A group of Nigerian investors led by Segun Lawson has seen the value of its combined stake in Thor Explorations approach $60 million after the London-listed gold producer delivered another strong quarter, underlining the wealth being created from Nigeria’s first large-scale commercial gold mine.
Thor Explorations, which owns the Segilola Gold Mine in Osun State, reported second-quarter revenue of $77.3 million after selling 17,050 ounces of gold at an average realised price of $4,535 per ounce, benefiting from elevated global bullion prices.
The performance boosted the company’s adjusted net cash position to $225.6 million at the end of June, reinforcing its ability to fund expansion while rewarding shareholders through dividends.
The results have further increased the fortunes of three Nigerian shareholders who collectively own more than 11 percent of the company. Their combined holdings are now worth nearly $60 million at Thor’s current market valuation, making them one of the
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