By Obafemi Oredein

Special for Dow Jones Newswires

IBADAN, Nigeria – The Nigerian government’s efforts to revive its mining sector have resulted in an influx of notable investments in the sector, said Yemi Osinbajo, the country’s vice president.

These investments include the Segilola gold mine of Thor Explorations Ltd. in Osun State, “with an initial production capacity of 80,000 ounces of gold per year, which represents Nigeria’s first large-scale gold mine,” he said.

Thor Explorations is a Canadian gold exploration and development company involved in the acquisition, exploration and development of mineral properties in West Africa. According to the company’s website, its 100% owned Segilola gold project has a total probable reserve of 517,800 ounces of gold grading 4.02 g / t as of March 2021.

Mr. Osinbajo also mentioned the integrated iron ore mining and processing plant of African Natural Resources & Mines Ltd. at Kaduna, which has an initial production capacity of 4.70 million tonnes of iron per year and will grow to 5.88 million tonnes per year. .

The vice president, speaking this week virtually at the opening of the fifth annual Nigeria Mining Week speech series, said the mining sector is a key part of the development plan National 2021-25 of the administration of President Muhammadu Buhari.

Mr. Osinbajo said a review of Nigeria’s 2007 Minerals and Mining Law is underway. This aims to bring legislation in line with global best practices, limit the role of government to that of regulation and create space for the private sector to maintain a larger presence in the industry, he said. declared.

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