UK and South African firms to inject $1bn into Nigerian mining activities

26 October 2011 (Last Updated October 26th, 2011 18:30)

UK-based Savannah Mining, South African firms Equator Minis and VML Resources will invest $1bn to improve mining production in Nigeria.

UK-based Savannah Mining, South African firms Equator Minis and VML Resources will invest $1bn to improve mining production in Nigeria.

The firms will inject the funds into Nigeria's Equator Mines with the aim of increasing mining activities in Bauchi, Plateau and Kaduna states.

One of the targets of the contract, according to Equator Mines managing director Gallio Dagu, is to produce 50,000t of tin in the short term and scale this up to 100,000t in the long term, reports the Daily Times NG.

The firm will also exploit about 100,000oz of gold in Kebbi State.