For a nation that wants to develop her economy, it must look inwards to identify areas where it has comparative advantage over other nation and efforts should be geared towards the development of the identified areas.
Apart from the hydrocarbon {crude oil} deposit which is Nigeria is well blessed with, the country also have comparative advantage in the solid minerals sector owning to the large deposit of mineral deposit in the different parts of the country and if the Nation is to develop and attain her vision of 2020 target, more efforts should be geared towards the development of the solid mineral sector of the Nigeria economy.
One of the minerals that can be found in the country is zinc ore. It is estimated that the nations has over 10,000,000 tons of zinc ore deposit and to take advantage of this resources, interested investors can mine/source and export the product.
Zinc ore is usually sourced from mining sites which is scattered in different parts of the country especially in the northern part of the country.
The price of the zinc ore is usually a function of the percentage of metal found in them and the going LME {London Metal Exchange} price.
FACTS ABOUT ZINC 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, Zinc Ore.
Estimated National Deposit: About 10,000,000 deposits have been discovered in Nigeria.
Export from Nigeria: Less than 2% of national reserve
Uses: The major uses of zinc are anti – corrosion coating on steel {Galvanizing}.
Zinc is the 24th most abundant element in the earth’s crust and is a metallic chemical element with symbol Zn and atomic number 30. {Source: Wikipedia}
The occurrence and distribution of zinc ore in Nigeria is mainly in the Northern part of the country because of the peculiar geology of the area though in the Eastern part of the country zinc ore also occurs.
Zinc ore are mined in Akwanga, Nassarawa Eggon and Wamba all in Nassarawa State. They are found in Jos in Plateau State, Alkaliri Local Government in Bauchi State and Filia in Gombe State. Taraba, Kaduna and Kogi.
The business involves the procurement, milling and packaging of zinc ore for export.
Demand for lead and zinc was low during the late 2000s due to a global recession. According to the U.S. Geological Service, U.S. industrial minerals mine production declined by 18 percent in 2009 to $35.8 billion. However, American Metal Market announced shrinking lead and zinc surpluses in July 2010 as demand for surpluses increased, according to a report by the International Lead Zinc Study Group (ILZS).
In addition, in May 2010, lead mining production rose by 4.6 percent compared to the previous month, and refined lead production increased by 2.2 percent. Global demand for lead increased from January to May by 3.6 percent, indicating a recovery of a sagging economy. Over the first five months of 2010, zinc surpluses fell by nearly 20 percent.
Worldwide zinc production was up over the first five months of the year by 14 percent, compared to the same period of the previous year, and global demand for zinc was up by over four percent.
The market for zinc ore is both local and international with china as the largest importer of metal ore in the world. Because of the various applications of zinc ore, the demand would always surpass the supply.
The United States imports over 75 percent of its zinc demand. The U.S. supply of zinc comes primarily from Canada (55 percent) as well as Peru (15 percent) and Mexico (15 percent).
The prospect of global economy is promising, so the automotive market, which is closely related to the zinc ore market, is witnessing growth thereby creating more demands for the product.
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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, packaging and export of zinc ore in Nigeria by clicking on the link below.
Report Title: ZINC ORE MILLING AND EXPORT IN NIGERIA
Report Code: FORA/2013/005
Zinc ore mining in Nigeria
Report Title: ZINC ORE MINING IN NIGERIA, THE PRE-FEASIBILITY REPORT.
Report Code: FORA/05564-807/2015/ZINCOREMININGINNIGERIA/8850388-3
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