Japaul Gold and Ventures Plc has signed a Sand Mining Contract with Gravitas Investment Limited worth ₦26 billion..
According to a statement signed by the company secretary Michael Edeko released on Nigerian Exchange Limited seen by investogist, the contract involves the mining of 3,500,000 cubic meters of sand for the reclamation of swamps and lagoons at Gracefield Island, located at the end of Chevron Drive in Lekki, Lagos State.
The contract is slated for completion within 26 months.
The management of JAPAULGOLD has assured shareholders that the promise of paying dividends is becoming a reality as the Company continues to progress. Japaul has also recently concluded a Private Placement to raise funds for gold mining in various gold fields where it holds mining leases and exploration permits.
The exploration process is nearing completion, and gold production is expected to begin on or before 2026, as stated by the Company’s Canadian Mining Manager, Mr. David Dawson. Before gold production can commence, the installation of a custom-made gold processing plant and the development of additional infrastructure are necessary.
In the meantime, the sand mining and land reclamation business will sustain the Company while preparations for gold production activities are underway. Gravitas Investment has approximately 200 hectares of land slated for reclamation, which will feature planned state-of-the-art facilities such as a golf course, golf estate, boat club, yacht parking area, and shopping malls. This indicates that something more significant than Banana Island is being developed, and Japaul is fortunate to be part of this legacy project.
The project contract was signed by Mr. Femi Babalola, Managing Director/CEO of Gracefield, and Mr. Jegede A. Paul, Chairman of the Japaul Group of Companies.
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