.

They are Gold, estimated to have 50,000 ounces each in at least 10 locations; Tar sand/Bitumen with 27 billion barrels of oil equivalent and Coal having estimated resource 639 million tonnes with further 2.7 billion tonnes.

In addition to this are Iron Ore with estimated resource of 3 billion tonnes, Baryte resource was put at 14 million tonnes and Lead/Zinc accounting for over 1 million tonnes. According to the Minister, gold is found in alluvia and alluvia placers and primary veins from several parts of schist belts in the Northwest and Southwest of Nigeria.

She explained that, coal that was discovered in1913 could be found in 22 locations in the Central and Easter geo-political zones, pointing out that the Nigerian Coal Corporation is being privatised while Greenfield and brownfield areas are available to interested investors.

Allison-Madueke further explained that tarsand/bitumen was first report in 1900 while exploration began in 1905.  “Over 120 exploration wells were sunk to determine the quality and quantity. Blocks are sold through an open and competitive bidding process” She said.

At the opening ceremony of the International Convention, Trade Show and Investment Exchange, the President of the Prospectors and Developers Association of Canada (PDAC), Jon Baird, congratulated registered convention delegates which numbered tens of thousands from over 100 countries for their vision for setting aside their immediate concerns about current economic problems for a few days to focus on the future at the convention.

He said, “as industry leaders who have the courage of your conviction to use the opportunity this lull offers to prepare for new opportunities that are coming”

The Convention Committee designed a forum that helped at making connections, build the skills and gain the knowledge that is required to prosper as the mining cycle picks up again.

Dennis Jones, Chairman of PDAC’s Corporate Social responsibility Committee and Anthony Hodge of the International Council on Mining and Metals led two sessions that focused on what the convention described as  “e3 Plus”.

e 3 Plus, stands for excellence in social responsibility, excellence international  stewardship and excellence in health and safety.