Adamawa acquires 12 mining licenses, signs $5bn exploration pact with Swiss firm

Next Story

Police detain suspected cattle rustlers in Ekiti

According to reports, the Adamawa Mining Company Limited says it has acquired 12 licenses for solid minerals explorations in the state.


Shanti Shashi, the state Commissioner of Solid Minerals Resources, disclosed this in an interview with the News Agency of Nigeria in Yola on Tuesday.

Ms. Shashi said the state government had also signed a $5 billion agreement with a Swiss company, BTP Swiss Sovereign Asset, for the exploration of solid minerals in the state.

He said the agreement was signed in June 2016 and would last for three years.

READ Archive:   NSCDC to use ICT for pipelines, mining sites protection

“Adamawa Mining Company has acquired 12 solid minerals exploration licenses from Federal Government.

“The Company has signed five billion dollars agreement with BTP Swiss Sovereign Asset to mine Gold, Diamond, Lead Zinc, Bitumen, Barites, Uranium, and Platinum.

“The investor is a world-class renowned mining company that can generate a lot of revenue and employment for the state,” Ms. Shashi said.

He said the state government also signed a contract agreement with Dangote Cement for the establishment of cement factory in Guyuk Local Government Area of the state.

READ Archive:   EFCC probes Buhari’s ministers for corruption

According to the commissioner, the development will create more revenue and employment for the state and the country at large.

She said that another foreign investor, Smart Group International, had submitted a letter of intent to the government for the establishment of cement factory in Lamurde Local Government Area.

She added that the group’s intention to establish the cement factory was due to huge deposits of gemstones discovered in the area.

“A draft Memorandum of Understanding is in place with Orca Energy Company of the United Kingdom for the recovery of alluvial, Gold, Diamond and other gemstones from Rivers Faro and Benue.

READ Archive:   See First Photos From H.I.D Awolowo's Funeral

“As well as the establishment of state of art equipment and mineral testing laboratory and jewellery plant in the state,” she said.

Ms. Shashi said that the development was part of efforts to diversify the state revenue generation from oil to non oil revenue.

3 thoughts on “Adamawa acquires 12 mining licenses, signs $5bn exploration pact with Swiss firm

Leave a Reply

Your email address will not be published. Required fields are marked *