Alake advocates value addition as new standard in mining operations

March 27, 2024

Value addition new standard in mining operations – Alake

Minister of Solid Minerals Development, Dr. Dele Alake, has identified value addition as the new standard in mining operations

In a recent statement released by his Special Assistant on Media, Mr. Segun Tomori, Minister Dele Alake highlighted the critical importance of value addition as the new standard for mining operations in the country. Alake emphasized that the federal government is resolved to enforce compliance with value addition requirements before granting operational permits to investors.

Alake’s seven-point agenda for the ministry has placed the mining sector in the global spotlight since his assumption of office, attracting renewed interest from the international community in Nigeria’s mineral resources.

During an inspection tour in Kaduna State, Alake commended African Natural Resources and Mines Ltd. (ANRML) for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore. He hailed this move as a testament to the government’s commitment to value addition, aligning with President Bola Tinubu’s vision to develop solid minerals for economic growth and to meet the global energy transition demands.

Alake urged other mining companies to follow ANRML’s lead in prioritizing value addition and beneficiation in their operations.

Furthermore, Alake reiterated the government’s stance on abstaining from granting mining licenses to companies lacking concrete plans for value addition. He stressed the importance of resilience, courage, and laying a solid foundation, highlighting these as critical factors for success in contributing to the company’s achievements and as guidelines for President Tinubu’s administration in its economic transformation efforts.

Alake concluded by affirming the administration’s determination to achieve success and economic restructuring, reflecting President Tinubu’s commitment to revitalizing Nigeria’s economy.