THOR Explorations, a Canada listed junior mining firm, is to commission Nigeria’s first large scale gold mine in early 2020, said Reuters citing the firm’s CEO, Segun Lawson.
“Thor is currently developing the country’s most advanced gold mine,” Lawson told Reuters, adding that the mine would produce about 500,000 ounces of gold annually starting in the first quarter of 2020.
The company has a mining and exploration licence and is considering its options for raising $72m to get the mine into production. Lawson bought the Segilola project in 2016 for $3.1m in cash plus $6m in Thor shares.
Lawson promised investors “rapid payback” on the investment once production starts, said Reuters. Thor Exploration’s stock has climbed 50% this year while gold prices have only risen around 1%.
