BusinessDay

Dukia Gold, Philoro seal deal to strengthen precious metals value chain

Dukia Gold & Precious Metals Refining Co. Ltd Nigeria and Philoro Global Trading AG Switzerland, say they have signed a working together agreement to collaborate in the development of the precious metals small scale and artisanal gold mining value chain.

The firms say the deal was sealed on the sidelines of the Investing in African Mining Indaba taking place in Cape Town, South Africa.

The agreement which has been endorsed by the ministry of mines and steel development will 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.

Speaking at the event, Chief Operating Officer (COO) and executive director, Dukia Gold, Paul Beesley said the objective of the ‘working together agreement’ was to establish a Precious Metals Trading programme Centre in Nigeria to service and support the Nigerian market as well as use it as a basis to offer similar products to other African markets.

The partnership, he said, would assist in developing finance and technical support solutions to unlock Dukia Golds responsible sourcing of Dore’ strategies, including evaluation and development of new projects and supporting small scale and artisanal mining programmes.

The partnership would strengthen and expand the Dukia Gold Precious Metals Refinery in support of the goal of being able to aggregate gold doré from third-party sources in Nigeria and across West Africa, he said, adding that the ultimate target was to produce world-class good delivery bars and coins.

“Our commitment to work together with Dukia Gold will further promote and develop other important and relevant opportunities in the Precious Metals value chain in Nigeria and West Africa, through skills and knowledge transfer, capacity and capability building and the institution of beneficial engagements with host communities.

“These are challenging objectives, but we are confident that with the right relationships and working within the right enabling environment we can achieve these and more.

“Together with Philoro Global Trading AG, Switzerland, we are embarking on a long-term relationship and will use our combined successes to build and showcase what is possible. These incremental victories then will form the basis for encouraging further expansion of the vision through definitive commitments with other global entities whose capabilities will further add to a more sustainable Precious Metals Mining, Refining and Trading supply chain in Nigeria.”

Read also: From Garden to Gold Mine: Africa’s Unexpected Minerals Magnate

Also speaking at the event, Rudolf Brenner the president of Philoro said the company was delighted to expand its presence and global vision in Africa through its partnership with the Nigerian company Dukia Gold.

Brenner said: “We at Philoro are thus delighted to expand our presence and actualisation of our global vision and objectives in Africa and particularly Nigeria through this working together agreement with Dukia Gold and other identified stakeholders in the “Mines to Market” initiative. The support which Dukia Gold has received and the commitment of the minister and the top echelon of the ministry of mines and steel development to the development of the mining sector in Nigeria are even more reassuring to our further engagements in the African continent.

“The agreement signing is a milestone, but we believe is only a first step in a long relationship between the parties. The presence of the minister and indeed the ambience of this gathering sends a positive message, that Nigeria is a mining investment destination, Brenner added.

Minister of mines and steel development, Olamilekan Adegbite, described the working together agreement signing as “a simple affair but its significance goes beyond this room, adding that “this is a fundamental major step towards trading of gold and gold products in Nigeria.”

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