Nigeria to start producing lead ingots in 2019

… Firms sign JVA to build $3m Smelting Plant Private enterprises, D Four Metals and Plastona Limited have entered into a joint venture agreement to establish an ultra-modern $3 million smelting plant and a refinery in Jos, Plateau State, for the production of 11,000 tons of lead ingots annually. The Chief Executive Officer, Plastona Limited, Mr. E. Collins revealed the development in a statement. While adding that the move will spur the export potentials and create job opportunities. He further noted that, the plant is expected to commence operations in the 3rd quarter of 2019. He said Plastona located in London, would deploy the latest use of blast furnace technology, adding that most of the equipment will be brought in from China where the company’s technical partners are located. Collins pointed out that when completed and fully operational, the facility would help Nigeria save hard-earned foreign exchange spent on importing raw materials, which the country has competitive and comparative advantage of producing. The Chief Executive Officer, D four Metals Mr. Olusegun Oyalana, noted that the total investment over the 12 months will be around $3m, stressing that the plant is expected to break even within 18months after construction. “The project is in line with the federal government’s policy of adding value to minerals before export thereby reducing capital flight. The output of the plant will be sold to international companies registered on the London metal exchange. He also stated that the raw materials would be sourced from various local mines in Plateau, Gombe and Bauchi States.’’ Joy Obakeye