Nigeria’s Federal Executive Council (FEC) this week approved the engagement of a German firm, GeoScan GmbH, for the search and location of the estimated $700 billion solid minerals deposit in the country.
GeoScan GmBH is reputed to possess cutting-edge technology capable of exploring mineral deposits up to 10,000 meters below the surface, which is a remarkable advancement in the field of mineral exploration.
Their “proprietary technology”, is said to be 80% cheaper than current/ traditional exploration processes and three times faster in locating underground deposits. it is also environment- friendly.
This deal also comes with “ZERO” financial commitment on the part of Nigeria as the company will be taking care of all financial obligations.
They will also be establishing their technology and plant locally to help with further exploration.
The company recently signed a Memorandum of Understanding for finding, mining and processing lithium and other critical battery minerals in Namibia.
With the $700 billion estimation of our solid minerals deposit, we still have over 90% of the entire landscape of Nigeria unexplored.
Our untapped/unexplored gold alone is worth $3 trillion.
