LAGOS: A leading mining company in Nigeria, Promethean Resources Limited, has projected a total of N59.74 billion ($300 million) foreign exchange earnings from tin exports by the end of this year.
The company hopes to produce 500 metric tonnes of tin per month by the end of the year, up from the current 100 tonnes it currently produces.
If this feat is achieved, Nigeria’s tin export is likely to increase by 23 percent, up from the country’s current monthly export of about 1500 tonnes.
Briefing the Ministry of Mines and Steel Development on the company’s mining activities in Nigeria, Managing Director of the company, Demola Gbadegesin, disclosed that the company has invested over N3.98 billion ($20 million) in tin mining in Nigeria, with its Gurum Tin Mining producing about 100 tonnes of tin per month.
The company is also set to commence tin production from two other mines, a development which will further swell the nation’s tin export.
He also disclosed that the company has reached advanced stage in building Tin Swelter, which can further process tin concentrate and increase quality from about 75 percent to 99 percent.
The Minister of Mines and Steel Development, Architect Musa Muhammed Sada, expressed satisfaction with the activities of the company and pledged the support of government in areas of access to funding and additional mining titles.
