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Canada’s Thor renews interest in Nigeria to join West Africa Gold Rush 

A Canadian company, Thor Explorations Limited has renewed interest in boosting Nigeria’s efforts to persuade investors

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CEO OF THOR

A Canadian company, Thor Explorations Limited has renewed interest in boosting Nigeria’s efforts to persuade investors that it could become a mining destination for metals in West Africa. 

While gold miners face the death of new discoveries across the globe, the Vancouver-based firm, which is listed on Toronto Stock Exchange, is interested in joining a rush for the commodity in Africa, seeing Nigeria as a new frontier 

[READ MORE: FCMB Wins Excellence Award in Customer Experience as Adam Nuru Emerges CEO of the Year]

What it means

The most populous nation in Africa could be on the cusp of getting its first industrial-scale gold mine from Thor that is developing a project capable of producing 80,000 ounces per year in Osun State, Nigeria targeting to start operations early 2021. 

Also, Africa Finance Corporation, which is backed by the Central Bank of Nigeria and a group of local banks, is investing in the Thor project through a $78 million debt-equity financing package.  

Head, Natural Resources, AFC, Osam Iyahem, said, “The project, which is low-hanging fruit, would prove to the Nigerian government and the international financing community that mining can be a viable proposition in Nigeria.”  

Chief Executive Officer, Thor Exploration, Segun Lawson, disclosed that Nigeria’s reputation poses a major obstacle for traditional mining financiers.  

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He said, “When I presented this project, it was very difficult to even get meetings with investors, let alone convince them to put money in it. Nigeria is not a known mining jurisdiction.” 

Where Nigeria stands

Mining made up between 4% and 5% of Nigeria’s gross domestic product in the 1960s and 1970s before foreign operators left the country and oil dominated the government’s agenda for obvious reasons. Now, metal ores account for less than 0.1%, while crude exploration makes up 8% to 10% of GDP and brings in 90% of export earnings. 

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Call for law reform

Experts have called on the government to reform its laws to encourage investors to carry out exploration throughout the country as witnessed in the Democratic Republic of Congo and Zambia in the early 2000s. 

mining analyst at South Africa-based Mergence Corporate SolutionsPeter Major, said, After both countries dramatically altered their legislation, mining and exploration investment exploded.”  

Going forward: However, the Federal Government has promised to increase mining’s contribution to GDP to 3% by 2025. 

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Minister of Mines and steel developmentOlamilekan Adegbite, explained that the government is building a databank to provide easy access to prospective investors on potential areas to target for exploration and has also put in place incentives, including a tax holiday of as long as five years for projects entering production and the removal of import duties on mining equipment. 

He said, “As gold producers and prospectors are pouring money into the region, larger mines than Thor’s have either recently commenced production or are scheduled to do so early next decade in Burkina Faso, Ivory Coast and Ghana. The share of exploration investment that Nigeria has so far attracted is “abysmally low 

Africa’s largest oil producer has sizeable untapped deposits of metals including iron ore, gold, zinc and lead but almost all extraction is done on a small-scale or manual basis. These are people who hardly pay any revenue to government. 

[READ ALSO: FirstBank celebrates top performing Firstmonie Agents nationwide]

Canada’s Thor renews interest in Nigeria to join West Africa Gold Rush 

About Thor

Thor Explorations Limited is a gold exploration company with a focus on early-stage gold exploration projects located in highly prospective underexplored regions of West Africa. 

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Thor Explorations (“Thor”) aims to increase its shareholder value through the development of its prospective exploration and development portfolio which were acquired through a continued selection of high-quality projects. 

Focusing on West Africa, Thor evaluates existing and under-explored highly prospective geological regions of West Africa, seeking to access opportunities early on in the exploration value chain. 

Thor trades on the TSX Venture Exchange (Toronto Stock Exchange) under the symbol “THX”. 

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Atsu Davoh is building ways for Africans to easily acquire and spend cryptocurrency

Atsu Davoh has gone from failed projects to running one of Ghana’s most innovative startups.

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In recent times, the tech space in Africa has experienced immense growth, with the introduction of several key players and disruptors across various sectors. One sector that is also rising is the cryptocurrency space with Africa experiencing greater crypto ownership and trade volume.

The number of Bitcoins processed on a single day reached its highest value at the beginning of 2021, as more people displayed interest in the cryptocurrency. Due to its fast adoption, more fintech players have created platforms that have made trading with cryptocurrency easier. One of such players is Atsu Davoh who calls himself the “product guy.”

Atsu Davoh dropped out of college (Carleton College) in the United States and moved back to Ghana to help innovate on Africa’s financial infrastructure. Atsu first discovered Bitcoin in 2017 during the first boom when it became mainstream. Before then, he and his co-founder Samuel Baohen had been involved in many failed projects.

He developed a USSD system where people could buy bitcoin through their phone numbers, like tying crypto to phone numbers in a native way. This was one of the first iterations of Bitsika.

Atsu was invited to Join Binance Labs Incubator by Yele Bademosi where he got $150,000 after graduating from the incubator. Bitsika went on to raise around $900,000 from investors. This brought the total seed raised to $1,050,000.

This USSD system worked in Ghana but didn’t work in Nigeria. Atsu and his team then pivoted the platform to a donation crowdfunding platform, which allowed people living in other countries to send donations to African nationals in need of the funds before finally building it into a cross-border crypto remittance platform.

Bitsika users can deposit and remit money across multiple currencies using the app, with all monies deposited in Bitsika stored in USD credits or stable-coin.

Bitsika has over 50,000+ downloads on Playstore and processed nearly $40 million in 2020 with $18,872,474 in deposits, $17,890,807 in payouts (withdrawals), and $3,189,834 in internal peer-to-peer transfers.

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Despite a few unfavourable regulations surrounding cryptocurrency in Africa, the market has shown no signs of slowing down as more people are building products that will make trading seamless.

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Business

FG signs new Sustainable Development Goals agreement with UN

The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.

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Xenophobia, FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals.

This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles.

The Minister said, “On behalf of the Nigerian Government, I signed an agreement with the UNOPS represented by Ifeoma Charles Multi-Country Office Rep. The Agreement is for a new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.”

What you should know 

The 17 Sustainable Development Goals are:

No Poverty; Zero Hunger, Good Health, and Well-being; Quality Education; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Decent Work and Economic Growth; Industry, Innovation and Infrastructure; Reducing Inequality; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; Life Below Water; Life on Land; Peace, Justice and Strong Institutions; and Partnership for the Goals.

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