10 October 2008

Nigeria: Multiverse to Acquire Mineral Extractive Sites in Four States By 2010

Multiverse Resources Plc, a company specialised in mining, has announced its plans to expand its operations across the major geo-political zones in the country, even as it intends to acquire mineral extractive sites in four states before the end of 2010.

Speaking during the listing by introduction of its three billion ordinary shares of 50 kobo each at N1.80 per share on the Nigerian Stock Exchange (NSE) in Lagos on Wednesday, the Managing Director of the company, Mr. Ayedun Fasina disclosed that it hopes to acquire extractive sites in Abuja, Enugu and Cross Rivers states before the end of 2010.

He said, "The company has two granite deposit sites with combined deposits reserves of 50 million metric tons of granite projected to last for 20 years, machine installation processes have commenced at two new sites.

This will be completed by December 2008, at which time the installed capacity will be 900 tons an hour. We intend to achieve a production target of 120,000 tons per month by the end of the year 2008. We also hopes to expand our operations to other parts of the country such as Abuja, Enugu and Cross River states."

He disclosed that it intends to diversify its operations into other areas of exploration and mining of solid minerals, such as marble, baryte kaolin among others, in addition to maximising the exploration of its over 50 million metric tons of granite stones and acquiring more granite reserves at other strategic locations.

He stated that it has concluded plans to enter into strategic alliances with international mining companies with the aim of expanding its capacity to explore the nation's mineral resources, and also intends to emerge a dominant player in its industry, accounting for 25 per cent market share in the production and sale of granite and solid minerals in the country.

He expressed its determination to contribute in the drive towards affordable housing, making it possible for every Nigerians to build their own homes at affordable cost, as it plans to crash the prices of granite in the country, making it affordable and easy to purchase.

He further stated that its products are in high demand across the country, especially by majority of the construction companies, as it presently deal with almost all the major construction companies.

He said, "Our quarry operations are presently located at a very close proximity to Lagos state, and is suitably connected to the highway and national power grid. Our strategic location and closeness to the national network of highways and proximity to the country's commercial centre makes it easy for the company to make stone available at construction sites within the shortest time.

He promised attractive returns for its shareholders and other stakeholders. To this end, the company is projecting a turnover of N605 million, N2.61 billion, N4.64 billion and N7.55 billion and a dividend per share of five kobo, 10 kobo, 20 kobo and 30 kobo in its 2008, 2009, 2010 and 2011 financial years respectively.

Copyright © 2008 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.