How to start Gold Mining Business in Nigeria
Gold is a dense, soft, shiny, malleable and ductile metal. Pure
gold has a bright yellow colour and luster traditionally
considered attractive, which it maintains without oxidizing in
air or water.
The Nigerian gold mining industry ‘the Industry’ has experienced
significant growth in recent years, despite facing numerous
challenges. Nigeria is estimated to have gold reserves totaling
757,000 oz, which, based on the average market price could be
worth up to $1.4 billion.
 There
are proven reserves of both alluvial and primary deposits of
gold with proven reserves in the schist belt covering the
western half of Nigeria. The most important occurrences are
found in the Maru, Anka, Malele, Tsohon Birnin GwariKwaga,
Gurmana, Bin Yauri, OkolomDogondaji and Iperindo areas, all
associated with the schist belts of northwest and southwest
Nigeria. There are also a number of smaller occurrences beyond
these major areas.
Given the huge quantity of gold stored above-ground compared to
the annual production, the price of gold is mainly affected by
changes in sentiment (demand), rather than changes in annual
production (supply).According to the World Gold Council, annual
mine production of gold over the last few years has been close
to 2,500 tons.
The
business would entail using mechanized method of mining to
produce 200 tons per month of gold rocks in which minimum of 20
grams of gold per ton will be extracted from the final milled
rocks which will finally be 4000 grams.
Steps to Mining Gold in Nigeria
Exploration and Prospecting.
Licensing and Regulatory Compliance.
Mining and Extraction.
Processing and Refining.
Obtaining an Export Permit.
Compliance with International Standards.
Transportation and Logistics.
Mining
and exporting gold in Nigeria involves several steps, from
exploration and licensing to extraction, processing, and
compliance with export regulations. By understanding and
following these steps, investors and entrepreneurs can
successfully tap into Nigeria’s gold mining potential.
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