Opened in 2021, Segilola is currently Nigeria's sole active industrial gold mine. Its operator, Thor Explorations, anticipates producing between 85,000 and 95,000 ounces this year, following an 85,057-ounce output in 2024.

Segilola, Nigeria's only active industrial gold mine, is wholly owned by Canadian mining company Thor Explorations. The company, listed on Canada's TSX Venture Exchange as "THX," has a diverse investor base, with a significant portion from or based in Nigeria.

Africa Finance Corporation (AFC), a pan-African multilateral financial institution based in Lagos, is Thor Explorations' largest shareholder, holding a 15% stake. The Nigerian Mining Corporation (NMC) holds 3.1% of the Segilola operator's shares.

Nigerian individuals also have stakes, including Segun Lawson, the Nigerian-British CEO of Thor Explorations, who controls 4.9% of the capital. Businessman Folli Adeoye holds a 3.3% stake in the company. Foreign shareholders include the trust Computershare Company Nominees Ltd, with a 12% stake, and Swiss fund manager Konwave AG, with a 2.16% stake.

These various stakeholders can influence Thor Explorations' strategic direction and the development of the Segilola mine, as well as the group's other projects in Senegal (Douta project) and Côte d'Ivoire (Guitry and Marahui projects), through their shareholder rights.

Segilola remains Thor Explorations' only producing asset. The company expects annual gold production at the site to be between 85,000 and 95,000 ounces in 2025, compared to 85,057 ounces last year. Although the Nigerian state holds no equity in the project, it benefits from its operation through mining royalties, which range from 4% to 5% of gold produced, and a 30% corporate tax.

Aurel Sèdjro Houenou