Nigeria’s first gold refinery to provide over 500,000 jobs

Nigeria’s first gold refinery to be completed by the end of the first half of next year. This was confirmed at a ground-breaking ceremony on Thursday.

Kian Smith Trade & Co Limited, a Nigerian firm, said the Nigerian gold refinery would be completed by June 2019.

According to the firm, 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 Vice Chairman ofKian Smith, Nere Teriba said the firm has already secured a significant monthly supply of gold from Zamfara, Kebbi, Kwara, Niger, Kaduna, Ibadan, Ile-Ife, and Ilesha and about 100kg per month from other parts of Africa.

Teriba added that the firm was finalising supply agreements and terms from suppliers in Kano.

“Next week, we will be securing supply from Kogi State.”

Teriba further revealed that 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.

During the ground-breaking ceremony, the Minister of State for Mines and Steel Development, Abubakar Bwari said the Federal Government is determined to develop the mining sector and to act as a catalyst for sustainable economic growth of Nigeria.

“Part of our marching orders in the mines and steel 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.” – Bwari

Recall that the Federal Government had issue the first gold refining licence which was given to Kian Smith Limited some time this year. The Minister of Budget and National Planning, Udo Udoma had made the disclosure.

It was  also reported that private investors have expressed their readiness to commit about $3.32 billion to fund some projects in the mining sector.

Source: Nairametrics

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