Nigeria’s gold reserves remained unchanged at 21.37 tonnes from the fourth quarter of 2023 to the first quarter of 2024. This stability highlights a stagnant trend in gold mining activities, with no significant increase in the country’s reserves. Nigeria’s gold reserves peaked at 21.46 tonnes in the fourth quarter of 2020, reflecting a brief period
Osun Traditional Ruler Remanded for Illegal Gold Mining
A traditional ruler and his associates were arraigned in Abuja on Monday, facing charges of illegal gold mining. The Federal High Court ordered their detention in Kuje prison pending the fulfillment of bail conditions. Oba Taofeeq Osunmakinde, the Obawore of Ifetuntun in Osun State, was accused of conducting illegal gold mining operations in Ondo State
Lessons for Nigeria as Ghana Launches First Gold Refinery in Accra
Ghana’s recent inauguration of its first gold refinery marks a pivotal moment for the West African nation. It is a bold step towards maximising the value of its abundant natural resources and a potential blueprint for other African countries, particularly Nigeria. Nigeria, like Ghana, is blessed with significant mineral resources, including gold. However, the country
What You Should Know About Gold Mining in Zamfara
Zamfara state is not typically known for mining. But the Northwestern state is rich in resources. Here’s everything you need to know about Gold in Zamfara. Gold in Zamfara Zamfara State, in Northwest Nigeria, has witnessed a gold rush since the 2010s, transforming the region into a hub of artisanal mining. The gold deposits, estimated
Gold Price Surpasses $2,500 for First Time Ever
On Friday, Gold exceeded $2,500 per ounce for the first time in history, driven by rising geopolitical tensions and new data indicating a weakening US economy. Gold contracts for December delivery hit an all-time high of $2,522.50 in early trading before shedding its gains to trade at $2,475.90 an ounce by 11:00 a.m. ET. Spot
CSOs Demand FG Action on Host Community Displacement and Illegal Mining
Over 90 Civil Society Organisations have called on the federal government of Nigeria to tackle the rising displacement of host communities caused by the activities of miners. This is coming at the end of its 2024 multi-stakeholders forum on enhancing inclusiveness and addressing inequalities in Nigeria’s mining sector. The group disclosed that the forum is
From Mines to Mayhem: The Link Between Gold and Banditry in Nigeria
The agrarian landscapes of Northern states, once calm to the lives of farmers, traders, passers, visitors and herders, have morphed into a dystopian tableau of violence and greed. At the heart of this transformation lies the glittering menace of gold. Before the spike in the nefarious activities of bandits, local mining, although hazardous due to
Military and Police Chiefs Refute Claims of Supporting Illegal Mining in Nigeria
The Chief of Defence Staff (CDS), Christopher Musa, and the Inspector General of Police, Kayode Egbetokun, have refuted allegations that their personnel provide security cover for illegal mining in Nigeria. The denials were made during a public hearing organised by the House of Representatives Committee on Mineral Resources. The hearing, led by committee chairman Jonathan
Baryte Mining is a Game Changer for Nigeria
Patrick Odiegwu, Managing Director of Polygard Investment Nigeria Limited, Vice President of Mines at the Chamber of Commerce and Industry, and Secretary General of the Association of Miners and Processors of Baryte, highlighted the significance of Baryte in an interview. “Baryte is essential to our national economy. You can’t drill a drop of oil without
Gold Prices Dip to Two-Week Low Amid Dollar and Yield Surge
Gold’s glitter dulled Wednesday as prices tumbled 1% to a two-week low, dragged down by a stronger dollar and climbing bond yields. Traders are now eyeing upcoming U.S. inflation data with bated breath. Spot gold dropped 0.8% to $2,301.16 per ounce by 2:03 p.m. ET (1803 GMT), its lowest since June 10, while U.S. gold