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Russian investors to develop Nigeria’s mining industry

RUSSIAN investors, led by the Chief Executive Officer, Rosdiagnostika, Mr Yuri Belodid, on Wednesday, said they were ready to explore areas of collaboration with the Federal Government in developing the mining industry of the country.

This came just as the Minister of Mines and Steel Development, Mr Musa Sada, said sustainable development of the mining industry called for collaborative efforts of private investors and other stakeholders in the industry.

This came to fore during an official meeting with the Russian delegation of private investors, where the minister added that the mining sector could move forward and achieve the desired results if private sectors were encouraged to come and participate, while the government played its role as regulator.

Sada, however, decried the failure of the previous concessionary agreements of the Ajaokuta Steel Company Limited and National Iron Ore Mining Company, Itakpe, saying that the Federal Government would collaborate with other agencies, such as Bureau of Public Enterprises (BPE), among others, to take decisions that would ensure sustainable development of the sector.

He said the ministry was also taking proactive steps at facilitating speedy approval of mining licenses and grants to potential investors, adding that the Federal Government would be happy to have private companies in the reactivation process of the moribund steel companies in the country.

“We will be very happy to have people that have proper knowledge of what the factory is all about to be part of its rejuvenation process,” he said.
Earlier, Mr Belodid commended the existing bilateral relationship between Russia and Nigeria, which, he said, was critical to the development of the nation’s solid mineral resources, particularly Uranium and steel industry.