https://www.miningweekly.com
Coal|Export|Gold|Iron Ore|Mining|Operations
Coal|Export|Gold|Iron Ore|Mining|Operations
coal|export|gold|iron-ore|mining|operations

Nigeria hopes gold mining reforms can bring in $500m a year

16th July 2020

By: Reuters

  

Font size: - +

ABUJA - Nigeria hopes changes it has made to gold mining regulation will earn the government $500-million a year in royalties and taxes and create 250 000 jobs, President Muhammadu Buhari said on Thursday.

The reforms have made artisanal mining legal and will create gold buying centres and tax trade of the precious metal, Buhari said in a statement.

"These operations will help in diversifying our revenue base," said Buhari.

Nigerian authorities have said illegal mining, prominent in the northwest, has fuelled widespread violence they attribute to "bandits". Thousands of people have been killed in the region in recent years and swathes of the region are inaccessible. The military is deployed to tackle the insecurity but the conflict shows little sign of ending.

The extra revenues from gold could be a lifeline as the coronavirus pandemic and resulting global oil price crash cut off much of the state's income.

Buhari said the country has lost a total of $3 billion from 2012 to 2018 because of illegal gold mining.

In February, Nigeria licensed two gold refineries mainly to produce gold for the central bank to hold in its reserves but also for export. The bank received its first locally-produced gold bar on Thursday.

Nigeria has largely untapped deposits of 44 minerals including gold, iron ore, coal, tin and zinc, in more than 500 locations, but mining makes up just 0.3% of the economy. 

Edited by Reuters

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.145 0.18s - 109pq - 2rq
Subscribe Now