First commercial gold mine construction begins in Osun state

The construction of Nigeria’s only large-scale commercial gold mine has begun in Osun State and the facility will start producing gold in 2021.

The Minister of Mines and Steel Development, Olamilekan Adegbite, said this at a ceremony for the commencement of Thor Exploration’s construction of the Segilola Gold Mine in Osun State.

The minister said the venture is a pioneering project in the Nigerian mining sector and commended the promoters of the facility, Canadian listed gold developer, Thor Explorations, and its wholly owned local subsidiary, Segilola Resources Operating Limited.

The Managing Director, Thor Explorations, Segun Lawson, said when the gold mine is completed in 2021, the company would process 650,000 tonnes of ore, with a target production of approximately 80,000 ounces per year.

The project is majorly financed by Africa Finance Corporation, which had invested the sum of $78m and took 10 per cent equity in Thor Explorations.

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