“GOLD REFINERY IN LAGOS: PRIVATE INITIATIVE, NOT FEDERAL GOVERNMENT PROJECT”
GREATRIBUNETVNEWS–THE Ministry of Solid Minerals Development has denied allegations by the Northern Elders Forum (NEF) that the Federal Government sited a gold refinery in Lagos, violating the principle of federal character.
Here are the key issues:
– Ownership: The gold refinery is a private initiative of Kian Smith, a 100% privately-owned mining company, and not a federal government project.
– “There is no iota of truth in the allegation. The new gold refinery is the initiative of Kian Smith, a 100 percent privately owned mining company.”
– Location: The location of the refinery is determined by the company’s operational and marketing strategy, not by the Federal Government.
– “How could the Northern Elders Forum NEF expect the Federal Government to force a private company to locate its operations in a particular area of the federation when each company has its operational and marketing strategy to ensure its profitability?”
– Policy Support : The refinery aligns with the Ministry’s Value Addition policy, which discourages raw mineral exports and promotes local processing and manufacturing.
– “The refinery captures the response of the solid minerals sector to the policy of Value Addition… which discourages the export of raw minerals and localizes the processing and manufacturing of minerals.”
– Investments : The policy has attracted significant investments, including a $600 million lithium plant in Nasarawa State and a $400 million rare earth plant in Nasarawa State.
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Northern Elders Forum Allegation: The Ministry describes the NEF’s allegation as “deliberate mischief” and “a parade of ignorance in the service of mischief”.
– “We are shocked at the debilitating degeneration in the quality of leadership of the NEF… This negligence could only have been the result of deliberate mischief, orchestration of mistrust and acceleration of irresponsible militancy.”
The Ministry of Solid Minerals Development shall continue to encourage more mining companies to set up processing and manufacturing plants across the country. We urge NEF to turn a new leaf and join the efforts of President Bola Ahmed Tinubu, GCFR to build a stronger, self-reliant economy that meets the needs of the Nigerian people.
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