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Nairaland Forum / Nairaland / General / Politics / Diversification - Buhari Turns Nigeria Into Major International GOLD Producer (945 Views)
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Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by rosinkkit: 10:11pm On Aug 04, 2021 |
Nigeria Officially An International Gold Producer With New $100m Mining Facility Thor Explorations hits Nigeria’s First Commercial Gold Output Nigeria said its efforts to cut dependence on oil earnings reached a milestone as the country’s first industrial gold project entered production. Thor Explorations Ltd. poured first gold from its Segilola mine in southwestern Nigeria on Friday, according to a statement. The plant, which will now ramp up over the next six weeks, is targeting output of 85,000 ounces a year, the company said. The two biggest gold projects in Africa — Barrick Gold Corp.’s Kibali in the Democratic Republic of Congo and Loulo-Gounkoto in Mali –- produced 808,000 ounces and 680,000 ounces respectively in 2020. Africa’s largest oil producer has sizeable untapped deposits of metals including gold, zinc, lead and iron ore, but nearly all extraction is done informally on a small-scale or manual basis. Crude sales account for more than 90% of export earnings and about half of national income, leaving the state highly reliant on oil. Successive governments have pledged to significantly increase mining’s contribution to gross domestic product, which currently stands at less than 0.1%. The current government is promoting Thor’s launch to spur investment in the mining sector and boost non-oil income. Mining made up 4% to 5% of Nigeria’s GDP in the 1960s and 1970s, before major operations shut down and crude oil came to dominate the government’s agenda. Aerial view of the Segilola mine. Credit: Thor Explorations Ltd. Vancouver-based Thor spent nearly $100 million to build the mine. Africa Finance Corp., the company’s largest shareholder, provided an $86 million debt-equity financing package. Segilola is “a testament” to the current government’s “drive to diversify the economy through the mining sector,” Minister of Mines Olamilekan Adegbite, said in a statement Friday. The project “proves to the mining world that Nigeria is the next big frontier mining destination,” he said. (By William Clowes Mining.com) https://www.mining.com/web/thor-explorations-hits-nigerias-first-commercial-gold-output/ Another First. Muhammadu Buhari, GCFR. |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by r4bbit: 10:16pm On Aug 04, 2021 |
Nice... it's good that we're diversifying .... |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Penguin2: 10:20pm On Aug 04, 2021 |
Until Zamfara Gold is seen as Nigerian gold and not Zamfara gold, you guys are talking in the nonsense. They are using state sponsored banditry to keep Northwest full of crisis so the locals and bandits will be mining the gold there. But they built multimillion dollar factory in Southwest to legally mine Osun gold and remit the funds to Federal Govt coffers. Silly Fulanis thinking they have sense but only succeed in deceiving their zombies who drink cow urine for breakfast and take grilled lizard for lunch. 5 Likes |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by r4bbit: 10:22pm On Aug 04, 2021 |
Penguin2:... 2 Likes |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Penguin2: 10:24pm On Aug 04, 2021 |
r4bbit: Exploited by locals or by govt? 1 Like 1 Share |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by NigeriaZoo: 10:26pm On Aug 04, 2021 |
Chinese and Lebanese taking all the gold - lmao Clowns 1 Like |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by r4bbit: 10:26pm On Aug 04, 2021 |
Penguin2:... |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by r4bbit: 10:28pm On Aug 04, 2021 |
Penguin2:... |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Omoluabi1stborn: 10:29pm On Aug 04, 2021 |
r4bbit: You have comprehension issue u not understand the guy message Penguin2: |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by r4bbit: 10:32pm On Aug 04, 2021 |
Omoluabi1stborn:he modified it |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Lastmankc(m): 10:33pm On Aug 04, 2021 |
Audio gold 1 Like |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Penguin2: 10:35pm On Aug 04, 2021 |
r4bbit: And the same govt has established a gigantic factory to exploit Southwest gold while Zamfara gold belongs to Zamfara people, right? Are you Fulani or you just have cognitive deficiency? 1 Like |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by unbitchable(m): 10:36pm On Aug 04, 2021 |
Penguin2:The govt is the thief. According to the article, the gold here is from Southwest. Zamfara gold is directly being sold to CBN & keep the revenue into the state's coffers. You can imagine OP giving credit to Buhari for this grand scale of exploitation. Whereas a call for 100% resource control is being neglected for a feeding bottle federalism. 2 Likes |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Penguin2: 10:36pm On Aug 04, 2021 |
Omoluabi1stborn: Don’t mind him. He wants to be faster than his shadow? |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by rosinkkit: 10:37pm On Aug 04, 2021 |
Lastmankc: Somebody brings out 100 million dollars cash to build a mine and you say it's audio? You children sef..... Na free internet cause am. 1 Like |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Penguin2: 10:45pm On Aug 04, 2021 |
unbitchable: That’s it. And it’s likely that it is Zamfara people that sell the gold to CBN at their own price. And that’s the Fulani allowing their brethren to have control over the mineral resources at their backyard. But Niger Delta, Southeast Gas and Yoruba Gold are all common patrimony of Nigeria. Some Ijaw idiots will still come and be shouting “awa oyel” but won’t find voice to condemn this absurdity. Until a similar Multimillion dollar company is built in Zamfara to mine the gold therein, I suggest Southwest youths should burn down that fvcking factory built to mine their gold except they too will be allowed to mine their gold and sell to CBN themselves. Zombies would still hyperventilate as they are programmed to convulse. Idiots! 2 Likes 1 Share |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by r4bbit: 10:49pm On Aug 04, 2021 |
Penguin2: You just modified your posts... So you are in no position to make any insult,but I will let it slide because you are right .... |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by FreeStuffsNG: 10:50pm On Aug 04, 2021 |
God bless President Muhammadu Buhari. All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria. |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by rosinkkit: 11:56pm On Aug 04, 2021 |
Penguin2: LIAR. This NONSENSE that ''Zamfara gold belongs to Zamfara and not Nigeria'' is 100% FAKE NEWS, and was DEBUNKED by the govt and other researchers HERE: https://dailytrust.com/factcheck-zamfara-gold-deposit-belongs-to-federal-government-not-state |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Penguin2: 12:02am On Aug 05, 2021 |
rosinkkit: You are showing me Fact Check conducted by Daily Trust? Tell me you are joking. It’s like showing me Fact Check conducted by the Nation’s Newspaper or TVC on an issue concerning Tinubu. But let’s assume the report was false, what’s up with the gold now? Who is mining it and who is selling it? How much has been remitted to federation account from the sales of Zamfara Gold? 1 Like |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by theTranscriber: 12:07am On Aug 05, 2021 |
Yoruba Gold |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by rosinkkit: 12:09am On Aug 05, 2021 |
Penguin2: ANY NIGERIAN can go to Zamfara today and mine gold. A foreign firm can go there and mine gold. All must comply with the regulations and pay appropriate royalties to the FG, which owns all the mineral resources in Nigeria, on behalf of the Nigerian people. “Zamfara gold (like all other resources) is owned by @NigeriaGov, on behalf of Nigeria. Anyone who wants to mine it has to apply for a license, mine, & pay taxes, royalties etc. Anybody can apply for a license; Lagos or Rivers can set up a mining company & apply to mine Zamfara gold,” Ogunlesi tweeted. The presidential aide explained further that gold mining in Zamfara is business regulated by the Federal Government, just as the oil in the Niger Delta. “If you choose to believe that Zamfara gold belongs to Zamfara (it doesn’t!), you’re doing yourself. Someone else will make a move, get a license, and go and make money. That’s why it’s always important to be sure your mindset is not blocking the opportunities available to you,” he tweeted. Ogunlesi explained that any state in the Niger Delta can also own a modular refinery, and the state can sell the products to the government, but that does not make the oil in the Niger Delta the property of the state. “Nothing stops South South States from setting up Modular Refineries. All they need to do is set up a company and apply for a license, or invest in existing companies. @NigeriaGov invested $10m in Waltersmith Refinery in Imo, Edo State Govt invested N700m in AIPCC in Edo,” he explained. Similarly. a twitter user, Omo Iya Bolaji, explained that Zamfara State bought the gold from miners and sold it to the CBN. “A state (Zamfara) is competing with public entities and buying gold from the artisanal miners and selling to the FG who want to deposit gold bars. It’s business and not resource control”. https://dailytrust.com/factcheck-zamfara-gold-deposit-belongs-to-federal-government-not-state .... SO STOP SPREADING FAKE NEWS!!!! |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by rosinkkit: 12:36am On Aug 05, 2021 |
Penguin2: The government did not ''establish'' any factory!!!!!!!! The gold mine is a govt-backed private investment! If you have 100 million USD and say you want to build a gold mine in Zamfara state, you are free to do so!!!!!!!!! Stop imagining problems where none exist!!!!!! 1 Like |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by Penguin2: 1:39am On Aug 05, 2021 |
rosinkkit: Book analysis..! The reality is that state sponsored terrorism has made Zamfara a no-go area for non-bandits. But these bandits likely still mine the gold, sell it and remit the funds to whoever is sponsoring them. Would you doubt that gold mining is going on in the midst of these banditry in Zamfara? 1 Like |
Re: Diversification - Buhari Turns Nigeria Into Major International GOLD Producer by CodeTemplar: 7:34am On Aug 05, 2021 |
Anything to hide his partiality. Ride on OP. |
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