The Oyo State Government has stated that it is working on a partnership with Fasken’s Global Mining Group to develop the state’s solid mineral sector and reposition the Pacesetter Mineral Development Company, a limited liability company owned by the state.
Fasken Global is one of the biggest mining companies in the world.
The state governor, ‘Seyi Makinde had earlier identified solid minerals as a veritable source for increasing the state’s revenue, hence the decision to attract investment into the solid minerals sector and build infrastructure around it.
The partnership with Fasken is in line with the objective of the state to grow its solid mineral sector and expand the state’s economy through solid mineral development.
Governor Makinde, who led the Oyo State team to a meeting with the leadership of Fasken Group in London recently to initiate the collaboration, assured the Group of the government’s unwavering commitment to turn the state into a global hub for mineral development towards economic growth and sustainability.
The Oyo State team said it planned to leverage Fasken’s acknowledged industry contacts, knowledge and competence to develop its solid minerals, boost its economy, widen its revenue base and create employment opportunities for its people.
The delegation said the siting of the International Gemstone Market, which is a partnership between Oyo State Government and the Federal Government, in Adan, Akinyele Local Government Area of the state, underscores the importance of the state in the solid mineral sector.
Speaking on the collaboration, the Director-General of the Oyo State Mineral Development Agency, who also doubles as the Executive Chairman of Pacesetter Mineral Development Company (PMDC), Mr Abiodun Oni, told Fasken Group that “we want to engage your company, Fasken’s Global Mining Group, in order to tap into your vast knowledge of the sector to leverage the values of your industry’s expertise, mining contacts, access to financing and global reach.
“We, therefore, seek for a mutually beneficial proposal with strong recommendations for a complete business restructuring and repositioning of PMDC for a greater productivity and profitability.”
The PMDC is the Special-Purpose Vehicle used by the state to acquire solid minerals titles with a view to positioning the state as a major player in the sector.
Already, the state has acquired 17 mineral titles to run an investment drive.
It is expected that a Memorandum of Understanding between Oyo State and Falken Group will be signed in the ensuing weeks to seal the partnership.
Chief Press Secretary to the Oyo State Governor
October 2, 2023.