The only listed mining company on the Nigeria Stock Exchange, Multiverse Mining and Exploration Plc is investing $100 million to add value to mineral resources in Nassarawa.
During a courtesy call to Nasarawa State Governor, Abdullahi Sule, the Managing Director of the company, Mr Ayedun Fasina reiterated the Group’s commitment to the Nigerian mining sector.
“We are happy to inform you that over $70 million have been invested and in line with the FG policy on adding value to mineral resources being mined, an investment schedule of about $100 million to install floatation plant is on ground.
“It is at the port now to be shipped in a few weeks and installation will start. As a matter of fact, once we test the plant and the mining project, we plan to invite President Muhammadu Buhari for the inauguration.”
The company’s MD, who said the company has been in existence for about 10 years, expressed his optimism while reassuring the governor. He said that with the success of the project, lots of foreign direct investments would come into Nasarawa State because the firm was in partnership with a province in China.
“As a good corporate citizen, we are law-abiding and we are ready to work within the state. We want to inform you that we carried out a test on our export process and in those processes, we have come across quite a few pains. On the community level, we have a very robust comprehensive community development agreement.”
What you should know: The Nigerian mining and quarrying sector recorded 22% growth in the production of solid minerals in 2018. The break down shows that Limestone recorded the highest with 27.19 million tonnes produced.
The volume of production in limestone further shows that compared to the preceding year of 2017, limestone production grew by 95% in 2018. In the year 2017, 13.9 million tonnes of limestone was produced, while it rose to 27.19 million tons in 2018.
Granite and Laterite followed closely with 9.63 million tonnes and 5.07 million tonnes produced, representing 17% and 9% of the total tonnes of minerals produced in 2018. However, Garnet and Ruby are the least produced solid minerals in 2018.