The Minister of Solid Minerals Development, Dr. Dele Alake believes that adding value is essential for mining activities in the country.
In mining and quarrying, value added is the value of the output of the industries minus the value of intermediate consumption.
During a visit to the $600 million African Natural Resources and Mines Limited facility in Kaduna State, the Minister commended the investors' determination and foresight in building one of the largest foreign investments in the mining sector, focusing on the mining and processing of magnetite iron-ore.
Alake stated that the company shares his vision of adding value and improving through its iron ore processing, and encouraged other mining companies to follow suit.
He reiterated the Federal Government's stance of not granting mining licenses to companies without plans for adding value.
The Minister drew parallels between the experience of ANRML and the economic situation in the country, emphasizing the importance of resilience, courage, and laying a solid foundation for success, and expressing hope for economic transformation.
According to the minister’s Special Assistant on Media, Segun Tomori, the Minister highlighted African Natural Resources and Mines Ltd. as an example of what can be achieved with determination.
The Minister emphasized the administration’s determination to succeed and restructure the economy, drawing comparisons to the company's early days and expressing hope for prosperity once the gestation period is over.
Alake added that when the gestation period is over, the results will show and prosperity will follow.
The Minister of Industry, Trade and Investment, Dr. Doris Azoka-Aniete praised the company's significant progress in iron ore production and processing, stating that the company will contribute to the nation’s efforts to enhance local steel manufacturing and automobile production through the Nigeria Automotive Industry Plan.
The ANRML operations include magnetite iron-ore mining, beneficiation, and pelletisation processes, which lead to Direct Reduced Iron, positioning Nigeria as a major crude steel producer upon the start of exports.
