FG Inaugurates Gold Processing Plant In Kogi

The Federal Government has on Tuesday, inaugurated the gold processing plant in Kogi.

Speaking at the event, Olamilekan Adegbite, minister of mines and steel, said the inauguration marks the end of huge capital flights via informal gold trading at the detriment of the economy.

In 2021, the federal government flagged off the construction of the gold processing cluster, located in Mopa, Mopa-Muro LGA of Kogi state.

According to Adegbite, the project was designed based on the cluster concept which has become a global trend in industrial development to promote shared amenities, agglomeration of similar producers, customers; based on geographical proximity or access to complementary expertise to promote efficiency and increase specialisation and production.

He said the plant will create and generate sustainable competitive advantages in key areas of the sector.

“Development of downstream gold mining industries; increasing the level of competitive inputs (such as services, machinery and equipment),” the minister said.

“Also by increasing the level of employment in all business activities related to the gold mining cluster; increasing the rate and exports of value-added products and services and attracting foreign investments, generating new startup companies.

“There would be an increase in trade performance and generation of higher corporate profits as well as improved mineral production output and ease of mining sector regulation and administration. Creation of more jobs through the emergence of service industries because of increased cluster activities.”