It disclosed that the partnership with Fasken Global Mining Group was aimed at developing the solid mineral sector and reposition the Pacesetter Mineral Development Company, a state-owned limited liability company.
As stated in press release by the Chief Press Secretary to Governor Seyi Makinde, Sulaimon Olanrewaju, Fasken Global is one of the biggest mining companies in the world.
Governor Makinde had earlier identified solid minerals as a veritable source for increasing the state’s revenue.
This, thus informed the decision to attract investment into the solid minerals sector and build infrastructure around it.
The partnership with Fasken Group is in line with the objective of the state to grow its solid minerals sector and expand its economy through solid mineral development.
Governor Makinde recently led the Oyo State team to a meeting with the leadership of Fasken Group in London, United Kingdom to initiate the collaboration.
He assured the Group of the government’s unwavering commitment to turn the state into a global hub for mineral development towards economic growth and sustainability.
The Oyo State team said it planned to leverage Fasken’s acknowledged industry contacts, knowledge and competence to develop its solid minerals.
Doing this, it stated would boost the economy of the state, widen its revenue base and create employment opportunities for its people.
The delegation said the siting of the International Gemstone Market, a partnership between Oyo State government and the Federal Government, in Adan, Akinyele Local Government Area, underscores the importance of the state in the solid mineral sector.
Director-General of the Oyo State Mineral Development Agency, who also doubled as the Executive Chairman of Pacesetter Mineral Development Company (PMDC)
Mr Abiodun Oni, spoke on the collaboration.
He told Fasken Group: “We want to engage your company, Fasken’s Global Mining Group, in order to tap into your vast knowledge of the sector to leverage the values of your industry’s expertise, mining contacts, access to financing and global reach.
“We, therefore, seek for a mutually beneficial proposal with strong recommendations for a complete business restructuring and repositioning of PMDC for a greater productivity and profitability.”
“The PMDC is the Special-Purpose Vehicle used by the state to acquire solid minerals titles with a view to positioning the state as a major player in the sector.
“Already, the state has acquired 17 mineral titles to run an investment drive,” it was stated in the press release.
“It is expected that a Memorandum of Understanding between Oyo State and Falken Group will be signed in the ensuing weeks to seal the partnership,” it was further stated.
