Federal Government to auction National Integrated Mineral Exploration Project to fund mineral exploration.

The Federal Government has announced plans to conduct more exploration activities in the nation’s mining sector from the sale of its National Integrated Mineral Exploration Project (NIMEP).

According to the Minister of Mines and Steel Development, Olamilekan Adegbite, at the Nigeria Mining Summit organised by the Lagos Chamber of Commerce and Industry (LCCI), NIMEP would be sold through auction to have a revolving fund to carry out more exploration activities in the country.

He added that under the scheme, about 50 million dollars has been spent to explore four solid minerals out of the 44 minerals discovered.

He said the whole essence of the summit is to explore ways of funding the mining sector, saying that the CBN needs to do more to support the sector in terms of funding.

Amen J Kantiyok