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Australian Companies to Explore Nigerian Market

By on October 31, 2011

Rio Tinto, along with 10 other Australian companies, have been made part of an Australia-Nigeria Trade and Investment Council to look into possible investment opportunities in Nigeria’s mining, agriculture and financial services sectors.

Employees are seen at Rio Tinto Limited Shanghai Representative Office in Shanghai July 8, 2009. Four employees of global mining giant Rio Tinto in Shanghai have been detained by Chinese authorities, the firm said on Tuesday. One of them, Stern Hu, has been detained by Chinese state authorities on suspicion of espionage and stealing state secrets, Australian Foreign Minister Stephen Smith said on Wednesday.

Nigerian Minister of Trade and Investment Olusegun Aganga, during an Australian-Nigerian businessmen’s dinner at the  Commonwealth Heads of Government Meeting in Perth, said the council will be constituted by a maximum of 10 members each from the Nigerian and Australian sides.

The council will be private sector-driven with strong support from the Australian and Nigerian governments, as it opens up opportunities for companies in Nigeria to expand their businesses, acquire more skills and employ more people.

“It is going to be a win-win strategy for both countries,” Aganga said.

The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company places itself among the world leaders in the production of many commodities, including aluminum, iron ore, copper, uranium, coal and diamonds. Although primarily focused on extraction of minerals, Rio Tinto also has significant operations in refining, particularly for bauxite and iron ore. It operates on six continents but is mainly concentrated in Australia and Canada. Gross assets are valued at $81 billion through wholly and partly owned subsidiaries.