Oyo sign MoU with foreign firm to capture marble deposit data

The Oyo State Government has signed a Memorandum of Understanding, (MoU) with a Hong Kong-based firm, HSIT, to capture the marble deposit data at Igbeti, in the Olorunsogo Local Government Area of the state.

The Chairman of Oyo State Minerals Development Agency, Mr Abiodun Oni, signed the MoU on behalf of the state while the Managing Director of HSIT, Mustapha Alfarra, signed for the firm.

The data capturing exercise is aimed to determine the quality of the marble beneath the ground in a section of the extensive marble field in the town.

Oni, a seasoned geologist, said the signing of the MoU is in the interest of the state, adding that the host communities and the environment would not be toyed with in any arrangement with investors.

According to him, the data capturing is to know the quality of the marble deposit there, noting that the marble is there but investors would need to know if what is beneath is good for what they want to do with it.

He enthused that the governor, Engr Seyi Makinde, means serious business, stressing that as long as what is in any agreement entered into benefits the state and the people of the state, the governor is interested.

He added that this is the eventual turning point for the Igbeti marble deposit, stressing that everything they do about mining is focused on data because without data, there is nothing that can be done in mining.

The company, he said has agreed to enter into a partnership with Oyo State and will spend hundreds of millions to get this data done, they will move to another stage.

Oni stated further that by the time HSIT finishes, there will be job opportunities and the people will enjoy some values for their commonwealth that will be exploited.

The HSIT boss, Alfarra, said the data capturing would last for about 120 days and assured that the state would not regret going into partnership with the company.