Nickel Worth Billions of US Dollars Discovered in Northern Nigeria
Category: Business News
According to the Australian Newspaper, a mining syndicate lad by Hugh Morgan has discovered a highly unusual nickel worth billions of US dollars in northern Nigeria. "The discovery is unusual because the nickel is found in small balls up
to 3mm in diameter of a high purity in shallow soils in what could be
the surface expression of a much bigger hard-rock nickel field."
"The nickel balls, rumored to grade better than 90 per cent nickel and
thought to be a world first given their widespread distribution, offer
the potential for early cashflow from a simple and low-cost screening
operation to fund a full assessment of the find that has exploration
circles buzzing."
Details on the find are sketchy, the reporter says
When asked to comment last week, Mr Morgan would only say it was for the Nigerian government to make an announcement.
Nickel is no stranger to the Liberal Party bulwark and former Reserve
Bank board member. Between 1990 and 2003 he was chief executive of
Western Mining Corporation (taken over by BHP Billiton in 2005) when it
was Australia’s biggest nickel producer.
What is known is that Nigeria’s Minister for Solid Minerals, Kayode
Fayemi, is listed to speak at the three-day Africa Down Under mining
conference at Perth’s Pan Pacific Hotel next month, with past
conferences drawing bumper crowds.
Dr Fayemi is to speak first on Wednesday September 7, and Mr Morgan will
follow along with consulting geologist Louisa Lawrance. Mr Morgan is
listed as speaking as a director of the private company Comet Minerals.
The discovery, Titan, is rumoured to be close to Dangoma, a small
farming town about 160km northeast of the Nigerian capital of Abuja.
Dr Fayemi is one of 13 African mines ministers to attend this year’s
Africa Down Under, reflecting the importance African nations place on
attracting Australian mining expertise and funding for mining.
Nigeria itself has a stated ambition to grow its mining sector as an
offset to its dependence on the oil industry, which has been ravaged by
the slump in prices.
It has said it wants to attract billions of dollars of new investment in
the sector, a push that could benefit from likely international
interest in the Titan find by Mr Morgan’s private syndicate.
Earlier this month, Dr Fayemi told Bloomberg that about $US5 billion would “kickstart the mining sector”.
“In two to five years, we want to have started production of iron ore, lead, zinc, bitumen, nickel, coal and gold at a serious scale,” he said
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