As Nigeria strives to achieve vision 20:2020 which is to be amongst the top 20 economies by the year 2020, it is important that government pay attention to the development of the various minerals deposits in the country because of the nations comparatively advantage over its neighbors in this area.
In fact , it can be said that the more a nations mining industry grows , the more they prosper economically and examples can be seen across the world from Canada to Australia, India ,they all have a vibrant mining industry.
One of the minerals that can be found in the country is copper ore. It is estimated that the nations has over 10,000,000 tons of copper ore deposit and to take advantage of this resources, interested investors can mine/source and export the product.
Copper is an element, reddish brown in color, having atomic number 29 and pertaining to the scientific symbol ‘Cu’. Coming from the same family of silver and gold, this element shares numerous common characteristics with those precious metals.
This element is a highly ductile and malleable element and a very good conductor of electricity. That is why it is highly used in the electrical appliances as a thermal and electrical conductor and in building wires.
It occurs in various minerals on earth and is also forms part of a lot of alloys. Copper also has characteristics that it is a creep and corrosion free metal and all of its so very useful features make it an element on which the world’s economy directly depends.
FACTS ABOUT COPPER ORE IN NIGERIA
Background: Rocks are the materials which the earth’s upper crusts are made of. Rocks are themselves composed of minerals. Minerals are naturally occurring elements like Gold, or a compound such as Iron Oxide. If a rock contains a mineral from which a metal can be extracted at a profit, it is call an Ore. For example, copper Ore.
Estimated National Deposit: Not Documented.
Export from Nigeria: Less than 2% of national reserve
Uses: Copper has been used as water-proof roofing material since ancient times, giving many old building their greenish roofs and domes. As a material in the manufacture of computer heat sinks, as a result of it’s superior heat dissipation capacity to aluminum.
The occurrence and distribution of copper ore in Nigeria is mainly in the Northern part of the country because of the peculiar geology of the area.
The market for copper ore is both local and international with china as the largest importer of metal ore in the world. Because of the various applications of lead ore, the demand would always surpass the supply.
The percentage given below denotes the % consumption of the total world’s consumption. The consumption trend is on a rise with the increasing contribution of the countries in Asia like Japan, South Korea and Taiwan.
| Segment | Percentage of Import |
| Western Europe | 29% |
| United States of America | 19% |
| Japan | 14% |
| Russia | 10% |
| China | 6% |
The business involves the procurement, milling and packaging of copper ore for export.
There are various factors that influence the demand and supply of copper in the world such as the technological, social and technological factors. This is the demand for copper that governs the findings of new mines and the expansion of old mines.
Only 17% of the total copper produced in the world is available for trading. The major copper exporting nations include
- Chile
- Indonesia
- Canada
- Australia
The largest copper importing countries of the world includes
- Spain
- China
- Germany
- Philippines
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At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for beginners and exporters already in the commodity export market.
Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order our detailed feasibility report on the milling and export of copper ore in Nigeria by clicking on the link below.
Report Title: COPPER ORE MILLING AND EXPORT IN NIGERIA; THE FEASIBILITY REPORT.
Report Code: FORA/2013/006
Copper ore mining in Nigeria
Report Title: COPPER ORE MINING IN NIGERIA, THE PRE-FEASIBILITY REPORT.
Report Code: FORA/054-807/2015/COPPEROREMININGINNIGERIA/9986-963
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