Photo Credit: The Nerve Africa
Kain Smith Trade & Co Ltd secured a gold refining license, lead by Nere Teriba, MD Vice Chairman, making her the first and youngest Nigerian at 36, to refine gold locally. While the process in itself took a daunting 7 years before the company secured a gold refining license, it’s a major feat for both Kain Smith & Co Ltd. and the future of West Africa’s mining industry.
While attending Nigeria’s third annual Nigeria Mining Week, Teriba tells the audience, “Our message at Nigeria Mining Week will be about developing a gold market centre in West Africa by integrating the development value chain into the regional economy”.
Kain Smith & Co Ltd., is a mining consulting agency who specializes in mineral concession management, minerals trading and brokerage. It’s mining portfolio and mineral expertise is gold and other procurement services.
Smelting and refining is the process of using advanced equipment to separate metals from rocks, minerals, compounds, chemicals, including the manufacturing of scraps from the items. Since the early 1970s the volume of gold produced each year has tripled. The amount of gold bought annually has quadrupled. Gold markets continue to flourish due to its consumer and investor demand.
Nigeria was a major exporter of tin, columbite, and coal in the 1960s to the early 1970s. Its mining sector was a significant driver of industrialization and development of Nigeria. The country’s mining industry began to decline by the mid 1970s due to political and economic factors. Foreign investors withdrew their investments leading production to decrease in the mining industry.
In an effort to reignite Nigeria’s efforts to improve the country’s economic and development infrastructures, the Economic Recovery and Growth Plan was created. It’s goal: An economic series of initiatives that focuses on both recovery and growth in Nigeria, to enhance the country’s economic development. Nere Teriba was instrumental in establishing policies, including organizing market strategies to develop a gold market center in West Africa.
For some reason, Trinidad James’ “All Gold Everything” comes to mind when reading stories about women like Nere Teriba pioneering the mining industry. All jokes to the side, I’m excited to see the future developments of West Africa’s gold market!