The Oyo State Government says it is working on a global exhibition of the state’s solid mineral resources through qualitative partnership with Fasken Global Mining Group, one of the biggest mining companies in the world.
This is in a bid to develop the state’s solid mineral sector and reposition the Pacesetter Mineral Development Company (PMDC), a limited liability company and Special-Purpose Vehicle owned and used by the state to acquire solid minerals titles with a view to positioning the state as a major player in the sector.
The state Governor Seyi, Makinde disclosed that the decision to attract investment into the solid minerals sector and build infrastructure around it is because solid minerals had been identified as a veritable source for increasing the state’s revenue.
Makinde, who led the Oyo State team to a meeting with the leadership of Fasken Group in London recently to initiate the collaboration, assured the group of the government’s unwavering commitment to turn the state into a global hub for mineral development towards economic growth and sustainability.
The Oyo State team said it planned to leverage Fasken’s acknowledged industry contacts, knowledge and competence to develop its solid minerals, boost its economy, widen its revenue base and create employment opportunities for its people.
The delegation said the siting of the International Gemstone Market, which is a partnership between the State Government and the Federal Government, in Adan, Akinyele Local Government Area of the state, underscored the importance of the state in the solid mineral sector.
Speaking on the collaboration, the Director-General of the Oyo State Mineral Development Agency and Executive Chairman of PMDC, Abiodun Oni, noted that the state wanted partnership with the company so as to benefit from its vast resources and expertise.
Oni said: “We want to engage your company, Fasken’s Global Mining Group, in order to tap into your vast knowledge of the sector to leverage the values of your industry’s expertise, mining contacts, access to financing and global reach.
“We, therefore, seek a mutually beneficial proposal with strong recommendations for a complete business restructuring and repositioning of PMDC for a greater productivity and profitability,” he appealed.
Already, the state had acquired 17 mineral titles to run an investment drive and it is expected that a Memorandum of Understanding between Oyo State and Falken Group would be signed in the ensuing weeks to seal the partnership.
