In what could be described as part of the efforts of the present government of Governor Adegboyega Oyetola of Osun State at industrializing the state, Segilola the open-pit Gold mining operation which commenced operation in 2020, has reached a commercial quantity.
The pit which is located at the highest Gold centre of Osun State is regarded having g the highest grade in West Africa
The exploration which was carried out by Thor was regarded as a big success to boost industrialisation in Osun State and Nigeria as a whole since industrialisation is party of the policy of the federal government to boost the economy of Nigeria apart from oil.
In the past few years, many states in Nigeria have been exploring opportunities that abound in their area, to jack up their economies and increase revenue base of Nigeria.
With this, Osun State has become the first to churn out the best and the finest Gold in Nigeria and West Africa, which is even better than the Douta Gold project in South Eatern Senegal, where Segilola hold a 70 % economic interest and that of Central Hound projects in Burkina Faso, where Segilola also holds a 100% interest.
Apart from being Nigeria’s first “commercial-scale gold mine”, it has also been described as the “highest grade open pit gold operation in West Africa” and “the largest defined gold deposit in Nigeria”
It’s owned by Thor Explorations, listed on the Toronto Stock Exchange.
What’s interesting is that construction began in February 2020, just as the pandemic was rearing its head. So basically they’ve built right through it, and largely on schedule too.
Mining is another sector in which the Buhari Administration and now Governor Adegboyega Oyetola has been paying much attention.
According to the company “it would be a great advantage for Thor, for Osun State (which has humongous deposits of gold), and for Nigeria, which stands to transform solid minerals into the new ‘oil & gas’ and the benefit of eating jobs, increase in taxes, training and technological transfer which would benefit Nigerian youths and open up the gates for others, especially Nigerians, who would like to go into mining.”
Officials of the Osun State government averd that the the opportunity offered by the gold in the state is equally a win for the repositioning Agenda of Governor Oyetola, as diversifications will mean more revenue and harnessing of natural and human resources within the state.
The Segilola gold mine is regarded as the most advanced gold project in Nigeria with a total reserve of 517, 800 gold ounces grading at 4.02 g/t and now the the first Nigeria’s commercial gold deposit.
It is also now operating at 90,000 tonnes of ore material with 2 ore zones prepared for the commencement of higher- grade direct tip operations.