Nigeria’s first gold refinery being built by Kian Smith Trade & Co Limited is billed to be completed by the end of June next year.
There was already a significant monthly supply of gold from Zamfara, Kebbi, Kwara, Niger, Kaduna, Ibadan, Ile-Ife, and Ilesha and about 100kg per month from other parts of Africa,” said the Vice Chairman, Kian Smith, Nere Teriba.
The firm was finalising supply agreements and terms from suppliers in Kano, and supply from Kogi State.
According to the Punch, the refinery would start 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, was at the ground-breaking ceremony.
He said: “The present administration is determined to develop the mining sector to act as a catalyst for sustainable economic growth of the country.
“Part of our marching orders in the mines and steal 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 noted that it was in keeping with his ministry’s mandate that a road map was developed for the growth and development of the mining sector.
“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,” Bwari said.
He added that the ministry had continued to work in this light to develop a gold value chain for the country.
“We will be supplying the Central Bank of Nigeria, the jewellery and the electronics industry.”
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.