Barrick, Rio Tinto express interest to explore mining opportunities in Nigeria

Barrick Gold Corp. and Rio Tinto Group are interested to explore mining opportunities in Nigeria, Bloomberg News reported Jan. 12, quoting the country's mining minister.

"They are looking at the possibility of coming to look at opportunities in Nigeria," Olamilekan Adegbite told Bloomberg News at a conference in Riyadh, Saudi Arabia.

Thor Explorations Ltd. poured first gold from its Segilola project in July 2021 and aims for annual gold production of 85,000 ounces. Nigeria is hoping that more investors will follow Thor, as the country seeks to reduce its dependence on oil for revenue.

Adegbite said Barrick is among the companies "interested in coming to Nigeria" and that the government "has spoken with" Rio Tinto, without providing additional details.

Nigeria, where most extraction of metals is currently done informally, intends to auction gold, lithium, copper and limestone mining rights within the year.