Firm invests $600m in Nigerian Iron-Ore facility

March 27, 2024 aiggroupnigeria@gmail.com

Doris-Uzoka-Anite

The African Natural Resources and Mines Limited (ANRML) has announced an investment of $600 million in an Iron-Ore Mining & Processing facility to bolster Nigeria’s economic growth.

Doris Uzoka-Anite, the minister of industry, trade and investment said that the venture situated in Kaduna State, marks a substantial commitment to Nigeria’s mining sector, positioning the country for enhanced infrastructural development and economic renewal.

The Minister commended ANRML’s initiative as a pivotal step towards harnessing the potential of the steel industry.

Anite said the Iron-Ore Mining & Processing Facility represents a cornerstone in Nigeria’s quest for sustainable economic prosperity. She emphasized the importance of scrutinizing production costs to facilitate more affordable manufacturing processes, thereby stimulating economic activity and attracting investors.

“Our Industry Revitalization Plan prioritizes steel due to its foundational role in building our nation’s infrastructure. One pressing issue within our industry is the spiraling cost of goods, especially burdensome for manufacturers. By scrutinizing production costs, we aim to facilitate more affordable manufacturing processes. This investment underscores our commitment to fostering economic growth through strategic partnerships and infrastructural development,” she said.

Anite added that the Federal Executive Council’s approval of an Infrastructure Development Fund signifies a concerted effort to de-risk projects and focus on critical infrastructure sectors essential to Nigeria’s economy.

She described the fund as instrumental in driving forward the nation’s infrastructure agenda, including the construction of roads, railways, and other vital infrastructure.

“The Federal Executive Council has approved an Infrastructure Development Fund, which Dr. Uzoka-Anite describes as a “project de-risking fund,” concentrating on crucial infrastructure sectors vital to Nigeria’s economy. This fund, alongside the Industry Revitalization Plan, aspires to stimulate the economy, build additional roads, railways, and essential infrastructure. Increased production is anticipated to please investors and stakeholders alike.”

The Minister underscored the alignment of ANRML’s efforts with the Nigeria Automotive Industry Plan, emphasizing the significance of local steel production for the automotive manufacturing sector and commended the President for championing the initiative, highlighting the administration’s progressive vision and commitment to economic restructuring.

She highlighted the significance of the Direct Reduced Iron (DRI) produced through the facility’s advanced beneficiation and pelletisation processes, setting Nigeria on the path to becoming a leading crude steel producer.

In his remarks, Dele Alake, Minister of Solid Minerals Development, also commended the ANRML facility for its substantial foreign investment and commitment to value addition and beneficiation in its iron-ore processing. He asserted that these efforts are in line with the federal government’s policy to require value addition plans for mining operations license approvals.

ANRML’s investment in advanced beneficiation and pelletisation processes signifies a commitment to value addition and beneficiation in iron-ore processing, aligning with the federal government’s policy to require value addition plans for mining operations license approvals.

“The same tenacity and strategic groundwork that propelled ANRML to success are what our administration is channeling towards Nigeria’s transformation, Like the concrete foundations necessary for ANRML’s plant, our nation is laying the groundwork for sustainable prosperity.”

She stated further that with ANRML’s investment, Nigeria stands poised to capitalize on its natural resources, drive economic growth, and pave the way for a brighter future marked by sustainable development and prosperity.