In the mining industry, Mineral Laboratory Testing Business Plan in Nigeria is inevitable. In fact, the requirements for setting up a mining testing laboratory and how to open a laboratory for mining purposes are the same thing. It’s usually a facility for processing for geochemical analysis. As a matter of fact, starting a Mining Testing Laboratory in Nigeria is a lucrative enterprise. This is because there are few of them in Nigeria serving so many mineral sites in the country. So, establishing a mining laboratory in Nigeria will certainly be a big bang in income generation.
Mining Lab Services:
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Furthermore on Mineral Laboratory Testing Business Plan, it offers extensive range of services that cover sampling and testing for exploration, production processes, industrial applications etc. In fact, mining laboratories determine the value of minerals by determining their quality and quantity assessment based on impartial sampling and analysis. As you can see, this business requires a lot of technicalities to plan. The plan involves analysing the scope of activities involved and capital investment requirement. These are reasons why we suggest you ask us for technical assistance in developing this business plan.
Mineral Laboratory Testing Business Plan in Nigeria
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Executive Summary of Mineral Laboratory Testing Business Plan in Nigeria:
Complete Mineral Laboratory Testing Enterprise is a start-up company committed to providing the most convenient, friendliest mineral testing service to the mining industry. In fact, Complete Mineral Laboratory Testing Enterprise has been founded as an enterprise and registered in C.A.C Nigeria. Complete Mineral Laboratory Testing Enterprise will quickly gain market share serving the mining communities.
Furthermore, Complete Mineral Laboratory Testing Enterprise has established three significant objectives to pursue. The first is Securing 60% of the mining sites in Nigeria as customers. The second objective is to develop 20% of their Revenue from geologists who practice in the North Central geopolitical zone of Nigeria. The third objective is the desire to reach a profitability level within the first 12 months. This is especially important since Complete Mineral Laboratory Testing Enterprise will be using bank debt in its operations. As a matter of fact, the bank would like to see a positive ROI fairly soon.
In ddition, Complete Mineral Laboratory Testing Enterprise has identified three market segments they will serve. First is the large number of mining sites in the country. This customer segment has over 200 potential customers with a growth rate of 5% annually. The second group is geologists on private practice within our facilities. In fact, there are 100 potential customers in this segment with a 10% annual growth rate. The third group are those freelance mineral marketers, distributors, brokers and mineral buying centres. We expect that 16% of our revenue will come from here.
Furthermore, considering Mineral Laboratory Testing Business Plan, the main objective of any Mineral laboratory is to perform sample preparation and quantitative analysis of: ore, mineral, mine and mill products, shipment samples, tailings, soil, sediments, plant, surface and underground water samples.
As a matter of fact, Complete Mineral Laboratory Testing Enterprise offers a comprehensive battery of mineral tests for miners. Several tests will be done in-house including:
- groundwater and surface water quality
- trace elements in existing soils
- trace elements in ores, particularly elements of concern, such as mercury and arsenic
- furthermore, the presence of asbestiform minerals associated with industrial-minerals operations
- the potential for acid-rock drainage (amounts of sulfide minerals and buffering minerals, climate, and hydrology)
- location of aquifers in relation to ore bodies
Mineral Laboratory Testing Business Plan in Nigeria Management Team:
Complete Mineral Laboratory Testing Enterprise has been founded and will be led by Dago Yaro. Dago received a graduate degree in small business management. As a matter of fact, after graduation Dave did his laboratory technician certificate at Global Laboratories School International. He has now over 15-year industry experience.
Furthermore, Dago then moved to Gold Laboratory Testing Enterprise where he worked for a year in a lab. Surveying the business environment within Gold Laboratory Testing Enterprise he recognized the great need for a mineral lab in the North Central Geopolitical Zone of Nigeria. The thought of opening up his own solid mineral laboratory therefrom came up. That is why he has developed a plan and secured financing for Complete Mineral Laboratory Testing Enterprise.
In fact, broadly, our goals are;-
- To gain 60% of the mining industry testing work.
- Establishment one using Mineral Laboratory Testing Business Plan
- Develop 20% of the revenues from clients outside the mining sites.
- Reach profitability within 12 months.
It’s Complete Mineral Laboratory Testing Enterprise’s mission to serve the mining industry with fast, accurate, private, reasonably priced mine testing services. In fact, Complete Mineral Laboratory Testing Enterprise exists to exceed all of their customer’s expectations.
Keys to Success
These are geared towards generating high turnover.
- Establishing our main lab office in Lafiya, the most central in the location of our primary target market.
- Set up a strong contract with a larger local laboratory to outsource the more difficult tests, ensuring fast service and good rates.
- Follow a strict regime of internal controls to help ensure profitability
SERVICES/PRODUCT For Mineral Laboratory Testing Business Plan in Nigeria:
In fact, through our unparalleled global network, we provide a range of services for geochemical analysis including:
- Sample preparation
- Mobile Metal Ion (MMITM) analysis
- MMI orientation surveys
- Ultra-trace and trace element analysis by ICP-AES and ICP-MS
- X-ray fluorescence
- Metal speciation studies
- Carbon and sulphur analysis
- Reference material services
Again, because of Mineral Laboratory Testing Business Plan, we will also routinely perform multi-element analyses targeting a wide variety of elements in many types of sample matrices. In addition, we know our clients’ needs are unique; therefore we have designed both tailored analytical packages and a high-level standardized service offering.
Summarizing our mineral exploration services for TESTING AND LABORATORY STUDIES include;
- Scoping studies
- Gold deportment assessment
- Orebody modelling and resource estimation and classification
- In addition, are, Resource audits
- Groundwater and hydrogeological studies
- Environmental impact assessment
MARKETING STRATEGIES for Mineral Laboratory Testing Business Plan in Nigeria
Mining laboratory business is a special business outfit. Therefore, our marketing drive shall focus on:
- Cause Marketing.
- Direct Selling.
- Co-Branding and Affinity Marketing.
- Earned Media/PR.
- Point-of-Purchase (POP) Marketing.
- Internet Marketing.
- Paid Media Advertising.
- Word of Mouth Advertising.
Financial analysis is the investigation of business results and financial reports. The aim is to understanding the performance of the entity. This is what we have done in this segment of Mineral Laboratory Testing Business Plan
In fact, we have actually developed a proper financial analysis all of which consists of its own set of data points and ratios. These borders on revenues generation and Profits. Other include Operational Efficiency, Capital Efficiency and Solvency/Liquidity. Therefore, the four main financial statements produced include;
- the balance sheets;
- income statements;
- cash flow statements;
- and statements of shareholders’ equity.
These are contained in the tables attached.
CHECKLIST For Mineral Laboratory Testing Business Plan in Nigeria
These are Milestone for Mineral Laboratory Testing Business Plan in Nigeria:
In conclusion, many of the following milestones are achieved already. However, many are on-going while others are time tagged for achievement. In fact, we will set them aside in this category order.
- Business Name Availability Check
- Business Registration
- Opening of Corporate Bank Accounts
- Securing Point of Sales (POS) Machines
- Opening Mobile Money Accounts
- In addition, Opening Online Payment Platforms
- Application and Obtaining Tax Payer’s ID
- Application for business license and permit
- Purchase of Insurance for the Business
- Furthermore, Leasing of a facility and renovating the facility as well
- Conducting Feasibility Studies
- Generating capital from family members
- Applications for Loan from the bank
- Writing of Business Plan
- Drafting of Employee’s Handbook
- Drafting of Contract Documents and other relevant Legal Documents
- Design of The Company’s Logo
- Printing of Promotional Materials
- Furthermore, is the recruitment of employees.
- Creating Official Website for the Company
- Creating Awareness for the business both online and around the community
- Health and Safety and Fire Safety Arrangement (License)
- Opening party planning
- Establishing business relationship with mining companies, contractors and other stakeholders
- Finally, Procurement of Equipment & Tools for the labs.
Mineral Laboratory Testing Business Plan in Nigeria
As explained in the first paragraph, Mineral Laboratory Testing Business Plan in Nigeria involves analysing the scope of activities involved and capital investment requirement. They are reasons why we suggest you ask us for technical assistance in developing the business plan.
As a matter of fact, the final copies are available on request. However, we will require a formal request and personal information to customise it for you. You may wish to contact us on +234 8034347851 or firstname.lastname@example.org.
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Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.