Nigeria’s first gold refinery to triple capacity in 5 years

Nigeria’s first gold refinery is expected to more than triple its capacity within five years after operations begin next June, an executive at the company developing it said on Tuesday.

Nere Teriba, vice chairman of local firm Kian Smith Trade & Co, 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.

Nigeria has largely untapped deposits of 44 minerals, which include gold, iron ore, coal, tin and zinc, in more than 500 locations spread across Africa’s most populous nation. But most of the mining is artisanal and the absence of gold refineries means value typically has not been added in the supply chain.

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.

She said one supplier had committed to providing a total of 100 kg each month from Ghana and Sierra Leone. Teriba did not identify the supplier.

Most ore will be sourced locally from various locations including the northwestern states of Zamfara, Kebbi and Kaduna, as well as the central states of Kwara and Niger. Teriba said the company had MoUs from about 200 gold suppliers.
Most ore will be sourced locally from various locations including the northwestern states of Zamfara, Kebbi and Kaduna, as well as the central states of Kwara and Niger. Teriba said the company had MoUs from about 200 gold suppliers.

Some 80 percent of mining in Nigeria is carried out on an artisanal basis and gold is routinely smuggled out of the country illegally to neighbouring Cameroon and Niger, as well as Togo before being registered in those countries.

Teriba said Kian Smith was in talks with the government after proposing an altered approach to import duties and royalties.

“We are working with the government on a proposal to reduce import duties on gold dore,” she said, adding that the company had asked the government to make refined gold bars and coins free of value-added tax.

Gold mines produce gold dore bars, a semi-pure version of the substance, which are sent to a refinery for further purification.

Under the current system, miners are responsible for paying the royalty on gold, an approach Teriba said caused “leakages” because most miners were artisanal. The refinery will seek to incentivise suppliers by paying royalties on their behalf.

She talks with the government on royalty payments were at an advanced stage.

Source: Reuters Ghana


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    24 December 2018, 09:57 am

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  • Jeffrey

    24 December 2018, 09:57 am

    How much does the job pay? In an epic \"lip-sync off\" on \"Late Night with Jimmy Fallon,\" the actor, 32, competes against Fallon, 39, and comedic writer Stephen Merchant, 39, in a few rounds of the karaoke-style competition.\n donde puedo comprar cialis generico contrareembolso Devon and Cornwall police confirmed that Mrs Burner contacted them and “she was advised that if she did take the bats roost down there would be a likelihood of prosecution by police”.\n priory medical group tynemouth number \"I don\'t think the team will survive if we don\'t win,\" said New Zealand tactician Ray Davies. \"It\'s fantastic that the government puts the money in, but they\'re expecting us to win and they\'re not going to back a team that doesn\'t win.\"\n menactra adverse reactions “They’ve single-handedly helped revive a depressed area of San Francisco by moving their headquarters to Mid-Market,” Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the Haas School of Business at the University of California, Berkeley, said of Twitter.\n germany sex drops kaufen Lumia Amber builds upon the latest update for Windows Phone 8 from Microsoft. In itself, this provides a number of significant additions: a new FM radio player and improvements to Xbox music and the Internet Explorer browser.\n

  • Jordon

    24 December 2018, 09:56 am

    The United States amitriptyline hcl 25 mg abuse It included charging the government for tagging offenders who had died, been returned to prison, left the country or who had never been put on the tagging scheme in the first place, Mr Grayling told the House of Commons.\n cialis and bph \"It was better for the company to pay a little extra andmake sure that they complete all the funding they needed ratherthan risk the deal going poorly and them having to come back tomarket at a later date.\"\n how long for penatropin to work \"I think this proposal is a very smart move on Goldman\'spart,\" said one source with knowledge of the warehousingbusiness. \"They have always claimed that the objections from theconsumers are spurious because they are not the ones that areactually in the queues.\"\n donde comprar piracetam en chile \"We are asking the Europeans also to take into consideration the legal and other problems this creates on the Israeli side. We want to return and are ready to negotiate. But if the terms are the way they are today - unprecedented and several steps beyond anything heretofore - then we won\'t be able to do it.\"\n zyban on line The Democrats are competing on other grounds. Most notably and unfortunately, they strive to outdo one another in attacking stop-question-frisk and in pushing to strap the NYPD, and the next mayor, with outside overseers. And none has dared to take a stand that would alienate a Democratic interest group or the municipal unions.\n

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    24 December 2018, 09:56 am

    Thanks for calling power floss dental water jet oral irrigator Though the Rangers didn’t have a pick higher than their three, third-round selections in Sunday’s NHL draft, left wing Anthony Duclair, 17 - New York’s second pick chosen at No. 75 - showed impressive skating ability and shiftiness facing up against other top prospects and players on tryouts.\n discount daily cialis The researchers recruited 232 subjects to view and rate photographs of food. In one experiment, half of the participants viewed 60 pictures of sweet treats, such as cake and chocolates, while the other half looked at 60 pictures of salty snacks, such as chips, pretzels, and fries. After rating each picture based on how appetizing that food appeared, participants finished the experiment by eating peanuts and then rating how much they enjoyed the snack.\n amino build white grape Adult film powerhouse Vivid Entertainment-the company that purchased Farrah Abraham\'s recent skin flick-conducted the survey, and found that 21 percent of the respondents hoped for a Gosling-helmed porn video.\n cefdinir webmd \"I am exactly where I want to be now. You can\'t go backward. I\'m not going backward. I\'m grateful that I\'m here, blessed to have what I have. Nobody can be prepared for anything,\" the A-lister continued.\n test x180 ignite review bodybuilding Another downside is the that after just a few hours, Google Glass needed to be re-charged. So with perfect memories in hand (or stored in Glass anyway), it was time to call it a day. I tucked Glass in its protector bag and once again relied on my car’s GPS for directions for the trip home.\n

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    24 December 2018, 09:56 am

    I work for myself dioscorea villosa medicamento homeopatico Mongolia\'s mining minister has said the delay in exports wasbecause the government and Rio disagreed on the arrangement ofrevenue generated from Oyu Tolgoi as well as the disclosure ofthe mine\'s $8 billion sales agreements.\n luxfil side effects The big 0 is just a pawn and puppet doing the bidding of the world elite in their quest for global governance but the liberals and the neo-marxists can\'t seem to see their role in this process. Its all about regime change until all the pieces are in place!\n green pharmacy face care cranberry The Fall of 2014 is likely the earliest the work could be done on the 16-inch pipe, which moves crude in the refinery\'s main unit, the VPS-5. Excessive vibration on the pipe prevents the 325,000 bpd unit from running at capacity, according to the sources.\n generisk cialis risker The stimulus measures announced Thursday are much more focused, hitting only a few key sectors of the economy. \"I think [growth is slow] enough for them to start rolling out some so-called fine tuning measures,\" Standard Chartered economist Kelvin Lau told CNN. \"I wouldn\'t even call it stimulus. It\'s very targeted.\"\n slimquick pure extra strength gummies The websites, which Obama compared to online shopping sitessuch as, were meant to be the main vehicle forconsumers to check out prices and purchase the health insuranceoffered under the law.\n

  • Erin

    24 December 2018, 09:56 am

    I\'m originally from Dublin but now live in Edinburgh how is alprostadil administered\r Hiromasa Yonekur, chairman of Japan’s Sumitomo Chemical, called TPP a “golden pathway” towards the goal of extensive regional free trade by 2020. “The highest priority is a more open and seamless business environment,” he told delegates. “We are certain that [this] will make the growth of the Asian Pacific region more sustainable.”\n kroger pharmacy denton tx university dr No breaking news here -- \"Newsroom\" actress Olivia Munn is still smokin\' hot. The 32-year-old brunette bombshell sizzles in the glossy pages of Esquire\'s June/July 2013 issue, proving that it\'s possible to flaunt both brains and beauty as she poses in nothing but a barely there bikini. \"I believe it was Galifianakis who was saying something like people who are attractive can\'t be funny, because funny comes from pain,\" she told the mag. \"And it\'s interesting, because in my life, I moved around a lot ... and humor and being self-deprecating and sarcastic was the thing that could break ice in every situation. And so it\'s a very antiquated idea to think that you can\'t be pretty and smart and funny.\"\n big sky pharmacy montana Did you see this? Happened Sept. 20 at Minute Maid Park in Houston. The Diamondbacks’ Juan Miranda tossed a foul ball to a little girl standing behind the dugout but a lady in white tried to intercept it. The kid caught the ball, and the woman pulled it out of her hands. She celebrated her foray into child abuse, receiving high-fives as the little girl sadly returned to her seat. Another extreme example of what some “adults” will do to get a baseball. Fortunately, stadium officials delivered one to the child. No one tried to steal it from her.\n climax control trojan review Four representatives for the foundation will take part in the talks, including Murck, Santori, legal defense committee chairman Brian Klein and board chairman Peter Vessenes. Following a meeting with federal agencies on Monday, the four representatives plan to meet with lawmakers on the Hill to brief them on all things Bitcoin.\n duroil oil Weyerhaeuser, which announced in June it was reviewing strategic options for the homebuilding and real estate development unit, is trying to finalize a sale to Tri Pointe as soon as in the next two weeks, the people said on Monday.\n

  • Milton

    24 December 2018, 09:56 am

    Photography gotham steel xl The findings reinforce a common criticism of the American higher education system: colleges are not preparing students for the types of jobs they want or need. \"If Americans are judging the colleges they choose based on whether they can get good jobs, they may be better off not choosing college at all,\" Busteed said.\n l-arginine infusion reviews \"Both of those guys have got enough talent that it doesn\'t make any difference what offense they\'re running. As quarterbacks, they\'re athletic, they\'re strong-armed, they\'ve got accuracy, they\'ve got everything that you want.\"\n 8 week shred\r \"Right now there is not enough domestic capital to helplocal groups to grow in size and internationally,\" said LucaRossi, EMEA head of consultancy A.T. Kearney. \"The fact that thelocal financial market is underdeveloped adds to the problem.\"\n Walt Disney Co\'s ABC network, CBS Broadcasting Inc, Comcast Corp\'s NBCUniversal, and FoxTelevision Stations Inc said allowing Aereo to operateis \"already transforming the industry and threatening the veryfundamentals of broadcast television.\"\n ambi climate 2 Significant events — defined as being reported by more than 25 people — usually happen three to five times in a month, Hankey said. While meteors fall to the earth all the time, he said, they usually go undetected as they are most easily seen during the middle of the night and because they often fall where there are no people — such as over oceans, deserts or remote parts of Wyoming.\n

  • Gregory

    24 December 2018, 09:56 am

    Could I take your name and number, please? The \"Jersey Shore\" may have ended, but it hasn\'t stopped Deena Cortese from spending her summer in a bikini. The former MTV star flaunted her newly toned beach body on Twitter, posting photos of herself soaking up the sun in a skimpy yellow two-piece on June 25, 2013. \"Cheese ! Summer lovin,\" the 26-year-old reality star captioned one of the shots.\n neosize xl philippines Adjusted for the much larger amount of hazardous liquidsthat they carry, pipelines spill less, though the difference isnot huge. But crucially, pipelines must shut very promptly inthe event of an accident to avoid a catastrophic release ofmaterial.\n generic toprol er Unit labor costs have fallen to pre-crisis levels, the trade deficit is shrinking and industrial production is recovering. At the same time, however, unemployment keeps rising, retail sales still have to bottom out, the public deficit remains high and debt is surging.\n\r \"[She\'s] making herself a priority, trying new exercises and trying things she loves and enjoys rather than stuff to just \'lose weight,\'\" a source told E!. \"This is really from the inside out.\"\n login WellPoint Chief Financial Officer Wayne DeVeydt said in an interview that much of the $20 billion in growth - an unprecedented advance for the company - is driven by Medicaid and exchanges alone. \"The general components of that are primarily driven by the government business with the expansion of the Affordable Care Act,\" he said.\n

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    24 December 2018, 09:55 am

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  • Emily

    24 December 2018, 09:55 am

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  • Alberto

    24 December 2018, 09:55 am

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    24 December 2018, 09:55 am

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    24 December 2018, 09:55 am

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    24 December 2018, 09:55 am

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    24 December 2018, 09:54 am

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