FG to save $300m from barite importation – Minister

FG to save $300m from barite importation – Minister

The Minister of Mines and metal improvement, Mr Olamilekan Adegbite, says the Federal authorities will soon ban the importation of barite to help the country keep foreign exchange for different beneficial purposes.

Adegbite, who said this when he featured as a special guest on Newsmen forum, noted that approximately $300million changed into spent yearly to import barite from Morocco.

Barite is a mineral inclusive of barium sulphate, generally happening as colourless prismatic crystals or skinny white flakes used inside the oil industry and also a part of the drilling mud mixture.

The minister stated a consultant have been engaged with the aid of the ministry to workout modalities for sourcing barite domestically and also quit its importation into the u . S . A ..

“Nigeria has been spending tens of millions of dollars each year on barite. We import barite from Morocco, about three hundred million dollars really worth annually, and that is some thing we’ve in Nigeria.

“we’ve barite everywhere in the country (in Nasarawa, move River States); so, why can’t we produce our barite. There are requirements required with the aid of the enterprise and we’ve it.

“the first aspect is that it’s far measured by specific gravity; will we have the specific gravity this is required? We do, but the processing is what’s lacking.

“when I got here to office, I got a representative to paintings with me on barite and we stated we have to take barite from the thoughts to the web page and it’s far on direction.

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“when you mine the barites it comes like huge stones and you want to crush them; when you weigh down them, you mill for it to emerge as first-class debris, so there is a popular and specification of the milling. The last aspect is bagging.

“The bagging must be proper. As soon as we’re able to meet that, nobody will ought to import any barite in Nigeria again and we can shop Nigeria the foreign exchange; we sell and as nicely create employment,” he said.

In line with the minister, efforts are being intensified to diversify the kingdom’s financial system, from oil-based totally to non-oil based, to allow it live to tell the tale the upcoming world recession necessitated through Coronavirus (COVID-19) pandemic.

This, he stated, changed into evident within the production and release of the first gold bar by way of President Muhammadu Buhari on July sixteen through the Presidential Artisanal Gold Mining development Initiative (PAGMI).

Adegbite said plans were concluded, with a Canadian agency, to allow Nigeria to begin to export gold by means of 2021 as a part of the economy diversification plan of the existing administration.

He defined that the country had a verified deposit of one million oz. Of gold with a prospect of over two hundred million oz.

“We ought to initially acquire data about a specific mineral to realize the quantity we have and that begins from what we call Aero Magnetic Survey accomplished by using specialised aircraft which fly very low with a view to acquire data.

“From our Aero Magnetic Survey, we recognize we have gold in many States – Zamfara, Kebbi, Niger, Kaduna, Osun and now Kwara, even FCT- but it is going beyond that.

“there’s what we call ‘proven deposit’ and you attain this by drilling.

“Now, as at nowadays, the proven deposit that we’ve is over a million oz. However we consider that the possibility can be over two hundred million oz.

“we have a Canadian organisation in Nigeria that is working out something in Osun; they have already got at least a million oz. Of demonstrated deposit.

“The plan is to begin processing and exporting gold via the give up of the year but, due to COVID-19, it might be inside the first quarter of subsequent yr,” Adegbite said

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