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Nigeria's First Gold Refinery Scheduled To Be Ready Next Year
Posted by Odinaka on Fri 14th Dec, 2018 - tori.ngNigeria stands at the threshold of history, as the first gold refinery in the country gets underway in Mowe, Ogun State.
File photo used for illustrative purposes only
Nigeria’s first gold refinery, located in the southwestern state of Ogun, is scheduled to be completed by the end of June.
According to a ststament by Kian Smith Trade & Co Ltd., "the local company developing it, the refinery is coming to add value to the economy, gold miners and traders and will also increase revenue to the government especially at a time oil prices have become volatile, leaving the economy in dire need of improved revenues from other sources."
It added that its vision is to contribute to the development of the Nigerian gold market as well as help in creating jobs in the economy.
The refinery will initially be able to produce 3 metric tons of gold each month, and 1 ton of silver, Kian Smith said in a statement.
The company said it will supply the nation’s central bank, as well as the jewelry and electronic industries, and source its gold from states such as Zamfara, Kebbi and Kwara.
Source: Bloomberg
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