As part of efforts to resuscitate the mineral sector, the Federal Government and the Stanbic IBTC Bank Plc are set to work on the generation of coal for power production for the sector.

The Minister of Mines and Steel Development, Mrs. Diezani Alison-Madueke expressed readiness of government to partner with the bank's financial experts led by Head, Structure Trade Finance, Mr. Olu Ajayi who paid her a working visit in her office last week in Abuja.

According to her, an in-depth technical discussion between the officials of both Stanbic IBTC Bank Plc, the ministry would be set up to brainstorm in a robust manner on the way forward for the sector.

Earlier, the leader of the delegation, Ajayi informed the minister that the purpose of the visit was to draw from the Federal Government potential vacuum the bank could fill in the development of the sector particularly with the privatisation arrangement of the government in most of the former public establishment.

He listed the interest of the bank in the generation of coal for power for the sector that will enhance other sector of the economy.

While describing the meeting as timely, she said, "Federal Government is working proactively at ensuring that the mining sector is repositioned for the socio-economic development of the nation. Strategic coal clusters has been identified and positioned to supply the right quantum of coal output that would supply the right output in terms of megavoltage. We have worked hard on this in the last few months."

The minister, who highlighted the challenges such as lack of necessary infrastructure and logistics to implement the project, said that government would rely on financial teams that have the financial expertise on mining to actually package their financial structures and framework to support the project over the period of its life span.

She noted the shortage of power in the country, stressing that, there is need for the ministry to collaborate with Standard IBTC Bank Plc so as to put in place a right framework in the lifespan of the coal to power project in the instance of the next one and half to two years.

Efforts are being geared to restructure Ajaokuta Steel Company Limited as part of effort to operationalise the commissioned and completed rolling mills of the plant in the short medium term.

Ajayi noted that understanding the Federal Government's strategies at repositioning the mining sector would give opportunity for Stanbic IBTC Bank Plc to identify its role at enhancing the growth of the sector.

He expressed that Stanbic IBTC Bank Plc would leverage on its expertise globally, particularly with the Chinese miners and markets and introduce its strategic investors, as well as, facilitating funding for the mining sector in Nigeria.

He added that Standard Bank group which is 20 per cent owned by Industrial Commercial Bank of China (ICBC) was mainly a mining bank before diversifying to other aspects of banking including Agriculture, stressing that this would facilitate access to numerous investors and people who have experience in mining.