Gold Minning: FG signs agreement with Egyptian Firm.

By Simdi Gloria:-

Messrs La Mancha Incorporated, a leading private gold development and mining firm in Cairo, Egypt has signed an expression of interest agreement with the Ministry of Mines and Steel Development, in a bid to invest in gold mining in Nigeria.

The State Minister, Mines and Steel Development, Mr. Uchechukwu Sampson Ogah, made this known during the agreement signing ceremony which was coordinated by Egyptian African Arab Company for Development (EGAAD) based in Cairo Egypt, stated that the signing of the agreement by La Mancha was to attract big investors into the sector.

Mrs Etore Thomas, the Director, Press & Public Relations Department released a statement saying that Ogah expressed satisfaction with the collaboration between the federal government and La Mancha Holdings Incorporated and other portfolio companies such as Endeavour Mining, Golden Star Resources, and Altus Strategies among others and with a market capitalisation in excess of about US$10 billion and over 1.2 million ounce of gold production.

Ogah stated that “Nigeria stands to benefit immensely from the partnership, noting that the collaboration would further cement African brotherhood in a way that ensures development within the continent using its abundant gold resources.”

He further added that the ministry efforts have started yielding desired results and that there will be a boost in the diversification of the economy through the minerals and metals sector through this.

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