Nigeria and mining have an interesting and long history, spanning over a century. For instance, gold mining began in 1913, peaking in the 1930s before declining during World War II. This was a result of mines being abandoned by many of the colonial companies that owned them. Unfortunately, they never recovered to pre-war standards of production. However, this could be set to change for different natural products that require mining, if the opportunity is grasped.
Mining Base Metals
There have been sharp price increases for nickel, aluminum, copper, iron, and zinc, which looks like it’s set to indefinitely continue. Nickel, in particular, is in abundance in Africa, according to the Nickel Institute. It’s particularly found in Zimbabwe and Botswana, meaning this is good news for companies that mine this base metal. It happens to be an important component in lithium-ion batteries, so it’ll always be in demand because it’s essential for the transition of energy around the world.
Base metals, like iron and zinc, although they undoubtedly have their uses, are not in as much demand as lithium. As a result, it looks like their values around the world will stabilize a lot sooner than nickel will. Additionally, the prices of precious metals also look to stabilize due to being less volatile in the market. However, this doesn’t mean their prices won’t experience some form of an increase in the future, which is good news for mining companies.
Mining Precious Metals
Palladium and platinum are set to see increases in costs. Being essential in hydrogen-based energy technologies, South Africa has a unique opportunity to meet these global demands. Other rare metals, including rhodium and iridium, are also in several African countries, meaning there’s a global demand that can be fulfilled by them.
Gold is often seen as a safe investment, according to CMC Markets. It also looks set to increase in demand, which is good news for Ghana and South Africa. Gold deposits are typically found in Northern Nigeria, such as Anke and Melele. Although there is currently no gold mining on a large scale, perhaps this could change with the increased demand for it.
Mining’s Impact on Culture
As many people around the world will know, mining exists in other countries, including America and Australia. Back in the day, it was the reason for many towns to develop and thrive in these countries, some of which died out, and others, like Virginia City in the American state of Nevada, have continued to thrive today.
With this history, it’s no wonder that mining has remained a significant part of many of today’s cultures. It can be seen in many Wild West films, such as the 1982 film, Mother Lode. It’s even a backdrop for the 1991 film, White Fang. Mining has even made it into books, including Gold Mine by Wilbur Smith.
It’s perhaps no surprise that gold mining features heavily in online games, for example, titles like Gold Rush: Cash Collect, are available to play at online casinos like Buzz Bingo. Based on the gold rushes, which are newly discovered gold deposits, players will play against the backdrop of the gold miners in Yukon. The stellar graphics are accompanied by the sound of music that is played in the TV show of the same name that this game is based on.
Africa has an abundance of natural resources, which include base and precious metals. With each of them having different, yet vital uses, for countries around the world, Africa may once again discover mining is once again intertwined with their history and culture. As mining develops, there’s the possibility of more jobs in a range of other industries, like transportation and technology. Just think, this would have all started from natural resources that are all over the African continent.