[SPECIAL REPORT]
Bitumen: In Nigeria, bitumen typically occurs both
h
on the surface and sub-surface. The estimated probable
reserves of bitumen in Ondo State (south-west region
of Nigeria) are 16 billion barrels, while that of tar sands
and heavy oil is estimated at 42 billion barrels. The
probable reserve of bitumen and heavy oil in the entire tar
sand belt is expected to double the reserves in Ondo State.
The bitumen belt has been marked into six blocks with an
n
average of 600 square km each, four of which have been sold
old
to investors. The remaining two blocks are to be placed for
bidding in future. Currently, the bitumen used in Nigeria is
processed from imported heavy crudes, in addition to bitumen
imported to supplement local consumption. Heavy and extra
heavy crude can be extracted from Nigerian tar sands, and
sulphur and phenol can be derived from these crude grades.
They are also suitable for the production of lubricants for plain
and roller bearings.
Limestone: The largest
and purest deposits of
limestone are found in the
south-west and middle
belt regions of the country.
Limestone in the south-
west region of Nigeria has
been estimated at 31 million
tonnes. Most limestone mining activities are mainly for
cement production. Rich ore constitutes more than 4.5 percent
of the total reserves, with medium grades estimated at 85.4
percent and lean ore at 13.1 percent. Although Nigeria has
about 52 mineral resources across the country, limestone
is estimated to be responsible for about 52 percent of solid
mineral production. This is as a result of the thriving cement
manufacturing industry in Nigeria.
Barites: In a survey carried out by the Nigerian Geological
Survey Agency, proven reserves for Benue and Nasarawa
States (central region of Nigeria) have been estimated at
111,000 metric tons while the estimated probable (unproven)
reserves across the country, where mining is considered viable,
is estimated at 21,123,913 metric tons. Barite is suitable for
glass, paint, and paper making. It is also used in petroleum
well drilling.
28 • Nigeria-India• 2018
Lead-Zin
Lead-Zinc: Lead-Zinc ores are
usua
usually found together. They are
of
often associated with copper
and silver. Lead-Zinc is
found in the north-east
and south-west. They
occur in commercial
quantities in the north-
eastern and central region
o of Nigeria. The estimated
reserve is well over 100,000 tons
of
lead and 80,000 tons of zinc. Lead-zinc ores are used
in the production of batteries, electrical cables, solders glass,
and even protective coatings for other metals.
Gold: Gold is associated with the north-west, central and
south-west regions of Nigeria, although there are smaller
occurrences beyond these major areas. The preliminary
exploration and identifi cation of deposits which is still ongoing
has confi rmed ten sites to be holding reserves of over 50,000
ounces of high quality gold. Till date, over 30 licenses have
been issued to co-operative societies and companies for mining
of gold in the country. Most of the concessions are still at the
exploration stage.
Processing
There are a great number of investment opportunities in the
processing of solid minerals in Nigeria. The lack of processing
facilities in Nigeria is a situation that can be leveraged on by
investors.
Equipment Sales and Rental
As the mining industry in Nigeria is a growth industry,
there is going to be an increased demand for the requisite
equipment. There are currently very few players in this space,
and this presents an opportunity to investors.
Mineral Ore Sales
There is a ready local and international market for mineral
ores. The international market is mostly controlled by China,
and can yield high profi ts for an investor.
Consultancy
There are also opportunities for professionals with acquired
expertise in the mining industry. Services like geological
survey, preparation of feasibility study, securing mining sites
and license, equipment procurement, sethe curing export
contract, among others, can be rendered in the industry. There
are also opportunities for business consulting and advisory
services.
Source:
https://www.nipc.gov.ng/solid-minerals/