The equipment for bitumen exploration has arrived in ondo state.
Akeredolu gave a 25 years license to an indigenous company for exploration and they have began operation at irele.
The indigenous company, South West bitumen LTD, a 25 years renewable operational mining license across a land mass of about 14,800 hectares.
Ondo state is reputed to have the second largest bitumen deposits in the world and the largest in Africa, with over 42 billion reserve.
Refined bitumen for off takers to buy and use for construction will reportedly be available in ondo state when the company commences full operations.
The minerals has the potential of overtaking crude oil as Nigeria's highest revenue earner, loaded the promise to rapidly transform the economic fortunes of ondo state and Nigeria.
Bitumen which is used for road surfacing and roofing, is a Black viscous mixture of hydrocarbons obtained naturally or as a residue from petroleum distillation.
Earth moving equipment like bulldozers, excavators and wheel Loaders have been acquired for mining of the mineral resources and the processing equipment are German-made, with the exact requirement for the exploration of the particular type of bitumen in the state.
The company has a 50,000 tonnes capacity output monthly.
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