Nigeria's First Gold Refinery Plans To Triple Capacity In 5 Years
We brought you a story on Monday that Nigeria’s first gold refinery is commencing operations next year.
When it eventually does, it will be a matter of five years and there will rain of gold in Nigeria.
The company, Kian Smith Trade & Co said it expects to more than triple its capacity within five years after operations begin next June.
Vice Chairman of Kian Smith Trade & Co, Nere Teriba said the refinery would initially be able to produce three tonnes per month of gold and one tonne of silver, rising to 10 tonnes a month of gold and three tonnes of silver in five years.
Construction workers broke ground at the refinery site in the southwestern state of Ogun last week.
Teriba said work was expected to be completed by the end of February 2019 and production would start by the end of June.
“It is a five-year expansion plan to get to 10 tonnes a month of gold. Silver will probably go up to about three tonnes a month,” Teriba said in an interview with Reuters in Lagos.
The company said it would supply Nigeria’s central bank as well as the jewellery industry.
“The gold supply for the refinery will be coming from Nigeria ... but also from the rest of Africa,” she said, adding that Kian Smith had a memorandum of understanding with a supplier to bring gold from Ghana, Sierra Leone and Tanzania.
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