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NIGERIAN FIRM TO INVEST BILLION DOLLARS IN LIBERIAN MINES
AN INDUSTRIAL giant of Nigeria, KKAF, has reportedly reached the decision to pump a little over $1 billion dollars in the defunct mining site of the Bong Mines in Bong County, provided that the Ministry of Lands, Mines and Energy proceed with its due diligence and sign its mineral development agreement.
Making the disclosure recently, the Chairman of the firm, Kola Adun, disclosed that the company has put in place all the necessary financial and technical arrangements required by the government and hopes that the Ministry of Lands, Mines & Energy would carefully and meticulously acquire the necessary validation that is being sought from various local and external institutions.
Reports suggests that the billion dollar investment for the Liberian undertaking has already been guaranteed by the European Economic Development Council (EEDC) and KKAF's Nigerian bank. The two institutions are expected to fund the operations with the EEDC providing 80% of the funding while the remaining 20% will be provided by the bank.
KKAF investment is buttressed by the US-based Cotton & Western Mining Inc., who will also provide technical support.
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