Ayedun: Better Days Await Multiverse Plc’s Shareholders
The Group Managing Director and Chief Executive Officer of Multiverse Mining and Exploration Plc, Mr. Ayedun Fashina, has assured the company’s shareholders of better returns on their investment in the company.
He spoke at the company’s recent annual general meeting in Lagos.
It was gathered that Multiverse Mining and Exploration Plc, a mining investment company with compact head office structure to provide value added services to all existing and potential business partners, would soon start exporting its mining product to china in 2016 to earn foreign dollar which would impact on the company over all bottom line and value return on investment.
He told the shareholders that future partnership with Anhui Huishang Metal Company Limited (China) is deepening as the second level of the strategic partnership envisages a total investment outlay of over S110million using both the inclined staft method and the construction of silos to further consolidate on mining activities at Abuni site, Nasarawa State. And that the other partnership with Unicontinental Engineering services on the granite business is expected to result in a daily production of 4,000 metric tons of granite at the Alaguntan site in Abeokuta.
He added in concrete terms that these will translate to sufficient cash flows that will return the company to sound financial standing in the near future. “As we acquire more mining rights, leasing and licensing our company focus will be to harness the full potentials of this development and play as a mines investment company in Nigerian economy that was listed on the Nigerian stock Exchange.
He disclosed the that company’s balance sheet size decreased from N3.766million in 2012 toN2.506million in 2013 in relation to deferred taxation provision and rehabilitation provision on mining sites as at December2012. “During the year 2013 only one of our quarry sites located in Abeokuta was operating at near full capacity. The other quarries in Abeokuta and Abuja were affected by harsh operating environment,” he disclosed.
He added that there are prospects of strong economic growth although downside risk remains entrenched. Such prospects are expected to hinge on continued recovery of the global economy, favourable agricultural harvests and a possible boost in energy supply arising from the power-sector reform as well as expected positive outcomes from Agricultural Transformation Agenda.
He further pointed out that other risks to Nigeria economic growth are the sluggish recovery of the global economy, security challenges in the north eastern part of the country, continued agitation for resource control in the Niger Delta and possible distraction from the on-going reforms as a result of drag down overall growth until a lasting solution is found to the challenges of the oil theft and weak investment in exploration due to the uncertainty in the sector as a result of non-passage of the Petroleum Industry Bill.