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Energy

Nigeria’s first and largest industrial-scale gold mine set to be completed in first half of 2021

Segilola Gold Mine, Thor’s flagship gold project looks set to be completed in the first half of 2021.

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Segilola Gold Mine, Nigeria’s first and largest industrial-scale gold mine owned by the Canadian mineral exploration company, Thor Explorations Limited, is set to be completed in the first half of 2021.

The gold mine which was built to place Nigeria on the list of major gold producing nations, is expected to create about 400 direct and 1,000 indirect jobs by carefully exploring the abundant wealth inherent in the gold value chain.

The Gold Mine tagged “Segilola” is a high-grade gold project being developed in Osun, Nigeria, is expected to hasten Nigeria’s diversification of the economy and reduce unemployment among the youth populace.

Pictures of the gold mine surfaced on social media platform – Twitter, suggesting that the country’s first and largest industrial-scale gold refinery will be completed some months from now, this year.

What you should know

  • Nairametrics reported last year that the Minister of Mines and Steel Development, Olamilekan Adegbite disclosed that Nigeria was set to commence gold production in 2021 after the launch of the Segilola Gold Project in Osun state.
  • However, Thor Explorations Limited announced that a set of encouraging drill results from its in-pit and extensional diamond core drilling program revealed that the gold mine is on course to pour its first gold in Q2 2021.
  • The Segilola Gold Project, is considered Nigeria’s first and most advanced gold project, with an indicated resource of 556,000 ounces grading at 4.2g/t, an inferred resource of 306,000 ounces grading at 4.7g/t and a probable reserve of 448,000 ounces grading at 4.2 g/t.
  • The mine is projected to produce 100 000 ozpa in its first operating year and an average of 80 000 ozpa over its current five-year open-pit lifespan – averaging around 4.2 g/t.
  • It is expected to play an active role in driving exponential growth in the Mining sector, as investments in the sector begin to crystallize.
  • In line with this shift, the Mining sector has been projected to contribute 3.0% of the nation’s GDP by 2025.

Why this matters

The mine is an open letter to the world on Nigeria’s brewing industrial revolution, as the country looks set to tap into its untapped deposits of metals including iron ore, gold, zinc and lead, in a bid to create value, generate wealth and create employment opportunities for the Nigerian youth.

In addition to the aforementioned, the project is expected to create primary employment for local artisanal miners and mining cooperatives across the solid minerals value chain.

In this regard, the Segilola gold mine when completed will prove to the Nigerian government and the international financing community that mining can be a viable proposition in Africa’s largest economy, as the economic potential of mining communities would be unleashed.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Energy

Siemens Power deal: FG to collaborate with Egypt

Nigeria is set to collaborate with Egypt towards a total overhaul of the power grid and distribution systems.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

President Muhammadu Buhari ordered the Ministry of Power to work with the Egyptian government on an effective rollout of the  Presidential Power Initiative with German engineering company Siemens AG.

This was disclosed by Mr. Aaron Artimas, Special Adviser, Media and Communication to the Minister of Power,  in a statement in Abuja on Monday.

The Special Adviser revealed that the Minister of Power, Mr. Sale Mamman, disclosed this in a meeting with the  Egyptian Ambassador to Nigeria, Mr. Ihab Awad, citing that the FG wants to learn from Egypt’s successful implementation of a power upgrade with Siemens AG.

“The President had reasoned that obtaining more information from Egypt will enable Nigeria to maximize our agreement with Siemens, towards the total overhaul of our power grid and distribution systems,” he said.

The Power Minister said that the FG would leverage on Egypt’s rollout programme also and added that both countries would also collaborate on renewable energy, and improving other sectors of the electricity value chain.

What you should know 

  • Nairametrics reported that the FG  and Siemens AG have signed a contract for the pre-engineering phase of the Presidential Power Initiative.
  • In 2018, Siemens, Elsewedy Electric, and Orascom Construction launched a 14.4 GW  project under 30 months including the largest combined cycle megaprojects in Beni Suef, Egypt.

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Energy

TCN hits power transmission of 5,615.40MW

The TCN has broken its own transmission record twice in the space of a week.

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TCN MD Abdulaziz, four other directors receive appointment letters

The Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.

This was disclosed in a statement by Ms Ndidi Mbah, General Manager, Public Affairs, TCN, on Tuesday in Lagos, she added that the TCN hit the record on the 28th of February.

The TCN added that the transmission was distributed at a frequency of 50.20Hz by 9.30 pm of the same day, as the TCN has broken its own transmission record twice in the space of a week.

“Also, on Feb.26, 2021, TCN equally transmitted a new Maximum Daily Energy of 116,891 14MWH which is higher than the previous value of 116,121 42MWH achieved on Feb. 25, 2021 by 769.72MWH,” the TCN said.

Mr Sule Abdulaziz, Managing Director, TCN, said the company would remain focused on its goal to complete ongoing projects and undertake new ones as it strives to put in place a robust transmission and, despite challenges posed by vandalism and insecurity.

What you should know 

  • Nairametrics reported on March 1st that The Transmission Company of Nigeria announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.

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