Nigeria VP Says Mining Sector Boosted by Significant Investments

By Obafemi Oredein

Special to Dow Jones Newswires

IBADAN, Nigeria–The Nigerian government’s effort to revive its mining sector has resulted in the inflow of notable investments in the sector, Yemi Osinbajo, the country’s vice president, said.

These investments include Thor Explorations Ltd.’s Segilola gold mine in Osun state, “with an initial production capacity of 80,000 ounces of gold annually, representing the first large-scale gold mine in Nigeria,” he said.
Thor Explorations is a Canadian gold exploration and development company involved in the acquisition, exploration and development of mineral properties in West Africa. According to the company’s website, its 100%-owned Segilola Gold Project has a total probable reserve of 517,800 ounces of gold grading at 4.02 g/t as of March 2021.
Mr. Osinbajo also noted African Natural Resources & Mines Ltd.’s integrated iron-ore mining and processing plant in Kaduna, which has an initial production capacity of 4.70 million metric tons of iron a year and will scale up to 5.88 million tons a year.
The vice president, speaking this week virtually at the opening of the fifth annual Nigerian Mining Week Discourse Series, said the mining sector is a critical part of the National Development Plan 2021-25 of the administration of President Muhammadu Buhari.
Mr. Osinbajo said a review of the Nigerian Minerals and Mining Act 2007 is under way. This is aimed at bringing legislation into conformity with global best practices, limiting the role of government to that of regulation, and creating the space for the private sector to maintain a more-expansive presence in the industry, he said.
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