Gold mining: How P.A.G.M.I, Nigeria Presidential Artisanal Gold Mining Development Initiative will work and benefit you.
Nigerian president, Muhammadu Buhari received the first gold bar that Nigerian artisans produced according to international standards, to mark the launching of his Presidential Artisanal Gold Mining Development Initiative (P.A.G.M.I).
The Nigerian government said the 12.5kg gold bar - which was bought by Central Bank of Nigeria (CBN) met the London Bullion Market Association (L.B.M.A) standard, which means any one in the world could buy it with confidence.
But the benefit for any artisan who mines gold is that, unlike before that they scout and struggle for buyers, CBN will always be available to buy from them at a correct price.
Why is P.A.G.M.I established?
Data from UN Comtrade showed that 97 tonnes of gold worth over $3 billion was smuggled out of the west African countries in the last five years.
In addition, illegal artisanal mining causes crises in some gold mining communities. More than 7,000 accident caused by lead poisoning from illegal mining has king lled over 700 people in Zamfara and Kebbi.
What is the benefit of P.A.G.M.I?
According to the government:
1. Artisans and small-scale miners, rural mining communities, registered buying centres, investors, Central Bank of Nigeria (CBN) and Federal and State Governments will all benefit from the organization.
2. 500,000 new mining and formalized jobs shall be available.
3. Artisan and miners nationwide shall get national identity card - 20,000 miners had already been registered in Kebbi and Osun.
4.Thermo Fisher Scientific and Mettler Toledo companies will install equipment to be used in gold testing and to weigh them.
P.A.G.M.I shall operate in states like Kebbi, Kaduna, Zamfara, Niger and Osun States although it starts with Kebbi (north west) and Osun (south).
President Buhari formed P.A.G.M.I to be a formal association for artisan gold miners.
How it will work?
P.A.G.M.I guaranteed that they will buy all the gold that artisans mined and produced through the National Gold Purchase Program.
The programme would make sure that artisans receive safe and correct modern machines to use.
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