My cousin wants to start a mineral mining company

He wants to mine minerals but i told him it will be a lot of hard work and will require a loan. All mining companies have to start out small and make a profit and then move on to mining the big valuables. I also told him that he will struggle with the locals to get their permission to mine since most somalis back home don't realise that it would be better for our economy rather than each region keeping their resources until someone from their clan can mine it. It would also create a lot of jobs for the locals and would help to boost the local economy.

What do you guys think? i on the other hand would build hotels and businesses if i could but that would not boost the economy as much as us being able to export our own valuable minerals.


Strip_coal_mining.jpg
 
huge if it works, but its gonna take way more money than you think
That is what i told him. He will need to get funding and to earn money to start up. It's better to start a small scale company and then use funding from profits earned to further expand your portfolio.
 

Lostbox

「Immortal Sage」| Qabil-fluid
VIP
It's a great idea but how goes intended to exact his plan? Supply, transport and so on?
 

Keeysan

The humble one
He wants to mine minerals but i told him it will be a lot of hard work and will require a loan. All mining companies have to start out small and make a profit and then move on to mining the big valuables. I also told him that he will struggle with the locals to get their permission to mine since most somalis back home don't realise that it would be better for our economy rather than each region keeping their resources until someone from their clan can mine it. It would also create a lot of jobs for the locals and would help to boost the local economy.

What do you guys think? i on the other hand would build hotels and businesses if i could but that would not boost the economy as much as us being able to export our own valuable minerals.



g

g

Strip_coal_mining.jpg
How about he starts in one of the middleman type of stages, like the guys who convert eg gold to cash, refinery industry, sales & market for extracted products then he works his way up.

I hope he has organized a table of 2 or 3 Dangotes kulaha then he can march in like a horse riding geeljire to try mining
 
It's a great idea but how goes intended to exact his plan? Supply, transport and so on?
Starting a small scale business and then expanding from there. It is very difficult to start a big company like that especially with the maintenance costs and equipment costs. That's how i would start any business....build small and then expand into different sectors and earn the trust of investors.
 
Starting a small scale business and then expanding from there. It is very difficult to start a big company like that especially with the maintenance costs and equipment costs. That's how i would start any business....build small and then expand into different sectors and earn the trust of investors.
Just a thought. Start in your region.
Find some capital. Buy from the locals like a middle man. Than like they said earlier after some profit than expand.
 

SomaliSteel

No dictator can imprison a population forever.
Start up costs would be insane, equipment, replacements and workers. Plus dealing with the government and bribes.
 
You'd definitely need gov't assistance to jump start your company & the start-up costs would be huge.

In developing countries, gov'ts help their nation's private companies by giving subsidies, grants & building infrastructure e.g to build up key sectors/industries in the economy. South Korea would be a good example of strong Gov't-Private business co-operation or state capitalism.
 
You'd definitely need gov't assistance to jump start your company & the start-up costs would be huge.

In developing countries, gov'ts help their nation's private companies by giving subsidies, grants & building infrastructure e.g to build up key sectors/industries in the economy. South Korea would be a good example of strong Gov't-Private business co-operation or state capitalism.
Exactly! luckily we know some ppl in somaliland. I don't know about the south tho....that region even if it was safe would still be risky business to invest in.

:browtf:
 
Does your cousin have any experince in this sort of thing? If he's entirely inexperinced in the business sector then this just smells like a diaster waiting to happen. However, if not, I still would suggest he takes this ambition step-by-step.
 
Does your cousin have any experince in this sort of thing? If he's entirely inexperinced in the business sector then this just smells like a diaster waiting to happen. However, if not, I still would suggest he takes this ambition step-by-step.
Not really much which is why is suggested he start with a small business like most oil or mineral company owners. Everyone starts small and uses their profits to build up.
 
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