The operators of Segilola Gold Project owned by Thor Explorations Limited in Osun State, Nigeria, Segilola Resources Operating Limited, SROL, have enjoined upcoming fellow investors to take advantage of the opportunities in the Nigerian mining sector to grow their ventures into successful gold mines through persistence.
The Country Director, SROL, Austin Menegbo, who gave the advise at the just ended 8th Nigerian Mining Week, said though it had not been easy, they were able to grow Segilola Gold Project from exploration to production in five years with hardwork and resilience.
“Now let’s look at some key milestones for us, from gold explorer to gold producer over the last five years. In 2016, August to be precise, Thor Exloration Acquired the Segilola Gold Project, and shortly after that, in October 2017, we completed the Segilola Gold Project feasibility study, and in February 2019, we moved to a bankable feasibility study.
“By December 2019, we had reached our financial close, such that by March 2020, we’re ready to commence the construction of the goldmine.
“Now, if you look at that date, you would see that it coincides with the start of COVID-19. But we had all the right approvals and we’re able to commence the construction of the goldmine work through COVID; We had no casualties and we’re able to deliver the mine – the first gold bar in July 2021. And by October 2021, we were able to commence commercial gold production,” he narrated.
Sounding the note of advice, Menegbo said, “I hereby encourage everyone in this room, we know there are some people who have started, some other people who are in the middle of this journey, and we just want to encourage you and let you know that it hasn’t been easy, but if you keep at it, you will be able to achieve this some day. There will not be just one singular Goldmine; there will be a lot of other gold mines in the country,”
He said aside the economic aspect of their performance, they had been able to also take their Environmental, Social, and Corporate Governance, ESG, very seriously, adding that in the last couple of months, SROL had engaged 1,600 direct labour force, out of which 28% are from the host communities of operation.
According to him, the company has also had no major environmental incidents to date.
“We have been able to move from diesel generators, transitioned from diesel to compressed natural gas, CNG. This is helping us to reduce our greenhouse gas emissions by 53%. We hope that this number can increase over the next couple of months and even years,” he said.
SROL is a company domiciled in Nigeria that operates the Segilola Gold Project, located in Osun State Nigeria. SROL is a subsidiary of Thor Explorations Ltd, Thor, a West African focused gold exploration and development company listed on the Toronto Venture Exchange,TSXV:THX
The company’s flagship project is the gold producing Segilola Gold Project located in Osun State, Nigeria, approximately 120 kilometres, km, northeast of Lagos.
