• Minister Asks Mining Firms to Integrate Communities in Operations

    The Federal Government has urged mining companies to integrate communities into their operations to foster good relations between the community and the company. This was disclosed by the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite in a statement issued by his media aide, Ayodeji Adeyemi and seen by Nairametrics on Saturday. While on a facility tour of Multiverse Mining and Exploration, Nasarawa State, the Minister enjoined the youth within the community at the mining location to take whatever opportunities the company offered. He admonished them to be hardworking and to shun criminal activities. Adegbite in the last one month has been on a tour of several mining and steel companies across the country to lend support to them and to inspect the level of work going on in such, as the sector has been given the mandate to diversify the economy, generate revenue for government and to create jobs. On some of the incentives offered by the government, Adegbite said, “We have provided a number of incentives to businesses and investors to spur growth in the sector. “Some of the incentives include: waiver on Customs and import duties for plant, machinery and equipment imported for mining operations. Tax holidays of between three to five years for businesses as applicable. Free transferability of funds and permission to retain and use earned foreign exchange. “Capital allowances of up to 95% of qualifying capital expenditure. Deductibility of Environmental Costs (money meant for environmental remediation will be tax-free) and 100% ownership of mineral properties.” The Minister added that the nation’s Steel industry when fully developed would drive Job growth in the economy, while he rallied the nation’s steel producers to go into the production of flat sheet which is vital for the development of the sector. “For the nation to industrialise, we need to produce flat sheet, which is the ultimate goal of the sector. With flat sheet we can produce many things like engine blocks, vehicle bodies etc,” he added. Adegbite also rallied the steel producer to support the metallurgical Industry bill. According to him, the bill when enacted into law would assist in establishing programmes that would aid the private sector to operate optimally, producing competitive high-quality products for both local and international market. News Source: nairametrics.com
  • Minister Assures Investors in the Mining Sector of FG’s Support

    The Federal Government had reiterated that it will give necessary support to investors, national and international, that are keen in investing in the Nigerian Minerals Sector. Minister of Mines and Steel Development, Olamilekan Adegbite stated this while on a working visit to the mining site of Multiverse Mining and Exploration Plc, located in Awe Local Government Area of Nasarawa State, recently. The Minister expressed satisfaction with the company’s activities, which, he said is in line with the Federal Government’s initiative to diversify the economy through the mining sector. He noted that Multiverse Mining and Exploration Plc is one of the successful stories in the sector that will encourage other investors to invest sector. “There are a lot of Nigerians who actually have the financial capacity to invest, but are not sure of the sector. The success of this company will encourage other investors to come in and invest in the mining sector”, he said. The Minister thanked the State Government and the Traditional Rulers for their support for the project, saying that as the project grows, it will be mutually beneficial to all stakeholders. “We have made mistakes in the oil sector, where the oil companies prosper and the communities are impoverished. We want to avoid that pitfall in the mining sector, hence, as the company prisoners, the community also prospers”, he said. Earlier, Nasarawa State Commissioner for Environment and Natural Resources, Musa Ibrahim Abubakar, disclosed that the company’s operations has given the teeming youth a lot of jobs. He said Multiverse Mining and Exploration Plc is one of the companies operating in the state that the State Government is proud of, as it uses modern technology in drilling, unlike others that do open cast mining thereby damaging the land with no clear reclamation plan. The Commissioner said the state will encourage the company in all aspects as well as endure that there is peace, stability and that the host community is carried along. Earlier in his address, Executive Director, Multiverse Mining and Exploration Plc, Ayo Oluwasusi said the company has over 400 Nigerians in it’s employ, 95 of which are from the host community. He further stated that the company is putting emphasis on the transfer of technology to Nigerians so as to reduce the number of Chinese in it’s employment. News Source: sunnewsonline.com
  • We Won’t Repeat Oil Sector Mistakes in Mining – FG

    The Federal Government on Sunday said it would avoid repeating its oil sector mistakes in the mining industry. Minister of Mines and Steel Development, Olamilekan Adegbite, said this in a statement issued in Abuja by an official of the Press and Public Relations department of his ministry, Tony Ekpo. Adegbite also stated that the Federal Government would give necessary support to investors who were keen in investing in the Nigerian minerals sector. He spoke during a working visit to the mining site of Multiverse Mining and Exploration Plc located in Awe Local Government Area of Nasarawa State. The minister was quoted as saying, “We have made mistakes in the oil sector, where the oil companies prosper and the communities are impoverished. “We want to avoid that pitfall in the mining sector, hence, as the company prospers, the community also prospers.” The minister expressed satisfaction with the company’s activities, which, he said, was in line with the Federal Government’s initiative to diversify the economy through the mining sector. Adegbite noted that Multiverse Mining and Exploration was one of the successful stories in the sector that would encourage other investors to invest in the industry. News Source: punchng.com
  • Adegbite Urges Mining Companies to Prioritize Host Communities’ Welfare

    The Minister of Mines and Steel Development, Arc Olamilekan Adegbite, Saturday, urged mining companies to prioritize the welfare of host communities for smooth operations. Adebgite stated this in a statement signed by Special Assistant to the Minister of Mines and Steel Development, Ayodeji Adeyemi, while on tour of Multiverse Mining and Exploration Company’s mining site in Nasarawa State. He also stressed the need for synergy between mining companies and their host communities, as both should be seen as critical stakeholders for their peaceful co-existence and mutual benefits. “We appreciate what Multiverse Mining and Exploration Company is doing and for having faith in the economy. We as regulators would provide the needed support for your operations as you adhere to the provisions of the Mining Act. “Mining companies are to integrate host communities into their operations and this would foster good relations between the communities and the companies. There would not be violence and any stoppage of operations. “Also youths in the host communities are to take offers and opportunities from the companies operating in their communities. The companies have provisions for you and make sure there is that understanding for all to benefit. “We also encourage youths to be hardworking and not to allow bad elements lure you into criminality that would damage your future and create problems for you.” According to the statement, the Minister in the last one month has been on a tour of several mining and steel companies across the country to lend support to them and to inspect the level of work going on in such, as the sector has been given the mandate to diversify the economy, generate revenue for the government and to create jobs. It further made it known that the Minister during his tour of these companies unveiled some of the incentives the federal government has for investors and operators in the sector to spur growth in the sector. Some of the incentives include waiver on Customs and import duties for the plant, machinery, and equipment imported for mining operations; Tax holidays of between three to five years for businesses as applicable; Free transferability of funds and permission to retain and use earned foreign exchange. Others are Capital allowances of up to 95 per cent of qualifying capital expenditure; Deductibility of Environmental Costs (money meant for environmental remediation will be tax-free) and 100 per cent ownership of mineral properties. It will be recalled that during his (Adsegbite’s) recent tour of Premium Steel and Mines Limited, Warri, Delta State,  he said that the nation’s steel industry when fully developed would drive job growth in the economy,  while he called on steel producers in the country to go into the production of flat sheet which is vital for the development of the sector. The minister said ‘For the nation to industrialise, we need to produce flat sheet, which is the ultimate goal of the sector.  With flat sheet we can produce many things like engine blocks, vehicle bodies etc’ He also urged them to support the Metallurgical Industry Bill currently before the Council. According to the Minister, the Bill when enacted into law would assist in establishing programmes that would aid the private sector to operate optimally, producing competitive high-quality products for both local and international markets. Which he said that “Government is willing to do everything to support the industry and that is why we have proposed a Metallurgical Industrial Bill, which is at the council for approval. When it is approved it will support the industry. “It will make it a lot easier for you to operate. We would have been empowered by the law to support you. The support we give will have the backing of the law.” The statement also added that while on a facility tour of Segilola Gold Project, in Osun State, the Minister disclosed that the Federal Government is poised to support mining companies to grow the economy and to create jobs for its citizens. He said, “We want to make Nigeria a major gold producing hub in Africa and this is why the administration of President Muhammadu Buhari has given so much support to this sector to ensure that we diversify our economy away from oil.” Vanguard News Nigeria News Source: vanguardngr.com
  • Adegbite Calls For Community Involvement In Mining Operations In Nigeria

    The Minister of Mines and Steel Development Arc Olamilekan Adegbite has called on Mining Companies to integrate the community into their operations, which would foster good relations between the community and the company. The minister who was on a facility tour of Multiverse Mining and Exploration Company’s Mines in Nasarawa also enjoined the community youths at the mining location to take whatever opportunities the company offered, admonishing them to be hardworking and to shun criminal activities. Adegbite in the last one month has been on a tour of several mining and steel companies across the country to lend support to them and to inspect the level of work going on in such, as the sector has been given the mandate to diversify the economy, generate revenue for the government and to create jobs. Adegbite during his tour of these companies unveiled some of the incentives the federal government has for the sector. Indeed the Ministry of Mines and steel development has provided a number of incentives to businesses and investors to spur growth in the sector. Some of the incentives include a waiver on Customs and import duties for plant, machinery and equipment imported for mining operations. Tax holidays of between three to five years for businesses as applicable. Free transferability of funds and permission to retain and use earned foreign exchange. Capital allowances of up to 95% of qualifying capital expenditure. Deductibility of Environmental Costs (money meant for environmental remediation will be tax-free) and 100% ownership of mineral properties. Recently during his tour of Premium Steel and Mines Limited, Warri Delta State,  the Minister said that the nation’s Steel industry when fully developed would drive Job growth in the economy,  while he rallied the nation’s steel producers to go into the production of a flat sheet which is vital for the development of the sector. The minister said ‘For the nation to industrialise, we need to produce flat sheet, which is the ultimate goal of the sector.  With flat sheet we can produce many things like engine blocks, vehicle bodies etc’ Adegbite also rallied the steel producer to support the metallurgical Industry bill. Adegbite noted that the bill when enacted into law would assist in establishing programmes that would aid the private sector to operate optimally, producing competitive high-quality products for both the local and international market. “Government is willing to do everything to support the industry. That’s why we have proposed a metallurgical industrial Bill, which is at the council for approval. When it is approved it will support the industry. It will make it a lot easier for you to operate. We would have been empowered by the law to support you. The  support we give will have the backing of the law.’ Meanwhile during his facility tour of Segilola Gold Project, in Osun State the Minister said that the federal government is poised to support mining company to grow the economy and to create jobs for its citizens. “We want to make Nigeria a major gold producing hub in Africa and this is why the administration of President Buhari has given so much support to this sector to ensure that we diversify our economy away from oil, ‘ he said. News Source: thebridgenewsng.com
  • INTEGRATE COMMUNITY INTO YOUR OPERATIONS, ADEGBITE URGES MINING COYS

    The Honourable Minister of Mines and Steel Development, Olamilekan Adegbite has urged mining companies in Nigeria to integrate their host community into their operations. The Minister said such policy will foster good relations between the community and the company operating in their vicinity. Adegbite gave the charge during his facility tour of Multiverse Mining and exploration Company’s Mines in Nasarawa State. He also enjoined the community youths at the mining location to take whatever opportunities the company offered, admonishing them to be hard working and to shun criminal activities. It may be recalled that the Minister in the last one month has been on a tour of several mining and steel companies across the country to lend support to them and to inspect the level of work going on, as the sector has been given the mandate to diversify the economy, generate revenue for government and to create jobs. A statement by his Special Adviser on Media, Mr. Ayodeji Adedeji further explained that Adegbite unveiled some of the incentives the Federal Government has for the sector during his tours of these companies. “Indeed the ministry of Mines and steel development has provided a number of incentives to businesses and investors to spur growth in the sector. Some of the incentives include: waiver on Customs and import duties for plant, machinery and equipment imported for mining operations.   “Tax holidays of between three to five years for businesses as applicable. Free transfer-ability of funds and permission to retain and use earned foreign exchange. Capital allowances of up to 95% of qualifying capital expenditure. Deductibility of Environmental Costs (money meant for environmental remediation will be tax free) and 100% ownership of mineral properties” the statement added. Similarly, during his tour of Premium Steel and Mines Limited, Warri Delta State, the Minister said that the nation’s Steel industry when fully developed would drive Job growth in the economy, while he rallied the nation’s steel producers to go into the production of flat sheet which is vital for the development of the sector.  In his words, “For the nation to industrialize, we need to produce flat sheet, which is the ultimate goal of the sector.  With flat sheet we can produce many things like engine blocks, vehicle bodies etc.’”. He also rallied the steel producer to support the metallurgical Industry bill. Adegbite noted that the bill when enacted into law would assist in establishing programmes that would aid the private sector to operate optimally, producing competitive high-quality products for both local and international market. While also on a facility tour of Segilola Gold Project, in Osun State, the minister said the Federal Government is poised to support mining company to grow the economy and to create jobs for its citizens. “We want to make Nigeria a major gold producing hub in Africa and this is why the administration of President Buhari has given so much support to this sector to ensure that we diversify our economy away from oil”, he stressed. News Source: laboureventsmagazine.com
  • Adegbite assures of FG’s support to investors in the mining sector

    The Federal Government had reiterated that it will give necessary support to investors, national and international, that are keen on investing in the Nigerian Minerals Sector. Minister of Mines and Steel Development, Arc Olamilekan Adegbite stated this while on a working visit to the mining site of Multiverse Mining and Exploration Plc, located in Awe Local Government Area of Nasarawa State, recently. The Minister expressed satisfaction with the company’s activities, which, he said is in line with the Federal Government’s initiative to diversify the economy through the mining sector. He noted that Multiverse Mining and Exploration Plc is one of the success stories in the sector that will encourage other investors to invest sector. “There are a lot of Nigerians who actually have the financial capacity to invest, but are not sure of the sector. The success of this company will encourage other investors to come in and invest in the mining sector”, he said. The Minister thanked the State Government and the traditional rulers for their support for the project, saying that as the project grows, it will be mutually beneficial to all stakeholders. “We have made mistakes in the oil sector, where the oil companies prosper and the communities are impoverished. We want to avoid that pitfall in the mining sector, hence, as the company prisoners, the community also prospers,” he said. Earlier, Nasarawa State Commissioner for Environment and Natural Resources, Musa Ibrahim Abubakar, disclosed that the company’s operations have given the teeming youth a lot of jobs. He said Multiverse Mining and Exploration Plc is one of the companies operating in the state that the State Government is proud of, as it uses modern technology in drilling, unlike others that do open cast mining thereby damaging the land with no clear reclamation plan. The Commissioner said the state will encourage the company in all aspects as well as endure that there is peace, stability and that the host community is carried along. Earlier in his address, Executive Director, Multiverse Mining and Exploration Plc, Ayo Oluwasusi said the company has over 400 Nigerians in its employ, 95 of which are from the host community. He further stated that the company is putting emphasis on the transfer of technology to Nigerians so as to reduce the number of Chinese in its employment.   News Source: truthng.com
  • Minister tasks mining companies on improved community relations

    The Minister of Mines and Steel Development, Olamilekan Adegbite has called on mining companies to integrate the community into their operations, in a bid to foster good relations among stakeholders. The minister who was on a facility tour of Multiverse Mining and Exploration Company’s Mines in Nasarawa, also enjoined the community youths at the mining location to take whatever opportunities the company offered, admonishing them to be hardworking and to shun criminal activities. Adegbite in the last one month has been on a tour of several mining and steel companies across the country to lend support to them and to inspect the level of work going on in such, as the sector has been given the mandate to diversify the economy, generate revenue for the government and to create jobs.
    Some of the incentives include a waiver on Customs and import duties for plant, machinery and equipment imported for mining operations. Tax holidays of between three to five years for businesses as applicable. Others include free transferability of funds and permission to retain and use earned foreign exchange. Capital allowances of up to 95% of qualifying capital expenditure. Deductibility of Environmental Costs (money meant for environmental remediation will be tax-free) and 100% ownership of mineral properties. The Executive Director Multiverse Nigeria Limited, Ayo Oluwasusi, earlier in his address said the company has employed over 400 Nigerians, 95 of which he said, are from the host community. He also revealed that the company had invested about 50 million dollars in the sector. He said the company has ensured compliant with mining laws and has never defaulted in royalty payments to Federal Government as well as levies to the community. He added that the Company is prioritizing the transfer of technology to Nigerians. Multiverse Nigeria Limited mines lead and zinc in Nasarawa State and are the only mining company quoted in Nigeria Stock by Exchange. Recently during his tour of Premium Steel and Mines Limited, Warri Delta State, the Minister said that the nation’s Steel industry when fully developed would drive Job growth in the economy, while he rallied the nation’s steel producers to go into the production of a flat sheet which is vital for the development of the sector. The minister said ‘For the nation to industrialise, we need to produce flat sheet, which is the ultimate goal of the sector. With flat sheet we can produce many things like engine blocks, vehicle bodies etc’ Adegbite also rallied the steel producer to support the metallurgical Industry bill. Adegbite noted that the bill when enacted into law would assist in establishing programmes that would aid the private sector to operate optimally, producing competitive high-quality products for both local and international market.
    “It will make it a lot easier for you to operate. We would have been empowered by the law to support you. The support we give will have the backing of the law.’ Meanwhile during his facility tour of Segilola Gold Project, in Osun State the Minister said that the federal government is poised to support mining company to grow the economy and to create jobs for its citizens. “We want to make Nigeria a major gold producing hub in Africa and this is why the administration of President Buhari has given so much support to this sector to ensure that we diversify our economy away from oil, ‘ he said. Segilola is expected to begin gold production second quarter of 2021, aiming to produce an average of 80,000 ounces of gold per year for the lifetime of the mine. The project is expected to create 500 direct jobs and 1100 indirect jobs.   News Source: guardian.ng
  • Nigeria’s only listed mining firm to invest $100m in Nasarawa

    Multiverse Mining and Exploration Plc, the only listed mining company on the Nigeria Stock Exchange (NSE), is investing $100m in Nasarawa State, it has announced.

    The company has already invested over $70 million and has concluded plans to install a floatation plant worth $100 million, as a response to the call by the Federal Government for investors to add value to mineral resources before export.

    The Managing Director of the company, Ayedun Fasina, disclosed this when he led a delegation on a courtesy call on Nasarawa State governor, Abdullahi Sule in Lafia.

    Fasina announced that the company which has been operating for over ten years in the state and is hope to impact more on the lives of the people and to the overall development of the state.

    “We are happy to inform you that over 70 million dollars have been invested and right now, and in line with the FG policy on adding value to mineral resources being mined, an investment schedule of about one hundred million dollars to install flotation plant is on the ground.

    “I think it’s at the port now to be shipped in a few weeks and installation will start”.

    As a matter of fact, once we test-run the plant and the mining project, we plan to invite the President for the commissioning,” the firm’s MD told the governor.

    He assured the governor that with the success of the project, the only one in the country, a lot of foreign direct investments will 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.

    He announced that the company had a comprehensive community development agreement.

    “It’s even a community participatory and product sharing agreement in which we believe that we must, first of all, give back to the environment in which we operate and the people we are working with must also at the same time have the benefit and enjoy the resources God has given them,” Fasina stated.

    He, however, said that the firm sought the cooperation of the government towards protecting its investments in the state.

    Governor Sule on his part said that his administration determined to promote investments in the state.

    He explained that his biggest concerns were generating employment for the people of the state as well as generating revenue for the state.

    According to Sule, once the state indigenes were employed, they would have the opportunity to learn some technical skills.

    “The other area is the community where you operate and I’m glad you mentioned your corporate social responsibility about the area.

    “If the people are employed and they have a little money and you are a quoted company then people from Nasarawa State can also be shareholders in your company.

    “These are the three major concerns for me. As a state, then we know how much revenue the state will be generating,” he said.

    Sule while cautioning the company against giving individuals revenues meant for the local government and the state, directed them to ensure they remit such revenues into the coffers of the various levels of governance.

    The governor assured that government would do everything possible to ensure protection of investments coming into the state.

    He stressed that his administration is poised to partner with real investors that will come into partner with the state in order to promote economic activities, not just briefcase investors.

    Source: https://businessday.ng/real-sector/article/nigerias-only-listed-mining-firm-to-invest-100m-in-nasarawa/
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