Gold refinery in Lagos owned by private company—-FG

The gold refinery set up in Lagos is owned by a private company, the Federal Ministry of Solid Minerals Development says.

“There was nowhere in the minister of solid minerals announcement that the federal government owned or established a gold refinery in Lagos or anywhere, for that matter.

“Dr Dele Alake was very clear, concise and emphatic in the announcement of the proposed inauguration of the refinery, that other gold refineries are in the works across the country  and all privately-owned by different companies,” a statement on Sunday in Abuja by Segun Tomori, spokesman for Dele Alake, said.

The newly established gold refinery was an initiative of Kian Smith, a fully privately-owned mining company, aimed at developing the local gold industry through innovative practices, according to the statement.

It said that the federal government did not compel private companies to locate their operations in any particular part of the federation, as each firm has its own operational and marketing strategy to ensure profitability.

The federal government commended the company’s founder and managing director, Nere Emiko, for establishing the gold refinery, noting that the refinery reflects the solid minerals sector’s response to the value-addition policy introduced to discourage the export of raw minerals and to promote local processing and manufacturing.

The policy had spurred the conversion of raw mineral exports into processing facilities across the country, generating massive inflows of foreign capital and providing thousands of jobs for Nigerians, the statement said.

This included the $600 million lithium plant in Nasarawa, the $400 million rare-earth plant also in Nasarawa, and the $200 million ASBA lithium plant in Abuja.

The statement added that the Lagos gold refinery and similar projects were clear evidence of the effectiveness of reforms in the solid minerals sector.

“The Ministry of Solid Minerals Development shall continue to encourage more mining companies to set up processing and manufacturing plants across the country.

“We urge NEF to turn a new leaf and join the efforts of President Bola Ahmed Tinubu to build a stronger, self-reliant economy that meets the needs of the Nigerian people,” it said.