DID YOU KNOW (7)? Nigeria Now Has a Large Scale Gold Mining Company

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.

The Segilola Gold Mine site

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.

Entrance to the Gold Mining site

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 Gold Mining Site

The Segilola Gold Mine generated its first output of gold on Friday 30 July 2021.

Some gold ingots

Segilola Gold Mine will process 650,000 tonnes of ore and has a target output of 85,000 ounces per annum.

Night Shift work at the Segilola Gold Mine

The gold mine is expected provide over 1,000 direct and indirect jobs for Nigerians.

Mr Segun Lawson, Managing Director of Thor Explorations Ltd since August 2011


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