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| Vice President Yemi Osinbajo Viewing the Signing of the Ajaokuta Modified Concession Agreement with Pramod Mittal Chairman Global Infrastructure Nigeria Limited, Dr Kayode Fayemi Minister of Solid Minerals, at Statehouse. August 1, 2016 |
The Federal Government and Global Steel have signed an agreement for the resuscitation of the Ajaokuta Steel Company in Kogi state.
The signing of the agreement, which took at the State House, Abuja on Monday, is aimed at revamping the Nigeria Iron Ore Mining Company (NIRONCO), Itakpe.
Dr. Kayode Fayemi, the Minister of Solid Minerals signed on behalf of the Federal Government while Pramod Mittal, Chairman of Global Steel, signed on behalf of the company.
Vice President Yemi Osinbajo, who presided over the event, urged the parties to stick to the terms of the agreement in order to achieve the objective of revamping the Itakpe and Ajaokuta companies within the agreed time.
According to the Minister, Iron Ore Company was the core supplier of raw materials for major steel companies in the country and that government had spent $3.3 billion to import steel products since meanwhile there is enough iron ore deposit to sustain the local needs, especially the Ajaokuta and Delta steel company, Aladja,
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