These solid mineral deposits you mentioned, does the state have them in commercial quantities?
One of these companies called New Frontier Kaduna Nigeria Limited, will start exporting the processed tin from Kaduna state by September 2021. We have a tin processing centre at a place called Banki in Kubau local government area. That was done with the intervention of the federal government. We have already signed exports contracts with some of our off-takers while still in discussions with many others. This will be continuous as we will be expanding.
Let me just say this again, African Natural Resources and Mines is an affiliate of private group called African Industries Group, which has interest in many sectors. They came in on their own here but when they saw what we are doing, we told them that beside the iron ore that brought them to Kaduna, we have other important mineral resources here. We were able to convince them in 2019 to go for a join field visit with us.
But beyond that, we were able to convince them that, beside the original investment in iron ore, they should be interested in other minerals, and they agreed with us. That is why, together with them, we now have two other joint venture companies.Last year, the Zamfara state government’s reported sale of its gold reserve to the Central Bank of Nigeria sparked a lot of controversy.
Secondly, there is what is called the Presidential Artisanal Gold Mining Initiative . This is a fund under the Federal Ministry of Mining and Steel Development called Solid Minerals Development Fund. We signed an MoU on the 22of March 2021 for their interventions. They are going to give us support in the exploration of gold under this PAGMI scheme.
So, it will make it easy for us or any other person that will want to invest, to know that aquamarine is there, amethyst is there, nickel is in this area. So, it is left for the investor to cover it and apply for a title so as to establish the actual quantity and quality of that materials. It is reducing the risk involved, by giving you a more precise information. There are several places where we have carried out due diligence but found out that it is false alarm.
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