The Minister of Solid Minerals Development, Oladele Alake has urged mineral- rich African countries to use their proven mineral reserves as equity in joint ventures instead of taking loans.Speaking at a Ministerial Roundtable on Powering Africa in Washington DC recently, Mr. Alake deplored unwholesome pressure on African governments by loan marketers despite global concerns over the declining capacity of many countries to settle their debts.
The Minister who doubles as the Chairman of the African Minerals Strategy Group, the body of ministers of mining and mineral development in Africa, canvassed an alternative to loans, which he defined as using proven mineral reserves as equity.
SOT: Dele Alake, Minister of Solid Mi
