The Federal Government, through the Solid Minerals Development Fund (SMDF), has signed a Memorandum of Understanding (MoU) with the Africa Finance Corporation (AFC) to fund three major initiatives: a $1.3 billion alumina project, a comprehensive geoscience mapping exercise, and a strategic investment vehicle.
The alumina project, upon completion, is expected to produce at least 1 million tonnes of bauxite ore per annum, utilising a modern Bayer-process flowsheet with an on-site gas-fired cogeneration plant for steam and power.
Speaking at the signing ceremony, Dele Alake, Minister of Solid Minerals Development, described the MoU as a landmark deal poised to transform the mining sector and increase its contribution to the nation’s Gross Domestic Product (GDP).
