Nigeria, Swiss firm sign pact on metal, gold mining devt

NIGERIAN and Swiss firms have signed a pact to develop precious metals and artisanal gold mining value chain.

On the sideline of the Investing in African Mining Indaba at Capetown, South Africa, Dukia Gold & Precious Metals Refining Co. Limited Nigeria and Philoro Global Trading AG Switzerland, signed a Working Together Agreement to deepen participation in the extractive industry as well as consolidate strategies in the development of programmes needed to exploit the expected benefits in the sector.

Minister of Mines and Steel Development, Olamilekan Adegbite, said the signature was a simple affair but one with enormous significance.

Adegbite described it as a 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.

“In this day of instability in currencies and volatility all over the world, gold being a safe haven does not have to be the exclusive of the wealthy and rich. Nigerians can buy gold coins, which they can keep and invest on and trade.

“We are all part of this epoch- making event and I'm happy that we are all here today to witness this symbolic signing ceremony, I hope to see them grow as this business grows and we can all look back some 10 years later and see how far we have come from this simple ceremony,” he said.”