Australian company set to transform Nigeria’s mining industry with new technology

Australian company set to transform Nigeria’s mining industry with new technology

- An Australian company has shown interest in helping Nigeria end illegal mining

- The company said it would use a new innovation called “Blockchain Technology”

- The company’s chairman said blockchain technology would help to transform the way mining business was done in the country

An Australian company, Africa Mutual Resources, has solicited the support of the federal government on “Blockchain Technology” to track illegal mining in the country, the News Agency of Nigeria.

Legit.ng gathered that Blockchain is a distributed database created by blockchain technology which fundamentally has different digital backbone.

The chairman of the company, Ade Kukoyi, made the call when he led a delegation on a courtesy visit to the managing director of NAN, Bayo Onanuga, on Monday, December 18, in Abuja.

A mining field in Nigeria. Photo credit: The Guardian
A mining field in Nigeria. Photo credit: The Guardian
Source: Depositphotos

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Kukoyi said Nigeria was losing huge amount of money to illegal mining, especially illegal mining of gold.

He added that “blockchain technology would help the country to transform the way business was done. It would help to bring an end to the activities of illegal miners.

“The technology gives buyers and sellers confidence and trust that they are doing business in the right manner.

“We have already presented this technology to Federal Government and we hope it would partner with us to restore investors’ confidence in the sector.”

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Earlier, Legit.ng reported that Police in Taraba state allegedly killed some illegal miners during a clash at a mining field in Mayo Sine area of Mambilla Plateau.

Daily Trust reports that the tragic incident happened on Thursday, December 14, when the illegal miners prevented the armed policemen from dislodging their structures.

It was reported that more than 10,000 illegal miners have been operating illegally in the location for more than 10 years.

The illegal mining field had been allocated to a company but operation was stalled because of the illegal miners.

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Source: Legit.ng

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