Cross River Partners Federal Ministry Of Solid Minerals On Coal To Power Projects

In Breaking News, Business & Economy, National News, Reports

By CrossRiverWatch Admin

Governor Ben Ayade and Dr. Kayode Fayemi meeting at the sideline of the ongoing Mining Indaba in Capetown South Africa

The governor of Cross River State, Senator Ben Ayade is continuing his investment drive in Capetown, South Africa where he is attending the ‘Investing in African Mining Indaba’, the world’s largest mining investment conference and the largest mining event in Africa.

The event also known as Mining Indaba, is attended annually by the most influential stakeholders in African mining –investors, mining professionals, government officials, financiers, and mining service providers.

More than 6,000 delegates from global mining and exploration companies, international investors, African and non-African governments, and a wide range of service providers including mining equipment companies, mining services providers, law firms, investment banks and financial services firms, engineering and research services, tax and accounting companies, and business/technical consultants converge to explore new and innovative ways for the capitalization and sustainable development of mining interests in Africa.

The governor who is on a three weeks investment drive which began in China, met at the sidelines of the mining conference yesterday with Nigeria’s Minister of Solid Minerals, Mr. Kayode Fayemi who is also attending the Mining Indaba in Capetown.

The duo discussed the strategic benefits of increased investment in the state solid mineral sector particularly the coal-to-power-project as well as the mineral geological mapping of Cross River state.

Speaking after his meeting with the Minister, Governor Ayade said he was optimistic that with the recent approval by the federal government for the implementation of the 13 percent derivation from mineral revenues, another opportunity has been opened for the state to sustainably exploit her rich mineral resources and decouple the state from federal allocation.

“Cross River State fiscal deconjugation from the Federation is a non reversible decoupulation process. We are here in Capetown to seek technical partnership to switch Cross River into an overdrive mode in self reliance. South Africa depends strictly on tourism and solid minerals and Cross River is same and more.” the governor said.

The Minister assured the governor of the federal government’s willingness to partner with state as well as FG’s avowed determination and political will to develop the sector and reposition it as one of the leading revenue earners for the country.

The state is currently reported to have a minimum of 28 solid minerals available for commercial exploitation and the Minister of Mines and Steel Development, Kayode Fayemi announced last year in Sokoto during a two-day workshop on Special Purpose Vehicles in the development of the mining sector that, “We (the ministry) have gotten approval for the implementation of the constitutionally guaranteed 13 per cent derivation for mineral revenue to states, this is similar to the derivation that oil-producing states are currently enjoying from the Federation Account.”

Cross River State announced its acquisition of mining and mineral reconnaissance licenses in October 2016 and is planning to set up companies to commercially exploit the available mineral resources in the state.

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