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Refinery
Abuja, July 23, 2015 (NAN) Alhaji Sani Shehu, the President,
Miners Association of Nigeria, on Thursday said the association
would establish the first Gold Refinery in Nigeria in 2016.
Shehu disclosed this in an interview with the News
Agency of Nigeria (NAN) in Abuja.
Her said the association had concluded arrangement with
a Dubai Gold Refinery Company, United Arab
Emirate, to establish the refinery in Zamfara.
He said the refinery, which would be fully funded by its
counterpart in Dubai, would create job opportunities for
Nigerian youths and generate foreign exchange earnings
for the country.
“The Dubai refinery company sources for gold from
parts of the world; establishing a refinery in Nigeria is
like an expansion of the company.
“There will be no need for miners to take their raw gold
outside the country for sale or refining when the refinery
is established,’’ he stressed.
He also said that Nigeria had no database on the
quantity of gold being extracted on a daily basis, adding
that a good quantity of the mineral was being mined
every month and taken to Dubai for refining.
According to him, the global business environment is
being financed by financial institutions, but in Nigeria,
financial institutions find it difficult to invest in the
sector.
“Our financial institutions find it difficult to invest in the
mining sector because they believed that mining is a risky
business.
“We are advocating that government should conduct
seminars for the institutions to educate them on the need
to invest in the sector.’’
He said Nigeria could generate more money from solid
minerals than oil if developed.
“If solid minerals are developed just like oil sector, the
country will generate more income from the sector.
“The price of oil is dropping everyday and the
international politics on oil prices is worrisome; we
cannot experience such in solid minerals because their
prices are fairly stable.’’
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