A Nigerian company, Kian Smith Trade & Co Limited, on Thursday, laid the bricks of the nation’s first gold refinery, saying the project would be completed by the end of the first half of 2019.
It said the refinery would commence with a production capacity of three tonnes per month of 99.99 per cent gold and one ton per month production of 99.99 per cent silver.
Abubakar Bwari, The Minister of State for Mines and Steel Development, who was quoted in a statement saying, “The present administration is determined to develop the mining sector to act as a catalyst for sustainable economic growth of the country.
“Part of our marching orders in the mines and steal development ministry is that we are expected to develop the sector to increase its contribution to the nation’s Gross Domestic Product, improve its capacity to create jobs and engender sustainable mining.”
He highlighted that it was in keeping with his administration’s mandate that a roadmap was developed for the growth and development of the mining sector.
“During the focus labs of the Economic Recovery and Growth Plan of this administration, we discovered that a well-organised gold value chain can trigger an economic revolution as it did in India, South Africa, Switzerland and others,” Bwari said.
He added that his ministry had worked ceaselessly in this light to develop a gold value chain for the country.
“We will be supplying the Central Bank of Nigeria, the jewellery and the electronics industry.”
We have already secured a substantial monthly supply of gold from Ile-Ife, Zamfara, Kebbi, Kwara, Ibadan, Niger, Kaduna and Ilesha and about 100kg per month from other parts of Africa,” Nere Teriba. The Vice Chairman, Kian Smith, said.
She said the company was concluding supply agreements and terms from suppliers in Kano, adding, “Next week, we will be securing supply from Kogi State.”
According to the Vice Chairman, the refinery, when completed, would secure more than 500,000 jobs in two years as it continues to support its suppliers in their attempt to become registered business entities in the mining sector.
“There are at present at least one million unregistered business participants in the Nigerian market (considering gold miners, sponsors, dealers, processors, aggregators and gold-workers).
The organisation, formalisation and development we bring to the value chain will boost the Nigerian economy,” she added.
The Governor of Ogun State, Senator Ibikunle Amosu, who was represented by the Commissioner for Agriculture, Adepeju Adebajo, expressed deep enthusiasm about the refinery project, saying it was in line with the government’s industrialisation plan.
Amosun described the project as a major boost to the Nigerian Economy.