Nigeria has long been known for its oil and gas industry, but Segun Lawson, the CEO of Thor Explorations, believes that mining in the country is a lucrative opportunity that should not be overlooked. Lawson, who was born and raised in Nigeria, noticed the absence of large-scale mining projects in the country and saw the potential for growth in this sector.
Lawson’s journey began when he acquired a Toronto-listed shell firm in Senegal, which eventually led to the establishment of Thor Explorations. The company initially had a mine site in Senegal but expanded its operations to include the Segilola gold mine in Nigeria. However, the road to success was not without obstacles. Lawson faced concerns from investors regarding bribery, corruption, security, and political interference in Nigeria. Despite these challenges, Lawson persevered and secured funding from family and friends, African financiers, a Hong Kong-based mine specialist, and UK investors.
In 2020, Thor Explorations achieved profitability, delivering 98,000 ounces of gold and generating sales of $165 million. The company’s net profit exceeded $25 million, indicating its success in the gold mining industry. Although the first half of 2023 presented some difficulties for Thor due to large boulders and lower-grade ore, the second half of the year is expected to be smoother. The company predicts annual production of 95,000 ounces and a turnover of over $176 million, with the potential for increased production and profitability in the coming years.
Lawson is not content with just one profitable gold mine. He aims to expand the Segilola mine and explore neighboring areas for additional gold deposits. Furthermore, Thor recently acquired a large lithium site in southwest Nigeria, taking advantage of the demand for lithium in rechargeable batteries. The company plans to develop a substantial, high-grade commercial mine at this site.
Thor’s success and profitability have also led to progress at its Senegalese mine, which has the potential to produce over 100,000 ounces of gold per year. Lawson’s confidence in Thor’s future is evident as he has increased his stake in the company by acquiring additional shares with his own money.
Thor Explorations is not only focused on its financial performance but is also committed to minimizing harmful emissions and supporting local employment. The company hires locals, including school leavers turned laboratory assistants and female lorry drivers, who have a better safety record than their male counterparts.
Investing in Nigeria may raise doubts for some investors, but Lawson has demonstrated that it is possible to establish a safe and profitable gold mine in the country. With a focus on expansion, exploration, and responsible mining practices, Thor Explorations is poised for future success. Additionally, the current price of gold, which is over $1,900 an ounce, suggests a favorable market for the company. For adventurous investors looking for potential opportunities, Thor’s listing on the London Stock Exchange’s AIM market at a share price of 17.5p presents an enticing prospect.
In conclusion, Thor Explorations, under the leadership of Segun Lawson, has defied challenges and established a profitable gold mine in Nigeria. As the company expands its operations and explores new areas for mining, prospects for future growth are bright. With the price of gold remaining steady and the company’s commitment to responsible mining practices, Thor is an attractive investment opportunity for those willing to take a calculated risk.
