I particularly like the bit where the Nigerian Mines Minister...

I particularly like the bit where the Nigerian Mines Minister says:

"There is no alternative to resuscitating and developing Ajaokuta."

And:

"the seed fund of N650 million will be released to the Interim Management Committee for re-operationalising the Light section mill, the Wire rod mill, the engineering workshops, the Thermal Power Plant at the Steel Plant and the Bergeaud Plant."

I guess they are not too concerned about the ore.

From Bloomberg

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=23037813


Key developments for Ajaokuta Steel Company Limited

Government Moves Forward With Restructuring Of Ajaokuta Steel And NIONCL; Firms To Be Privatized In Third Phase
06/27/2010

The Federal Government of Nigeria will have to resuscitate and develop the Ajaokuta Steel Company Limited and National Iron Ore Mining Company Limited (NIONCL), Minister of Mines and Steel Development, Musa Mohammed Sada said. GE stated that the government is committed to resuscitating the steel industry so that it can be among the top 20 industrialized nations in the world by 2020. He said: ?There is no alternative to resuscitating and developing Ajaokuta Steel Company Limited and National Iron Ore Mining Company if we are serious about industrialization of Nigeria. What we have seen here is an investment that has to be harnessed. It is one of the springboards to realize our dream of vision 20:2020.? The ministry had already received the technical audit report on the two companies and scrutinizing it for implementation. He added: ?The Ministry has also received the business plan of the Interim Management Committee of the two companies for re-operational sing. With this, the seed fund of N650 million will be released to the Interim Management Committee for re-operationalising the Light section mill, the Wire rod mill, the engineering workshops, the Thermal Power Plant at the Steel Plant and the Bergeaud Plant at National Iron Ore Mining Company.? He stated that the immediate phase is re-operational sing, the second is completion of the plants and the third phase is privatization. Musa Mohammed Sada explained that previous concessions, other forms of disposals and handing-over in the steel sector were being considered to avoid the mistakes of the past so as to move the sector forward. He stated: ?If the two companies are generating revenue and operating at a high profitable level, everybody would want to come here. So we want a situation where people will be scrambling to come here without invitation by government to take part in activities here.?