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Firm Confirms License To Commence Gold Mining Next Year


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A firm, Kian Smith Trade & Co., has confirmed that the Federal Government of Nigeria has licensed it to commence gold mining next year.

This is the first license issued by the Federal Government to refine gold in the country.

It could be recalled that the Minister of Budget and National Planning, Senator Udo Udoma, had on Monday in Abuja disclosed that the Federal Government had given the first gold refining licence to Kian Smith.

Udoma, while speaking at the 24th Nigerian Economic Summit, also disclosed the plan by the Federal Government to commence the purchase of gold from local refiners.

He explained that the move was part of the outcome of the recent Economic Recovery and Growth Plan Focus Labs.

“This accelerated development of the National Gold Development Policy by the Ministry of Mines and Steel Development, and the progress recorded in implementing the Federal Gold Reserve Scheme by the Central Bank of Nigeria,” Udoma had said, “are direct solutions to issues presented by investors at the ERGP Focus Labs.”

Reacting to the development, Kian Smith not only confirmed the move but reiterated its readiness to commence operations next year.

The firm thanked Udoma and the Ministry of Mines and Steel Development for their support.

Kian Smith said its refinery will be completed next year and will immediately commence operations.

The indigenous firm said its vision was to develop the Nigerian gold market, giving the assurance that its operations would increase government’s revenue and create more jobs.

In a statement made available to newsmen, the firm said that it looked forward to being “part of the establishment of a gold economy in Nigeria”.

It hoped that the refinery will add value to the benefit of gold miners, traders, and consolidators.

It also assured that it will increase revenue for the government of Nigeria as well as increase employment in the country.

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