First-Ever! Nigeria Set to Have a Commercial Gold-Mine

The land of virtue as Osun State is fondly called is set to unfold the answers to Nigeria’s big dreams on diversification. Canadian listed gold developer, Thor Explorations, and its wholly-owned local subsidiary, Segilola Resources Operating Limited are promoters of the construction largest commercial gold-mine in Nigeria.

The project which is presently under construction will start production in 2021. The huge development of the large scale commercial gold-mine is like a spear with two sharp edges which pierce deep into the major goals of diversifying our economy and reducing unemployment. Segun Lawson, The Managing Director, Thor Explorations said, the company would process 650,000 tonnes of ore, with a target production of approximately 80,000 ounces per year. He also said the gold-mine will be a source of employment to 1,000 Nigerians directly and indirectly, secure an additional stream of non-oil revenue and stimulate the inflow of foreign direct investment into the country’s mining sector.

The mining sector of the country registered their full support of the project. The Minister of Mines and Steel Development, Olamilekan Adegbite, said the federal government desires to make mining a mainstay of the country’s economy.
The project is majorly financed by Africa Finance Corporation, which invested the sum of $78m and took 10% equity in Thor Exploration.