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The concessionaire of the Nigerian Iron Ore Mining Company (NIOMCO), Global Steel Holdings Limited, is to submit its business plan for government's approval within the next 105 days. The agreement came following Monday's signing of the modified NIOMCO agreement between the company and the Nigerian government.
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Nigeria, which gets nearly 80 per cent of its revenues from oil and gas production, will start receiving revenue from iron ore production next year, he said. The Itakpe iron ore deposit contains 3 billion tonnes of iron ore reserves, according to the minister.
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· Manohar Parrikar entirely responsible for the cancellation of 88 renewed mining leases, says Congress
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