We’ll commence gold refining in Nigeria next year – Kian Smith

A firm, Kian Smith Trade & Co, which was licensed by the Federal Government to refine gold in the country, says its refinery will be completed next year and it will immediately commence operations.

The indigenous firm said its vision was to develop the Nigerian gold market, giving the assurance that its operations would increase government’s revenue and create more jobs.

In a statement made available to our correspondent, the firm thanked the Federal Government for its support, adding that it looked forward to being “part of the establishment of a gold economy in Nigeria”.

The Minister of Budget and National Planning, Senator Udo Udoma, had on Monday in Abuja disclosed that the Federal Government had given the first gold refining licence to Kian Smith.

Udoma, while speaking at the 24th Nigerian Economic Summit, also disclosed the plan by the Federal Government to commence the purchase of gold from local refiners, explaining that the move was part of the outcome of the recent Economic Recovery and Growth Plan Focus Labs.

“This accelerated development of the National Gold Development Policy by the Ministry of Mines and Steel Development, and the progress recorded in implementing the Federal Gold Reserve Scheme by the Central Bank of Nigeria are direct solutions to issues presented by investors at the ERGP Focus Labs,” Udoma had said.

Reacting, Kian Smith reiterated its readiness to commence operations next year, thanking Udoma and the Ministry of Mines and Steel Development for their support.

“Our refinery will add value to the benefit of gold miners, traders, and consolidators. It will increase revenue for the government of Nigeria and increase employment in the country,” the firm said.