The town was built in 1975 to support the mining and processing of leadzinc ore from the Nanisivik Mine. The deposit is a Mississippi Valley Type (MVT) carbonate–hosted leadzinc deposit. The mine was closed in 2002 due to failing metal prices and declining resources. Nanisivik had a population of 287 in 1996, but that had fallen to 77 in 2001, as the mine wound down, and is now zero.
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· The Nigerian organization for iron ore which is the National Iron Ore Mining Company was established in 1979 so as to explore and make provisions of iron ore to Ajaokuta Steel Company in Ajaokuta. They also supply iron ore to the Delta Steel Company in Aladja. This organization cannot be said to have fulfilled it's mission and the two steel companies are not functioning.
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