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World Bank to assist solid mineral miners

by Business News Report

Minister of Solid Minerals Development Dr Kayode Fayemi, says the World Bank has begun efforts to support the big mining operators with intervention funds. He disclosed this while receiving the World Bank representative, Mr Michael Stanley, in Abuja.

He said that the ministry had made efforts to draw the bank and other development partners to assist the big mining operators. He said that the World Bank assisted the ministry between 2005 and 2012 with grants to develop the sector.

About $120 million was released by the World Bank as Solid Minerals Development Fund to facilitate developmental projects in the ministry. The fund was used for the renovation of the ministry’s headquarters, equipping of the Nigerian Mining Cadastre Office and the Nigeria Geological Survey Agency.

It was gathered that the World Bank would release another intervention fund to the big time miners that could attract huge mining investment and investors to the industry before the end of 2016.

According to the minister, the bank officials’ visit to the ministry is to meet and discuss areas to assist the mining operators. Stanley, Global Lead Extractives, World Bank, said the visit was for detailed discussions and areas to assist the mining operators. Stanley said that mining countries were being judged with the level of success made, adding that the bank would look at areas to assist the operators. The meeting with the big time operators was held in closed door.


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