Monday 25th September, 2017
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NIOMCO wants adequate funding to resume production

NIOMCO wants adequate funding to resume production

The National Iron Ore Mining Company Limited (NIOMCO), Itakpe Kogi State has expressed the need for Federal Government to urgently release funds to fast track production in the company.
 
The Chief Executive, NIOMCO, Mr. Bernard Nnagha made the call during a visit by journalists covering the Mines and Steel Sector to the company.
 
He said with the benefits of the due diligence and cold tests jointly carried out by NIOMCO and Global Infrastructure Nigeria Limited (GINL) in the course of implementation of the Modified Concession Agreement (MCA), it is expected that resumption of production at NIOMCO is achievable in a couple of months, if required funding is available.
 
According to him, with the continued support of the minister, the management is currently doing everything possible to secure and maintain the over $1 billion Federal Government investments at NIOMCO in spite of a challenging vast of expanse of over 8,000 hectares of land , remote location , bushy environment, absence of perimeter fencing and funds constraints.
 
Nnagha also said the present efforts by the federal government of Nigeria to resolve the over eight years outstanding issues with the Global Infrastructure Nigeria Limited (GINL) and the Modified Concession Agreement (MCA) is seen as a veritable way forward for an early development of the Nigerian Iron Ore and Steel Industry which remains the missing bedrock of the nation's industrialization aspirations.
 
He said NIOMCO has achieved among other things improved security operations, regular power supply after over 21months of power outage and maintenance of and harmony among staff.

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