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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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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
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