A Nigerian firm, Thor Exploration Limited (also known as Segilola), a gold
mining company operating in Osun State, Nigeria has emerged winner of the
2018 Investment Battlefield for their gold exploration project in the
South west state.
The company was selected as the most promising of the 22 junior mining
companies that participated in the battlefield, after beating Algold
Resources, a Mauritanian gold explorer and developing company to the
The company’s CEO, Segun Lawson, accepted the award after pitching the
project to a panel of judges made up of leading analysts and investors,
Wednesday night in Cape Town, South Africa.
The award came just as Nigeria was named among the top ten mining
designations for 2019.
The company, which has considerable interest in some West African
countries is also listed on the Toronto Stock Exchange. Thor’s flagship
asset is its 100 per cent owned Segilola Gold Project in Osun State.
Thor has been developing the Segilola Gold Project since it acquired it 15
months ago and aims to break ground this year by commencing construction.
The Segilola Gold Project was presented by Thor to a number of investor
panels at the 2018 Mining Indaba in the extremely competitive Investor
Battlefield Competition which ran over the course of three days. Thor and
Segilola emerged victorious over all participants with Segilola being
declared the “Best Emerging Mining Project in Africa”.
“The economic robustness of the project, the progressive Mining Code of
Nigeria and the regulatory framework of the Ministry of Mines and Steel
Development as well as the potential to increase its size through further
exploration were the key critical factors considered by the panel”,
Head of Nigerian delegation to the conference and Minister of Mines and
Steel Development, Dr Kayode Fayemi, who hailed the developments, said the
various reforms being put in place by government were designed to create
enabling environment for thriving mining activities.
“We are looking forward to more cheery news of great exploits. We want to
be a big mining destination, in addition to our dual mandate of job
creation and economic growth,” the Minister added.
General Manager, Global Business Report, Alice Pascoletti, said Nigeria’s
inclusion among the top mining destinations for 2019, was premised on
factors such as legal and regulatory framework, ease of doing business,
risk profile as well as experiences of operators in the country.
Thor’s CEO, Segun Lawson, 39, a geologist who was educated in the United
Kingdom, had a brief stint in investment banking before venturing into
mining, when he founded the company some eight years ago.
Thor Explorations currently employs 52 people in the three West African
countries, but Lawson said this would rise to about 250 once production
starts at the Segilola Gold project, which is its flagship.