Tuesday 11 August 2020

Segilola's Thor Explorations Ltd. is Building Nigeria's First Large Scale Gold Mine in Iperindo.....What you need to know


Thor Explorations Limited, a Canadian mineral exploration company engaged in acquisition, exploration and development of mineral properties is about to commence extensive ore and gold mining on the Segilola Gold Field located in Odo?Iperindo road in Ijesaland.

The company that has a 25-year mining license,  recently announced that it has executed its definitive documents with the Africa Finance Corporation to reach full funding of the Segilola  Gold Project and has proceeded with construction that commenced in February 2020 and the first gold bar production is scheduled for September 2020.

NovaGold Resources Inc -

The Segilola Gold Project is being built to process 650,000 tons of ore, while gold production is expected to average 80,000oz through its initial mine life of five years.

Thor Exploration Company through its wholly owned subsidiary Segilola Resources Operating Limited,  has signed definitive documents to a tune of US$21,000,000 Stream Agreement, and signed definitive documentation for the provision of US$54,000,000 senior secured credit facility.

Boost for Nigeria's mining sector as Thor Explorations constructs ...

The Honourable Minister, Ministry of Mines and Steel Development, federal Republic of Nigeria, Arc. Olamilekan Adegbite has on Thursday 19th March, 2020, laid the first stone for the commencement of the construction of the Segilola Gold Mine located in the communities of Mogbara, Odo-Ijesa and Iperindo in Osun State.

The diamond rigs have arrived on site and exploration drilling have commenced. The first drilling results are expected in mid-September, 2020.

But what of the socio-economic benefits of this project on the local Mogbara, Odo-Ijesa and Iperindo people and Ijesaland in general, subsequently for Osun State and ultimately for Nigeria?

Mr. Segun Lawson, the President and the CEO of the Company is from Abeokuta, Ogun State and of the 9-member Board of the company, there is no Ijesa man.

Read also;

"You have a herculean task ahead of you, Ijesa mining affairs politisiced." Oba Aromolaran tells Ijesa Mineral Resources Development Forum members investigation has revealed that some of the chiefs of the communities around the site are now riding in Special Utility Vehicles (average value of N5m, though, during this initial period, over 360 jobs have been created, with 92% being Nigerian nationals and about 200 members of the local communities have been employed, representing 56%.

Construction Update

The construction of the main camp is nearing completion as the handover of the administration, technical services, dining facilities, clinic and recreation facilities is expected by September 2020.

The dam to supply fresh water for the project

The project site

Entrance to the site

On the board of directors are the following personalities: 

Olusegun Lawson

President, CEO & Non-Independent Director
Adrian John Geoffrey Coates

Non-Executive Chairman
Benjamin James Hodges

Chief Financial Officer
Kayode Aderinokun

Independent Non-Executive Director
Folorunso Dada Adeoye

Independent Non-Executive Director
Julian F. H. Barnes, Dr.

Independent Non-Executive Director
Collin Ellison

Independent Non-Executive Director
Oliver Tunde Andrews

Non-Executive Director
Alfred John Gillman

Group Exploration Manager

Oladimeji Lasore (+2347035105413) reporting from Ilesa.

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