FG, Egyptian Firm Sign Agreement on Gold Mining

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Uche Ogah

By Kasim Sumaina

A leading private gold development and mining firm in Cairo, Egypt, Messrs La Mancha Incorporated, 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 Minister of State, Mines and Steel Development, Mr. Uchechukwu Sampson Ogah, who 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.

A statement by the Director, Press & Public Relations Department, Mrs. Etore Thomas said that Ohah 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.

He stated: “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 added that efforts by the ministry had started yielding the desired result, noting, this will boost the diversification of the economy through the minerals and metals sector.