Gold Mining Business: The worth of gold never stops rising even with the economic downturn in most parts of the world.
Most people and companies have an interest in starting their own gold mining business as a result of its continuous importance and worth.
This occurs in countries where there is gold to mine. In this article, you will learn how one can start a profit-making gold mining business here in Nigeria.
Business experts are encouraged to start gold mining business because it’s very much cheaper to supply, and they can earn cash once they sell it. However, some assume that the business is an unchallenging investment than stocks and firms.
Just like other types of businesses, gold mining investment opportunities are risky businesses to go into. Despite the fact that its financial gain is high, there’s a huge chance that it won’t succeed. This is a reason why it’s important to give yourself time to ponder over it before deciding to get your own gold mining business.
Due to the fact that the business isn’t one you just hop into at any time, when looking for the way to get into the gold mining business, It is advisable that you check if it is reasonable to determine especially in your country of residence.
The companies who engage in gold mining are usually huge firms. These companies mine in different countries wherever there’s accessibility of gold.
Gold miners mostly team up to execute mining operations for many reasons. Most people tend to think all you need do is occupy a piece of land and start a gold mine on the unclaimed land.
The gold mining operations differ from modest to huge. Truly, the space and size of the operation can confirm how a laborer can start a gold mine.
However, we would focus on gold mining using a specific country in this article as a case-in-study – Nigeria.
Nigerian Gold Mining Expectations and Chances.
We have two gold mining companies in Nigeria; Geotechniques Nigeria Limited which has the license to mine gold in Kebbi State and Segilola Nigeria Limited which holds the license to mine gold in Osun State
Gold in commercial weight is found within the Northern parts of Nigeria like Tsohon, Maru, Iperindo and Bin Yauri.
The History of Gold Mining in Nigeria
Gold Mining started in Nigeria in 1913 but in the 1930’s, gold mining started to cease. When the 2nd World War started, gold production came to an end.
Colonial companies left the mines, so gold mining came to an end.
However, the interest in gold mining lifted again in the 1960’s but the Civil War blocked that interest. After 2 decades, the Nigerian Mining Corporation (NMC) resumed gold mining. Though they wasn’t flourishing due to poor funding of the venture.
Gold mining generally was crowded with issues due to government unconcern. This mediocrity was because the government discovered oil in 1956 which was apparently more profitable. Till date, petroleum remains the most valuable commodity in Nigeria.
The government issued gold mining licenses to the 2 aforementioned companies in 2015. Local farmers started gold mining in 2008 on a very small scale close to Bagega.
After gold prices increased during the period due to economic escalation, gold mining for these persons became financially profitable. Then people from different settlements trooped into Bagega to mine for gold.
In little reinforcement, gold mining didn’t stop and it paid off for these individual miners.
The government assigned licenses to international companies specializing in environmental clean-up.
One firm shipped in thousands of tons of unpolluted soil when it found out that the soil in the area to be mined contains 100 times the maximum lead which makes mining unsafe.
These farmers later turned to mining as a result of many years of poor rainfall which ruined their source of incomes. Then mining became another means of survival for them.
Methods Of Gold Mining.
1. STUDY OF MINE SITE.
Make an inspection of the location with a shovel and fry pan.
It is important that you note the concentrations of actually/naturally fill gold within the gold ore on the claim.
2. SCRAPE/SURVEY THE LONDON.
You are to scrape wherever exposed bedrock is on the land.
And at any midstream, collect gold within the beds of the stream or stream round the within bend of a corner within the water.
3. USE CONCENTRATED GOLD MINING TOOLS.
You are to use mining tools that are fit for the geography of the mine site.
Despite the fact that water is an important feature of different gold mines, essential things like shakers and sluice boxes will keep running by either air or water.
You have definitely developed the right mine for your web site.
4. THE AVAILABILITY OF ELECTRIC POWER AND ACCOMMODATION.
Make sure the miners are given accommodation and electricity with a generator that would power the electrical mining instruments too.
It depends on how large the gold mine is the lot of power, instrumentation and housing you’ll want.
Ensure you separate the lodging from the mining site and equipment as this helps to desist from contaminating the installation with human byproducts.
5. DIGGING OF COMMERCE GOLD.
Dig up gold ore from the closest productive testing sites on the land and collect the ore that is close to the mining instruments.
After enough ore has been stored to run a whole set of mining operations, you’ll be able to start to separate the gold from the ore and produce cash with a gold mine.
6. PACKAGING AND STORAGE.
Pure gold and really concentrated gold ore needs to be stored in separate containers for any process.
It is advisable to store the gold ore when mining then separate them for purification and packaging at a later time.
The layers of the ore need to be removed till all that’s left is just dark sand and gold.