USD0.7m Nb Ore mine to begin operation in Nigeria
2006-05-16 10:55:34 【Print】
BEIJING (Asian Metal) 16 May 06 – With Nigeria trying to diversify its economic base away from dependence on oil which currently provides over 80% of total foreign exchange earnings, a Coltan (columbite and niobium)mine located in the North-Central state of Plateau is to begin operation by September.
The mine, which is being privately financed, has a total investment of around N92m(USD716,000) supported by technical experts from Eastern European countries.
According to a senior official of the company, by September, the mine will be producing 20tpm of coltan and increase production to 45tpm 6 months thereafter. After production is stabilized, it will run full-swing producing 100tpm.
With the shortage of material currently being experienced coupled with less material coming from Africa, niobium columbite price is up to USD4.6/lb.
In related development, tantalite is around USD32-32.50/kg, for Chinese wanted to keep the price at lower level, and they rely on traders to stock the material. However, traders would not keep the stocks when the price dropped to too low, and now when people want to buy, and they could not find the material.
