The Nigerian-Canadian company that is currently mining gold in Osun State, southwestern Nigeria will start exporting gold in June 2020.
This information was made available by Minister of Mines and Steel Development, Mr Olamilekan Adegbite, in Abuja.
While speaking at a forum organised by the News Agency of Nigeria (NAN), Adegbite said the Segilola Gold Project was a strategic investment for economic diversification in Nigeria.
He described the Nigerian-Canadian firm as a ‘poster child’ and the number one foreign investor to carry out genuine and serious business in Nigeria.
Adegbite disclosed that the firm was supposed to have commenced gold exportation in the first quarter of 2021 but that the date was postponed as a result of coronavirus disease.
He said: “The company will start exporting gold from Nigeria in June.’’
According to the Honourable Minister, the project is being carried by Segilola Resource Operating Ltd., a fully licensed operator and Canadian compan that is located in Iperindo, Osun state.
Adegbite said that the company was listed and quoted on the Toronto Stock Exchange in Canada and that the company was making a positive impact that is borne out of its urge to comply with the government’s economic diversification agenda.
He said: “Mining is a bit capital intensive. So, we need to attract serious players, people who can put in the money and then of course, begin to make money after some investment because it has gestation period.
“Mining is not like trading where you put in your money today and then realise profit tomorrow.
“When you do exploration, it can take a year to three years, then you discover the mineral and then start the exploitation before money begins to roll in.”
