Local Value Addition Critical for Boosting Mining Sector, Says Alake
The Minister of Solid Minerals Development, Dr. Dele Alake has rallied the support of the international community for local value addition in the mining sector, asserting that it is critical for the development of the mining industry and Africa’s economy.
Speaking as a panellist at the opening session of the ongoing Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, titled ” Why the Super Region? Should the Super Region Have Its Own Critical Minerals Strategy?” Alake stressed that as the world strives to achieve net zero environmental impact in all processes of mining operations, emphasis should shift to local value addition, as against the age-long practice of carting away raw mineral resources.
“For us in Nigeria, and most of Africa, the idea of a super region is quite significant in order to harness the mosaic, distinctive mineral resources that are within the confines of our super regions and consequently achieve a sustainable energy mix for the world. In Nigeria, we have prioritised the development of our critical minerals and rare earth metals. So the idea of inclusivity in a super region entails collaborative efforts, not only in the area of investments but technology transfer, knowledge sharing, and, more importantly, for us in Africa, local value addition.
” In Africa, we know we need a lot of infrastructural development. That is why the significance of the super region can not be overemphasised. The onus falls on us all to map out strategies of creating concrete alliances and integration of our economic interests. For instance, it is a known fact that Africa holds a significant percentage of critical minerals, which are now in demand as the world transitions to green energy. Therefore, the continent can no longer be given the shorter end of the stick, “Alake asserted.
The Minister reiterated that the strategy of inclusivity in the super region should ensure that the practice of exploitation via mere extraction of mineral resources gives way to conscious efforts to developing the mining industry value chain that will culminate in processing minerals into finished products, which will herald economic development for countries in the continent.
Other panelists that participated in the session include Pakistani Minister of Energy, HE Muhammed Ali; United Kingdom Minister of State for Industry and Economy, HE Nosrat Ghani ; Chairman Anglo American, Stuart Chambers; Vice-Chairman CMOC Group, Steele Li; CEO Ma’adeen, Robert Wilt.