Egyptian firm plans gold mining investment in Nigeria

The Federal Government has signed an Expression of Interest Agreement with leading Luxembourg Incorporated Private Gold Development and Mining Company in Cairo, Egypt.

The agreement, signed between the Ministry of Mines and Steel Development and the company’s Messrs La Mancha Incorporated, is for the investment in gold mining in Nigeria.

Director of Press in the ministry, Etore Thomas, announced the signing of the expression of interest agreement in a statement in Abuja.

The statement said: “Messrs La Mancha Incorporated, a leading Luxembourg Incorporated Private Gold Development and Mining Company in Cairo, Egypt, has signed an Expression of Interest Agreement with Ministry of Mines and Steel Development to invest in gold mining in Nigeria.

“Speaking during the signing ceremony coordinated by Egyptian African Arab Company for Development (EGAAD) in Cairo, Egypt recently, the Minister of State, Mines and Steel Development, Dr. Uchechukwu Sampson Ogah, stated that with the signing of the Expression of Interest by La Mancha, the efforts to attract big investors into the Sector have started yielding the desired result. He added that this will boost the diversification of the economy through the Minerals and Metals Sector.

“Dr. Ogah expressed satisfaction that 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.”