Officials from the Nigerian Ministry of Mines and Steel Development hope to begin developing the country’s gold and other mineral resources as an alternative its oil and gas industry.
The renewed interest in minerals follows the discovery of 300,000 ounces of gold, with an estimated 2 million ounces contained in Western Nigeria.
The Ministry of Mines believes Nigeria has gold belts in the western half of the country that are very similar to those of Ghana — the world’s second largest producer — which accounts for about 10% of the world’s gold reserves.
Nigerian officials will also focus on the development of oil sands with estimated reserves of 27 billion barrels of oil equivalent, coal (2.7 billion tonnes), iron ores (3 billion tonnes), limestone (2.23 billion tonnes), barytes (14 million tonnes), and lead/zinc sulphides (1 million tonnes).
One company investing in Nigeria gold right now is CGA Mining (TSX: CGA). CGA owns the Segilola project, where the company recently proved the existence of 620,000 ounces of gold at a grade of 4.3 grams per tonne.
Luke Burgess
Editor, Wealth Daily
Investment Director, Hard Money Millionaire
