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Nigeria: 'How Country Can Take Advantage of Oil Prices'
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This Day (Lagos)
8 May 2008
Posted to the web 8 May 2008
Patrick Ugeh
Abuja
The runaway prices of crude oil on the international market may work in favour of the solid mineral mining sector in Nigeria, the World Bank representative and Task Team leader of the Sustainable Management of Mineral Resources Project, Mr. Craig Andrews, has said.
He gave this verdict yesterday at the mid-term review workshop held in Abuja where he affirmed that the government's projection of making solid minerals contribute five per cent to the country's GDP in the next ten years was realisable.
He said the phenomenal rise in prices of minerals, some by 100 per cent, had serious implications for the solid minerals sector as companies across the world were looking for new frontiers where they could develop in tranquility.
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According to him, "Over the last four years, and in the past four months, we have seen a phenomenal rise in the prices of every mineral commodity. Two years ago, the price of an ounce of gold was under $500 but today, it is under $1000, double the price in 24 months. The price of a pound of copper was $1.58 cents. Today, that same pound of copper is $3.87 cents, more than a doubling of the price".
"The rise in the daily price of oil has serious implications for the mining sector. Companies are increasingly looking for new frontiers, to find new mineral deposits, to look for virgin territories where they can develop in tranquility and security of tenures the minerals that the world needs. The consequences of the upturn of prices and interests of investors are expressed in equities markets in London.
Melborne, New York, Johannesburg where international companies and Nigerian companies can access the funds they require to bring these mineral deposits.", he said.
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