Federal Government to auction NIMEP to fund mineral exploration

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Following the sale of its National Integrated Mineral Exploration Project, the Federal Government has announced plans to conduct additional exploration activities in the nation’s mining sector (NIMEP).

According to the Minister of Mines and Steel Development, Olamilekan Adegbite, at the Nigeria Mining Summit organised by the Lagos Chamber of Commerce and Industry (LCCI), NIMEP would be sold through auction to have a revolving fund to carry out more exploration activities in the country.

They also stated that approximately $50 million has been spent under the scheme to explore four solid minerals out of the 44 minerals discovered.

“NIMEP is a government program to show the way,” he added, “but the money is still very small, and with the $50 million we had, we were only able to do four minerals out of the 44 minerals discovered.” Exploration is a very expensive project, so the $50 million could only be used to target four minerals.”

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