The Nigerian-Canadian firm, mining gold in Nigeria’s Osun State seems to be set to start the exportation of gold in June this yr.
This is seen as a part of the federal government’s effort in the direction of the diversification of Nigeria’s economic system to create employment and earn extra international trade along with exploiting the nation’s potential within the mining sector.
This disclosure was made by the Minister of Mines and Steel Development, Olamilekan Adegbite, in Abuja on Sunday, whereas talking at a discussion board of the News Agency of Nigeria (NAN), by which he described the Segilola Gold Project as a strategic funding for Nigeria’s financial diversification.
The minister described the corporate as a poster baby and the primary international investor that was doing real and severe enterprise in Nigeria.
Adegbite revealed that the agency was speculated to have began gold exportation within the first quarter of 2021 however that the date was shifted, because of the outbreak of the Covid-19 pandemic.
What the Minister of Mines and Steel is saying
Adegbite acknowledged, “The company will start exporting gold from Nigeria in June.’’
He said that the project is being executed by Segilola Resource Operating Ltd., a licensed operator and Canadian company, located in Iperindo in Osun.
He disclosed that the company which was listed and quoted on the Toronto Stock Exchange in Canada, the eighth largest exchange in the world by market capitalisation, commanding some 3.1 trillion dollars, is trying to ensure compliance with the economic diversification agenda of the Federal Government.
The minister said, “Mining is a bit capital intensive. So, we need to attract serious players, people who can put in the money and then, of course, begin to make money after some investment because it has a gestation period.
“Mining is not like trading where you put in your money today and then realise profit tomorrow. When you do exploration, it can take a year to three years, then you discover the mineral and then start the exploitation before money begins to roll in.”
What you need to know
- It will be recalled that in August 2020, Adegbite had announced that Nigeria was set to start gold manufacturing with the launch of the Segilola Gold Project in Osun State.
- The take-off of the mission would make Nigeria a significant gold producing nation and hasten the diversification of the economic system and discount of unemployment.
- This can be coming after President Muhammadu Buhari unveiled the primary batch of the Presidential Artisanal Gold Mining Development Initiative gold, which is anticipated to be a part of Nigeria’s exterior reserve after being bought by the Central Bank of Nigeria.
- According to confirmed surveys, Nigeria has found massive portions of gold in Zamfara, Kebbi, Niger, Kaduna, Osun, Kwara, and the FCT.