Nigeria’s first gold refinery to be completed June 2019

A Nigerian firm , Kian Smith Trade & Co Limited , on Thursday , broke ground on the nation’ s first gold refinery , saying the project would be completed by the end of the first half of next year .It said the refinery would start 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 .

The Minister of State for Mines and Steel Development , Abubakar Bwari, who was quoted in a statement as saying at the ground – breaking ceremony , stated , “ 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 noted that it was in keeping with his ministry ’ s mandate that a road map 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 the ministry had continued to work 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 significant monthly supply of gold from Zamfara , Kebbi , Kwara , Niger, Kaduna , Ibadan, Ile -Ife, and Ilesha and about 100 kg per month from other parts of Africa , ” said the Vice Chairman , Kian Smith , Nere Teriba.

She said the firm was finalising supply agreements and terms from suppliers in Kano , adding , “ Next week , we will be securing supply from Kogi State. ”

According to Teriba, the refinery , when completed, will provide more than 500 , 000 jobs in two years as it continues to support its suppliers in their bid 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 formalisation, organisation and development we bring to the value chain will provide quick wins to the Nigerian economy , ” she added .

Also speaking , the Governor of Ogun State , Senator Ibikunle Amosu , who was represented by the Commissioner for Agriculture , Adepeju Adebajo , expressed enthusiasm about the refinery project , saying it was in line with his government’ s industrialisation plan .

Amosun described the project as a major boost to the Nigerian mining sector .

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