A Luxembourg firm La Mancha to start Gold mining operation in Nigeria in Q1 2021
A Luxembourg mining firm has expressed interest in investing in Nigeria’s Gold industry and followed it up with an Expression of Interest Agreement with the government with aim of starting operations in the first quarter of 2021.
According to a statement by the Ministry of Mines and Steel Development, the company Messrs La Mancha Incorporated is a leading Luxembourg Incorporated Private Gold Development and Mining Company in Cairo, Egypt.
The statement signed by the Ministry of Mine’s Director of Press Department, Itore Thomas said the signing ceremony was coordinated by Egyptian African Arab Company for Development (EGAAD) in Cairo, Egypt.
The statement said that the Minister of State, Mines and Steel Development, Uchechukwu Sampson Ogah, expressed optimism that with the signing of the Expression of Interest by La Mancha, the efforts to attract big investors into the Sector will continue to yield the expected result.
He said the development would also boost the government’s diversification of the economy through the minerals and metals sector.
La Mancha Holdings Incorporated is said to have portfolio companies including Endeavour Mining, Golden Star Resources, and Altus Strategies, others, and with a market capital in excess of about $10 billion and over 1.2Moz of gold production.
The country stands to benefit immensely from the partnership, the minister said, noting that the collaboration would further cement African brotherhood in a way that ensures development within the continent using its abundant gold resources.
“Our ultimate goal is to attract investors with the technical and financial competence to invest in our solid minerals sector, from detailed exploration to mining, development, processing and refining to producing standard ores in Nigeria,” Ogah said.
The Minister also assured La Mancha of the Federal Government’s readiness to provide an enabling business environment for the timely realization of its investment interest and provision of available geoscience data and necessary support.
On his part, the Chairman of La Mancha, Naguib Sawiris, disclosed that the signing of the document was its way of formally expressing the Company’s interest to begin earnest operations in Nigeria.
Sawiris said La Mancha has been looking at new opportunities to expand its investment in Gold mining across Africa, adding that Nigeria possessed enough gold deposits to bid for investment.
He also acknowledged that Nigeria apart from being the largest market in Africa, there has been political stability in the country since the inception of democratic governance for over a decade, and that also attracted his company to invest in Nigeria.
He also disclosed that the operation will commence by the first quarter of 2021.