Business
FG Scores Local Mining Environment High
The Minister of Mines and Steel Development, Olamilekan Adegbite, has described the local environment as friendly for new investment in mining.
Adegbite revealed that the cost of gold mining, which is less than $700 in Nigeria, is comparatively cheaper than in other countries that require between $2,000 and $4,000 to take gold to the market
The minister, at a press briefing ahead of the fifth edition of the yearly Nigerian Mining Week, scheduled to hold virtually from November 16 to 17, 2021, said Nigeria already grant investors 100 per cent ownership of mined minerals, to attract both foreign and local investors in the sector.
He said the mining week would create an opportunity for the ministry to tell investors about Nigerian mining and how to partner with it.
“We have tax laws that allow you a three-year tax holiday, which has been extended to five years. We allow investors to import the equipment for free without duty.
“We allowed 100 per cent ownership of investments in Nigeria. This does not apply in other climes. Some counties take 20 per cent without contributing the money but that is their rule, but Nigeria allows you to own your business 100 per cent, as a local or foreign investor,” he said.
In his remarks, the Minister of State, Mines and Steel Development, Dr. Uchechukwu Sampson Ogah, explained that the mining week would draw participants from the entire ecosystem, mining companies, small-scale mining operators, investment companies, legal firms, as well as Government Agencies and multilateral investors.
In his address, President of Miners Association of Nigeria, Kabiru Mohammed Kankara, said the Nigeria Mining Week, has contributed in raising global awareness to the huge potentiality of the nation’s mineral endowments with the view of attracting local and foreign investments to transform endowments to national wealth
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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