Be involved in mining sector, minister woos private sector

Mr Olamilekan Adegbite, Minister of Mines and Steel Development active involvement of private sector in mining is fundamental to its growth to generate fund.

Adegbite made this known at the News Agency of (NAN) Forum in Abuja.

According to him, involving the private sector in mining is crucial to the growth of the industry, as mining is capital intensive and it has a gestation period.

He said that the had included the private sector on its 2007 Amendment Act that is currently at the  National Assembly.

The minister noted that the Solid Mineral Development Fund that established federal government to cater for mining activities grossly under-unded.

“It to be funded with N200 billion but unfortunately it has not been funded adequately since it established,” he said.

On Bitumen, Adegbite said many investors had declared interest on the mineral from all over the world.

“We are preparing for that by last of the year, we are looking at, sometimes, in when the advertisement will be out for interested investors to apply.

“We are looking at the biding process to start by October and winner of bitumen blocs will be announced and the whole process of Bitumen mining will start,” he said.

NAN recalls that has deposit of Bitumen in Lagos, Ondo State, Edo and Ogun.(NAN)