Multiverse Plc, a non-metallic mineral mining company, has secured approval to commence mining operations in Nigeria. with a mining licence which covers 14 cadastre units within the company’s exploration licence 3187 and is subjected to renewal over a 25-year period.
The new mining licence (Reg No. ML14646) was granted to the company after an extensive exploration exercise and geographical study that confirmed economic quantity of Lead/Zinc Ore in the Mining Area.
A statement released by the Nigeria Stock Exchange (NSE) listed company over the weekend revealed that the license approval represents significant milestone in its quest to position itself as a leading mining outfit in Nigeria.
“It prospects that this will lead to a sustained and world class returns on investment (ROI) for our shareholders in the medium and long term,” Multiverse said.
The company believes the expansion of its operation into the mining of solid minerals will deliver high returns to shareholders in the nearest future.
Multiverse, a leader in the production of granite stones, has expanded into the solid minerals mining with focus on Lead Ore, Barite Ore and Copper Ore. Its core business line spans through exploring, extracting, prospecting, boring refining and drilling for producing and quarry mining of stones and rocks into different configuration and classification especially granite chipping and stone dust
Meanwhile, a mining lease license was also granted to Allied Mining Limited. Allied specialises in the exploration of Gold, Silver, Copper, Tin, Columbite, Lead/Zinc, among others.
Director General of the Nigerian Mining Cadaster, Engineer Mohammed Amate said the award of the license to the two companies attest to the fact that both firms had qualified both technically and financially and had met the minimum requirements by law to be issued mining leases.