The Chief Operating Officer of Romulus Mining Company, Kelvin Chimanya, on Thursday harped on the critical role of quality data for unlocking minerals prosperity in Africa.
Stressing that Africa is ready to unite and use its mineral resources for the benefit of its people, he said that priority now should not be export of raw minerals out of the continent.
He spoke to journalists at the State House Conference Centre, Abuja just before closing of the 5th African Natural Resources and Energy Investment Summit (AFNIS) 2026.
According to him, the summit’s focus on value addition aligns with Romulus Mining Company’s strategy.
“What I’ve learned from this gathering is that Africa is ready to work together and to use the mineral resource to benefit the people of Africa. This is a significant step in our mineral development strategy as a continent,” he said.
Harping on Romulus Mining operates' “responsible mining and responsible exploration,” he said that “exploration is what unlocks wealth.”
“Before any mine can be opened, we invest heavily in exploration. Then we also encourage community participation,” he said.
The company, which he noted holds one of the largest licenses in Nigeria, uses a phased exploration approach to tackle the sector’s data challenges.
“Lack of data and also quality of data is one of the areas where DFIs emphasize whenever they want to finance a project,” Chimanya said.
Romulus integrates multiple datasets — regional mapping, remote sensing, desktop studies, prospectivity analysis, and logistics assessments — before ground work begins. All data, he said, must meet international reporting standards like SAMREC, JORC, NI 43-101, or the Pan-European code, pending a proposed Pan-African reporting code by the AU.
On illegal mining, Chimanya said the issue is partly driven by community demand for economic participation and unclear government empowerment programs.
“One of the reasons why we are having illegal mining at the moment is partly due to economic ventures that our communities want to participate in. But also, there is a lot of emphasis from government to empower the local communities and how the local communities are empowered has not been explained to them,” he said.
His proposal: “coexist between communities and license holders in addressing shortfalls in economic activities of communities.”
Chimanya acknowledged that Nigeria’s mining sector has attracted about $3 billion in investment but said local miners still struggle with funding due to risk.
“Mining is a very risky business… The approach is always to de-risk the project. And if a project is not de-risked through data collection and data interpretation, it’s very difficult for any institution or any person who has got the money to lend it,” he said.
Once credible data is gathered under recognized codes, he said evelopment Finance Institutions will fund projects.
He also called on Nigerian commercial banks to enter the space, citing Standard Bank and Rand Merchant Bank’s financing of Ivanhoe’s Platreef project in South Africa.
“Commercial banks in Nigeria can also join in financing mining. We hear a lot about GT Bank. These are great banks that can also take a risk and venture into mining,” Chimanya said.
Romulus Mining, he added, subscribes to the “One Africa, One Resource” concept — using data, community partnership, and beneficiation to turn minerals into continental wealth.
The Company is one of the key sponsors of the 5th African Natural Resources and Energy Investment Summit (AFNIS) 2026.