In an exclusive interview with Gerard Peter, Segun Lawson, CEO of Thor Explorations, detailed the company’s mining projections, achievements, and future expansion strategy. With Thor Explorations being a trailblazer in Nigeria’s mining sector, Lawson provided insights into the company’s steady growth and ongoing projects.
“We started building in 2020 and commenced commercial production in 2022. Over the last three to four years, we have maintained consistent operations, producing 85,000 ounces of gold last year,” Lawson stated.
Looking ahead, he outlined Thor Explorations’ production targets for 2025, projecting an output between 85,000 and 95,000 ounces of gold. “We are aiming for an all-in sustaining cost of between $800 and $1,000 per ounce. A major milestone last year was the repayment of all our senior debt. With a deleveraged balance sheet, we are now reinvesting in exploration to extend the mine life, which is a key priority for us in 2025.”
Community Impact and Corporate Social Responsibility
Lawson emphasised the company’s commitment to community development through employment and Corporate Social Responsibility (CSR) initiatives. “We employ 1,700 people at the mine, with over 20% from the immediate local communities. We’ve upskilled employees, including female truck drivers who initially started as cleaners.”
Thor Explorations has completed 40 CSR projects, including scholarships, road repairs, and school construction. Lawson highlighted two major ongoing initiatives: “We have seed-funded cooperatives, handing over ownership to the community. One is a fish farm that sells dried and smoked fish commercially, and we are one of their largest off-takers. Another is a vegetable farm. Our approach is to tailor CSR projects to the evolution of the company—scaling them as we progress from exploration to production.”
Expanding Beyond Nigeria: West Africa Exploration
Beyond Nigeria, Thor Explorations is broadening its footprint in West Africa. “Our second project, the Douta Project in Senegal, is larger in gold ounces than our Nigerian mine, though of a lower grade. We are completing a preliminary feasibility study and aim to fast-track it into a bankable feasibility study. By this time next year, I hope to be discussing the commencement of production at our second gold mine.”
The company has also expanded into Côte d’Ivoire, acquiring a project from Endeavour Mining and securing additional exploration ground. “2025 will see organic growth through exploration, underpinned by production in Nigeria,” Lawson affirmed.
The Future of Nigeria’s Mining Sector
Addressing Nigeria’s mining sector, Lawson expressed optimism about its potential to reduce reliance on oil and gas. “The federal government is pushing for economic diversification and increased GDP contributions from mining. If you look at neighbouring countries like Côte d’Ivoire, Burkina Faso, and Ghana, they have long mining histories. Success stories attract more investment, and Nigeria needs one or two such breakthroughs to accelerate sectoral growth.”
He emphasised the need for government support, particularly in early-stage exploration. “Providing a solid database for potential investors is crucial. That said, we’re seeing increasing interest—not just from major mining companies but also from local oil and gas firms diversifying into mining.”
Nigeria’s mining environment offers incentives, he noted. “The Mining Act is enabling, with tax holidays, customs waivers, and a young, highly employable population. The sector is well-positioned to thrive with the right support.”
Reflecting on his journey, Lawson shared guidance for emerging miners. “Winning the Investment Battlefield at Mining Indaba in 2018 significantly raised my profile. After that, I had my first North American broker visit our site. My advice to junior miners is to focus on incremental milestones—move from a preliminary feasibility study (PFS) to a definitive feasibility study (DFS), and then secure financing, which is often the toughest part. Take it step by step, ensuring each milestone is properly executed without shortcuts.”
With Thor Explorations on a steady growth trajectory, Lawson remains committed to sustainable mining practices and strategic expansion, ensuring long-term value for shareholders and host communities alike.
