African Natural Resources and Mines Limited Invests $600 Million in Nigeria
The Nigerian government announced that the African Natural Resources and Mines Limited is set to invest $600 million in an integrated iron ore mining processing and steel production in Kagarko Local Government Area of Kaduna State, Nigeria.
Nigeria’s Finance Minister, Zainab Ahmed made the announcement during a meeting with officials of the company led by Mr. Raj Gupta.
A statement released by Ahmed’s Special Adviser on Media and Communications, Mr. Paul Ella Abechi, said the investment would boost the solid minerals sector and the entire economy, which will lead to increased revenue generation and job creation under the diversification policy of the federal government.
According to Ahmed, “in a bid to diversify away from oil and increase government revenues, I met this evening with African Natural Resources and Mines Limited led by Mr. Raj Gupta who are investing $600 million in an integrated iron ore mining, processing and steel production project in Kagarko Local Government Area, Kaduna State.”
She added that “this is about the first major investment in the mining sector in more than two decades. The project will have a capacity of 5.4 metric tonnes per annum and will create 3,500 direct jobs and thousands of indirect jobs.”
Ahmed noted that to boost the generated megawatts of power for other economic activities, the steel plant will generate 36 megawatts (mw) of electricity to the national grid.
She said that the company’s steel would carry out beneficiation, pelletizing and convert iron into direct used iron for steel manufacturing to galvanise the industrial space into a hub of production of finished goods for local consumption and export.
Based on the potential the investment has to transform the socio-economic life of Nigerians, Ahmed expressed optimism that the project would have a massive impact on the local people and the country at large.