Xcalibur Multiphysics partners with AFC and SMDF to boost Nigeria’s Geological Data Capabilities

Abuja, 18th October 2023 – Xcalibur Multiphysics, global leader in integrated project and solutions for airborne geophysics and applied technology, has joined forces to enhance the landscape of geospatial edata mapping for early-stage mining projects in Nigeria with Africa Finance Corporation (AFC) and the Solid Minerals Development Fund of Nigeria (SMDF). 

The primary focus is to enhance global access to Nigeria’s geological data, promoting secure investments from various entities, including banks, mining firms, financial institutions, individuals, and agencies. At the forefront of this initiative is Xcalibur Multiphysics, contributing technical support, ensuring data quality, and conducting economic evaluation studies. 

The collaboration is an extension of the AFC and Xcalibur Multiphysics’s earlier agreement to map, develop, and co-finance natural resource projects in Africa. This specific project in Nigeria aims to establish a comprehensive database showcasing the country’s resource potential. The AFC and SMDF will navigate financing solutions, engage with regulators, and facilitate government discussions, while Xcalibur plays a crucial role in overseeing the technical aspects and economic evaluations. 

Samaila Zubairu, President & CEO of AFC, emphasizes the significance of the partnership, highlighting Nigeria’s vast but underexplored mineral wealth. The goal is to attract mining investments and position Nigeria as a key player in the global energy transition. 

Dario Castellanos, VP Financing and Middle East Director of Xcalibur Multiphysics, echoed her words, affirming the company’s commitment to enhancing geophysical data in Nigeria. Castellanos believes that the collaboration will attract mining investments, contributing to the development of critical mineral resources and establishing Nigeria as a pivotal player in the global energy transition. 

Despite Africa hosting 30% of the world’s mineral reserves, only 5% of global mining financing reaches the continent. AFC has been a significant investor, deploying over $900 million in critical projects over the last seven years, with a focus on closing the financing gap in the mining sector. Examples include the Dynamic Mining Bauxite Mine in Guinea and the FG Gold Baomahun Gold Project in Sierra Leone, both expected to have transformative impacts on local economies and job creation.