The Segilola Gold Mine is sited at Odo-Ijesha and Iperindo, both in Atakumosa East Local Government of Osun State. It is the first (and currently the only) large-scale commercial gold mine in Nigeria.
It was facilitated by a Canadian-listed gold developer, Thor Explorations and its local subsidiary, Segilola Resources Operating Limited. The venture is a pioneering project in the Nigerian mining sector.
Thor Explorations has spent $100 million to build the mine, while Africa Finance Corp, its largest shareholder, provided $86 million in debt and equity financing.
The Segilola Gold Project comprises an open pit gold mining project based on a probable reserve of 518,000 ounces of gold grading at 4.02 grams per ton.
The Segilola Gold Mine generated its first output of gold on Friday 30 July 2021.
Segilola Gold Mine will process 650,000 tonnes of ore and has a target output of 85,000 ounces per annum.
The gold mine is expected provide over 1,000 direct and indirect jobs for Nigerians.