Gold: Egyptian Firm Signs EoI Agreement with FG

Dr. Uchechukwu Sampson Ogah

By Kasim Sumaina

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

The Minister of State, Mines and Steel Development, Mr. Uchechukwu Sampson Ogah, made this known during the signing ceremony, which was coordinated by Egyptian African Arab Company for Development (EGAAD) in Cairo, Egypt.

He stated that the signing of the Expression of Interest by La Mancha is to attract big investors into the sector.

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

According to him, “Nigeria stands to benefit immensely from the partnership. The collaboration would further cement African brotherhood in a way that ensures development within the continent using its abundance gold resources.”

He added that the efforts the ministry has put in place have started yielding the desired result, noting: “This will boost the diversification of the economy through the Minerals and Metals Sector.”