Tuesday 30 August 2016

NIGERIA'S ECONOMY MAY TURN FOR THE BETTER AFTER NICKEL DISCOVERY

Nigeria's dwindling fortune may soon turn around for the better after world class, high grade nickel was discovered in Kaduna State recently, which could be a better alternative to crude oil.The Permanent Secretary of the ministry, Mr Mohammed Abbas, said since the first discovery many months ago, technical experts from the ministry have been following up on the development as provided by law.An Australian private mining syndicate headed by Mr. Hugh Morgan, a mining veteran made the discovery, which it said, was potentially of high quality,The Australian which first reported it said the discovery is unusual because the nickel is found in small balls up to 3mm in diameter of high purity in shallow soils.It said the discovery could be the surface expression of a much bigger hard-rock nickel field.Nickel, a silvery-white lustrous metal with a slight golden tinge, sells for about $4.43/LB in the international markets. It is used in the manufacture of several steel/metal based items including coins and alloy based products.Some of world’s largest producers of the metal include Australia, Botswana, Brazil, Indonesia, Canada and China.The  ‘high grade’ nickel deposit was found in Dangoma, a small farming community about 160km northeast of the nation’s capital Abuja.

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