The African Industries Group’s $600million Integrated Steel Plant will be Nigeria’s highest non-oil Foreign Direct Investment (FDI) when it starts operation.
Concise News reports that the Managing Director of African Industries Group Alok Gupta said this on Tuesday as the Minister of Mines and Steel Development Olamilekan Adegbite visited the firm in Tafa in Kagarko local government area of Kaduna.
“We expect to commission the Phase I of the project by end December 2020. We will be mining 5.4 million tonnes of Iron Ore, beneficiate the ore to produce high-grade concentrate, make it into pellets and finally into Directly Reduced Iron (DRI),” he said.
“The DRI will be used to make steel billets and will avoid our need to import the same. We are also building a 36 MW Power Plant from the waste heat recovered in the process, which will be partly used for captive consumption.”
On his part, Adegbite said: “Hopefully, Mr President will be here to do the commissioning of the first phase of the project when the time comes.
“It is part of our mandate to encourage investment in mining and steel development which this group has started on; my visit here today is to encourage this investment and also to urge them to do this as quickly as possible to bring the obvious benefit, first to the community where it belongs.
“While we are there to moderate the expectations of the community, at the same time, we also encourage the investor to carry them along, benefiting in terms of employment, infrastructure including social infrastructure.”