Nigeria and Saudi Arabia have initiated talks on the extraction and processing of iron ore into steel.

A statement signed by the Special Adviser to the solid minerals minister, Kehinde Bamigbetan, on Monday, said the Minister of Solid Minerals Development, Dr Dele Alake, and the Deputy Minister of Minerals and Energy of Saudi Arabia, Khalid Al-Musdaifer, advanced talks on the partnership at the just concluded Resourcing Tomorrow at the annual Mines and Money expo in London, United Kingdom.

The meeting discussed plans to extract iron ore and process steel in Nigeria.

Saudi Arabia currently boasts a solid steel industry that relies on importing iron ore from various African countries.

However, Alake pitched for the extraction and beneficiation of iron ore to steel in Nigeria, adding that the value-added exports would attract better prices than raw ores.

Responding, Al-Mudaifer confirmed Saudi Arabia’s interest in sourcing iron ore for its steel industry and assured the Minister that the government would consider Nigeria’s proposal for the domestication of the downstream value chain In the country.

The statement said a follow-up meeting is scheduled for Riyadh, the capital of Saudi Arabia, during the Future Metals Forum in January 2025.

It added that Alake also met other investors such as tin manufacturers Woodcross and Gerald Group, fund managers AMG, and Business Idea Development, China.

“Set up by the mining investment group, Core International, the meeting yielded positive results.Woodcross confirmed it had done a preliminary survey of tin mining in Jos and discovered evidence of sufficient tin ores to justify the long-term investment in processing that could meet current global demands,” the statement read.

Represented by directors Mehdi Ali and Hassan Dhanji, Woodcross promised to make a final investment decision in February 2025.

Alake immediately set up a Ministerial Committee to implement the start-up in line with the timeline and provide weekly updates.

On its part, the Gerald Group, led by the head of Business Development, Brendan Lynch, and Vice President of Communications Anya Sarin also reported their research into the tin sector in Nigeria and their willingness for a joint venture.

Alake encouraged them to push for the early take-off of the project, highlighting the plans of the Tinubu administration to float the Nigerian Solid Minerals Corporation, which would be a reliable joint venture partner for the project.

He assigned the task of following up on the project to the Ministerial Committee with a similar mandate.

Alake also held discussions with the Director of AMG Group, Ajay Commem, and Managing Director of Business Idea Management Centere, China, Young Chan, on funding for mining projects in Nigeria.