A Nigerian firm, Kian Smith Trade & Co Limited, yesterday announced that the Nation's first Gold Refinery would be completed by the end of the first half of 2019. The statement was made during the ground breaking ceremony of the project, at Mowe in Ogun State.
The indigenous firm 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.
The Minister of State for Mines and Steel Development, Abubakar Bwari said the ministry has developed a roadmap towards the growth and development of the sector to sustain economic growth of the country.
"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," he said.
He mentioned that the gold supply will be sourced from registered artisanal miners so as to effectively monitor and regulate the accurate gold production data.
“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.
“We will be supplying the Central Bank of Nigeria, the jewellery and the electronics industry.” Bwari said.
Also speaking, the Vice Chairman, Kian Smith, Nere Teriba stated that the firm has arranged a significant monthly supply of gold from Zamfara, Kebbi, Kwara, Niger, Kaduna, Ibadan, Ile-Ife, Ilesha and about 100kg per month from other parts of Africa.
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.
