The 2024 Edition of the Annual Roundtable of the Geological Society of Nigeria (GSN) will focus on how to access capital for mining projects in the country,’ a statement from the Society has said, adding that it will also spotlight the need for operators and policy makers to intentionally embrace innovation as a propelling force in the development of the mining sector.
President of the Society, Mr. U. S. Malami who discussed the details of the event that is scheduled for September 2, 2024, noted that the theme, “Financing Nigerian Mining Assets” was carefully as a strategic response to the most daunting challenge confronting miners in the country.
Malami, who was Chairman of the Board of Solid Minerals Development Fund (SMDF), stated: “In Africa, what has frustrated miners is one fundamental thing: funding,” adding that the Society has strategically collaborated with institutional partners like the Solid Minerals Development Fund (SMDF), Bank of Industry (BoI), and the Nigerian Export Import (NEXIM) Bank to drive the agenda for access to the funds that will unlock the over $700bn estimated resource worth of the Nigerian mining sector.
He announced that the Society attracted the collaboration of a globally renown European mining company, Ontranto Partners to GSN Roundtable 2.0, adding that the participation of Otranto Partners heralds the beginning of a new vista for participation of international mining companies in annual Roundtable Events of the Society.
“We are also expecting the participation of the New Frontier Development Company which is a Nigerian based investment advisory firm,” he said, adding that the firm has offered reliable advise to mining firms in Africa.”
“The Miners Association of Nigeria has also been invited and we are optimistic that they will add no mean value to the event,” adding that geologists beyond the shores of Nigeria are expected to also tune in to the event.
“Discussions at the Roundtable in August will not only focus on accessing funds from the money market, but it will include how to unlock funds from the capital market,” the president disclosed, adding that the Security and Exchange Commission (SEC) has been invited in this regard. We invited SEC so that they will understand the mining sector and expand the participation of mining companies in the country’s capital market.
The feedback received from industry stakeholders on the maiden roundtable indicated that capital is critical for mineral exploration.
The Society is optimistic that the Roundtable will serve as the specialized platform for investors who desire to acquire the knowhow of access to capital for the financing of mining projects in Nigeria.
“Geologists will also be on ground,” Malami assured, adding that the essence of inviting geologists is to equip them with the understand of relationship between the various mineral reporting standards, and ensure that they know what they ought to know about the standards.
“The Roundtable that will hold at Shehu Musa Yaradua Center will host the best known credible financiers, financial gurus, development partners and the discussion is to brainstorm on what needs to be done to unlock financing for Nigeria’s mining assets.”
“Join industry experts, investors, and policymakers on September 2nd, 2024, at the Yardua Center Abuja, to shape the future of Nigeria’s mining industry,” he added.
