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Nigeria Bets on New Gold Project to Attract More Miners

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Nigeria Bets on New Gold Project to Attract More Miners

Carved from forested hills by excavators and explosives, Nigeria’s only industrial gold mine yielded 98,000 ounces of the precious metal last year — a key step in the efforts of Africa’s biggest crude producer to pivot away from oil.

“The more formal operations like this that we have, the better for the country,” Minister of Mines Olamilekan Adegbite told Bloomberg in December during a tour of Thor Explorations Ltd.’s Segilola mine. The project ramped up production in late 2021 and is located about 155 miles from the commercial hub of Lagos.

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