David Bensusan, Managing Director, Kian Smith Trade & Co., has announced that the company’s gold refinery is on schedule to be completed and commence operations by 2019.
In a statement posted on the company’s Twitter account, Bensusan said the gold refinery will boost the country’s revenue as well as increase employment. While revealing that Kian Smith is committed to developing the country’s gold market, Bensusan said the refinery will add value to the benefit of gold miners, traders and consolidators.
Official Statement by David Bensusan (@BensusanDavid), Managing Director; Kian Smith Trade & Co. #OfficialStatementByKianSmith pic.twitter.com/xi5MVyYrWa
— Kian Smith Co. (@KianSmithCo) October 24, 2018
Recall that the Federal Government had announced the issuing of the first gold refining licence which was given to Kian Smith Limited. The Minister of Budget and National Planning, Udo Udoma made the disclosure.
It was reported that private investors have expressed their readiness to commit about $3.32 billion to fund some projects in the mining sector. This was disclosed by the Minister of State, Mines and Steel Development, Alhaji Abubakar Bwari.
According to Bwari, the fund will be used to finance gold mining and refining, foundry works, lead/zinc exploration and production, tin, tantalite and columbite mining and processing.
The minister said that the ministry was making effort to focus on tackling challenges hindering the formal exploitation of gold, tin and lead-zinc as well stop indiscriminate exports of these mineral commodities to foreign smelters.
He further stated that Nigeria without crude can survive, given her huge potential in non-oil sector. Agriculture, mines and steel among others, are lucrative areas capable of putting the economy on a prosperous path.
Meanwhile, mineral resources’ contribution to the nation’s Gross Domestic Product (GDP) was abysmally low, hovering within the region of N103 billion in 2014 despite the country being blessed with over 44 types of solid minerals in varying quantities across the 36 states and Federal Capital Territory ( FCT) of the country.
In view of this, it would not be erroneous to say Nigeria’s mining sector has been dormant and abandoned for illegal miners to profit from, while genuine investors have been made to look on.
About Kian Smith
Kian Smith is a Nigerian company registered in 2011. The company operates in minerals, commodities and marine services.