Nere Teriba, the 36-year-old female Vice-Chairman of Kian Smith Trade Company; a Nigerian company registered in 2011 and involved in minerals, commodities and marine services is at the forefront of establishing her country’s first gold refinery. As an Entrepreneur, Mediator & Strategist, she has worked for sustainable community solutions in several countries. She holds a BSE and MSE from Carnegie-Mellon University in Electrical and Computer Engineering.
Nigeria has largely untapped deposits of 44 minerals, which include gold, iron ore, coal, tin and zinc, in more than 500 locations spread across Africa’s most populous nation, but most of the mining is artisanal and the absence of gold refineries means value typically has not been added in the supply chain.
Nere Teriba‘s company obtained its gold refining license in early 2018, and by December 2018, had broken ground on its proposed site for the refinery located in Mowe, Ogun State, Nigeria.
Gold mines produce gold dore bars, a semi-pure version of the substance, which is then sent to a refinery for further purification.
Under the current system, where mined gold is sent out for refining, local miners are responsible for paying the royalty on gold, an approach Teriba said caused “leakages” because most miners were artisanal. The refinery will seek to incentivise suppliers by paying royalties on their behalf. She said talks with the government on royalty payments were at an advanced stage.
The refinery will start with a production capacity of three tonnes per month of 99.99 per cent gold and one ton per month production of 99.99% silver.
According to Nere Teriba; Nigerians should be looking forward to being on the map, very soon, Nigeria will become a gold market in West Africa, meaning that we will be refining gold, producing gold, and supplying gold to the financial industry like the CBN (Central Bank of Nigeria). For us, this is now another complete sector that will be adding a stronger economic impact to the country and not just oil, as jobs will be created en masse and government coffers will be bolstered because of tax remittances.
Operations at the refinery are to begin in the last quarter of 2019.