US $100million is set to be investment by Aurelia Mining Company Ltd, a British gold mining firm in Nigeria’s Gold mining.
Company’s director, Julian Hammond announced the plans and said they see Nigeria becoming a powerhouse in gold production in Western Africa and aspiring to diversify the economy away from oil and gas and have come to key into the country’s abundant mineral potentials.
“The company will commence a small mining operation with five to US$10m first, and if the gold deposit is as big as expected, the company will invest about US$100m for a period of 10 to 15 years,” said Julian Hammond.
Minister of Mines and Steel Development, Arc Olamilekan Adegbite said the Canadian firm is already scheduled to start gold exploration in Ogun state soon. He added the aggressive investment driving campaign embarked upon by the ministry in the recent past have started yielding results.
“In the next couple of weeks we will start gold production from Illesha; it was a little bit delayed because of the COVID-19. I was in South Africa, London, Toronto among others, and with all these we were able to convince investors, to say, look, Nigeria is a place to come to,” said Adegbite.
The mining of minerals in Nigeria accounts for only 0.3% of its gross domestic product, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore.