Nigeria’s mining sector to receive $30 million investment

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Nigeria’s mining sector is about to receive a major boost as Chinese firm, Hudson Mining Limited – a subsidiary of Globelink China Investment Group – is planning to invest $30 million in solid mineral processing in the country.

The Chief Executive Officer (CEO) of Hudson Mining Limited, Solomon Cai disclosed the investments plan while meeting with workers of the Nigerian Investment Promotion Commission (NIPC). He said his company intends to invest in tin and columbine.

Cai said “Hudson Mining is committed to serving Nigeria by a national strategy through developing mineral exploitation, processing, mining machinery, and equipment manufacturing into Nigeria’s core economic pillar, relying on the advantages of its parent company, Globelink China Investment Group.

“Hudson Mining will bring into the Nigerian market technology, equipment, and capital. It will gradually go into Nigeria’s mineral exploration, mining, and refining areas.”

How the fund will be deployed: According to Hudson’s CEO, the company will make an initial investment of $3 million and subsequently increase it to $30 million. This, Cai said will happen in the first phase of the project.

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The company plans to buy mineral products from local miners in Jos, Plateau State and process them. He also said the company would also serve as a leasing company to local miners who do not have modern equipment to mine.

The Nigerian mining and quarrying sector recorded 22% growth in the production of solid minerals in 2018. The break down shows that Limestone recorded the highest with 27.19 million tonnes produced.

The volume of production in limestone further shows that compared to the preceding year of 2017, limestone production grew by 95% in 2018. In the year 2017, 13.9 million tonnes of limestone was produced, while it rose to 27.19 million tons in 2018.

Granite and Laterite followed closely with 9.63 million tonnes and 5.07 million tonnes produced, representing 17% and 9% of the total tonnes of minerals produced in 2018. However, Garnet and Ruby are the least produced solid minerals in 2018.