Minister lauds $600m Iron-Ore mining facility in Kaduna

March 27, 2024

Dele-Alake

The Minister of Solid Minerals Development, Dr. Dele Alake has declared value addition as the irreducible standard for mining operations in the country.

Value added in mining and quarrying is seen as the value of the output of the mining and quarrying industries less the value of intermediate consumption.

Speaking during an inspection tour of the gigantic $600 million African Natural Resources and Mines Limited facility, on Tuesday in Kaduna State, that hosts the mining and processing of magnetite iron-ore, the Minister hailed the tenacity and foresight of the investors to build what is touted as one of the biggest foreign investments in the mining sector.

Alake said the company aligns with his vision of value addition and beneficiation through its processing of iron ore, urging other mining companies to take a cue from it.

He restated the position of the Federal Government to refrain from granting mining licences to companies without requisite plans for value addition.

Drawing parallels between the experience of ANRML and the economic situation in the country, the Minister asserted that the same ingredients of resilience, courage and laying of a solid foundation that made the company a success story are critical factors guiding the economic restructuring of the present administration, expressing optimism that it would culminate in economic transformation.

“We have set our minds in this administration and invariably in Nigeria to achieve success. That’s why Mr. President is restructuring the economy. When this company started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went to erect a foundation, just to carry a giant edifice.

“That’s what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity,” Alake added.

In her submission, the Minister of Industry, Trade and Investment, Dr. Doris Azoka-Aniete lauded the company for its giant stride in iron ore production and processing, stressing that the company will be part of the nation’s efforts to scale up local steel manufacturing and local manufacturing of automobiles through the Nigeria Automotive Industry Plan.

The ANRML operations involve magnetite iron-ore mining through to beneficiation, and pelletisation processes, which result in Direct Reduced Iron, which will eventually position Nigeria as one of the prominent crude steel producers upon the commencement of exports.