Nigeria’s first gold refinery, located in the southwestern state of Ogun, is scheduled to be completed by the end of June, according to Kian Smith Trade & Co Ltd., the local company developing it, Bloomberg reports.
The refinery will initially be able to produce 3 metric tons of gold each month, and 1 ton of silver, Kian Smith said in a statement. The company said it will supply the nation’s central bank, as well as the jewelry and electronic industries, and source its gold from states such as Zamfara, Kebbi and Kwara.
According to a statement by Kian Smith Trade & Co Ltd., “the local company developing it, the refinery is coming to add value to the economy, gold miners and traders and will also increase revenue to the government especially at a time oil prices have become volatile, leaving the economy in dire need of improved revenues from other sources.”
It added that its vision is to contribute to the development of the Nigerian gold market as well as help in creating jobs in the economy.
The refinery will initially be able to produce 3 metric tons of gold each month, and 1 ton of silver, Kian Smith said in a statement.