Nigerian mining firm signs agreement with foreign firm on precious metals, gold development

On the sidelines of the Investing in African Mining Indaba in Capetown, South Africa, Dukia Gold & Precious Metals Refining Co. Ltd Nigeria and Philoro Global Trading AG Switzerland signed a Working Together Agreement to collaborate in the development of the precious metals small scale and artisanal gold mining value chain.

The agreement, which has been endorsed by the Ministry of Mines and Steel Development, will increase involvement in the extractive industry while also consolidating methods in the development of programs required to reap the projected advantages.

Paul Beesley, Dukia Gold’s Chief Operating Officer and Executive Director, said the alliance will help build a precious metals trading program and boost the local market.

He said the alliance would help develop funding and technical support options to help new initiatives get off the ground.

According to him, the alliance will help to boost gold doré from third-party sources in Nigeria and throughout West Africa. The ultimate goal, according to him, is to make world-class Good Delivery Bars and Coins.

Mr Rudolf Brenner, President of Philoro, said the company was excited to expand its footprint and global vision in Africa through its relationship with Dukia Gold of Nigeria.

On his part, the Minister of Mines and Steel Development, Olamilekan said: “this is a fundamental major step towards trading of gold and gold products in Nigeria. Dukia Gold has been a frontier company blazing trails where other people have not been. They have done so much to try and bring the value chain in the gold business, gold assets to ordinary Nigerians. This will further deepen that with Philoro and its experience in this industry, Nigeria will have access to gold assets for investment.”