Mining: FG backs establishment of plant with $400m FDI projection
The Minister of Solid Minerals Development, Dr Dele Alake, has announced the Federal Government’s support for the construction of a plant in Nasarawa state.
Alake said this in statement by his Special Assistant on Media, Segun Tomori, on Sunday in Abuja, He said the plant was projected to generate more than 10, 000 jobs nationwide, adding that it has a projection of 400 Million dollars in Foreign Direct Investment (FDI).
According to him, the project is Africa’s largest rare earth and critical minerals plan, which will be funded by a private organisation, Hasetins Commodities Limited.
The minister lauded the funders for the move, noting that it aligns with the value addition campaign of President Bola Tinubu’s administration for in-country processing and beneficiation of minerals.
He said that the move was also a confirmation of the capacity of adopting mineral processing as a strategy in creating job opportunities.
“Hasetins hopes to add 12,000 metric tonnes to its current 6,000 metric tonnes installed capacity as preparations for the forthcoming groundbreaking of the additional facility gathers momentum,” he said.
He described the move as a significant milestone in efforts to spur investor confidence in the mining sector. He said that the firm would promote skills transfer and boost the contributions of the solid minerals sector to the economy.
“I applaud the company for its strategic foresight and patriotic investment in a 400 million dollars rare earth metals plant ,”he said. The management of Hasetins, in a recent statement, said that the company’s model was adopting early-stage beneficiation for the plant.
This is by pre-separating metals locally, generating immediate income for artisanal miners alongside training, provision of protective equipment and broader community engagement.
Hasetins Commodities Ltd specialises in producing critical metals essential for high-tech applications and defence systems, including rare earth metals and Platinum Group Metals (PGMs). #Mining: FG backs establishment of plant with $400m FDI projection#
