Two Gold refineries to begin operation soon.

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This disclosed by Minister of Mines and Steel Development, Olamilekan Adegbite while speaking to reporters in Abuja.

“We have licensed two refineries in Nigeria. They will refine gold and of course produce bullion that the CBN [Central Bank of Nigeria] can buy at international prices.

The minister further explained that some of the gold that will be produced by the companies will be held in check by the CBN, adding that the companies will be based in Abuja FCT and Ogun State.

Adegbite, however, did not reveal the names of the company or the agreements between them.

This is not the first license the government is issuing, in 2018 Kian Smith Trade & Co was licensed to produce gold. The company is expected to start operations this year. Kian Smith Trade & Co projected that its refinery would start with a production capacity of three tonnes per month of 99.99% gold and one tonne per month production of 99.99% silver.

The Nigerian government has shown interest in solid minerals especially gold. It would be recalled Adegbite earlier this month, disclosed that the government was working towards ensuring that the mining industry starts contributing about at least 3% of the country’s gross domestic product (GDP) by the next five years.

Author: Austine