Japaul Gold Secures N26bn sand mining contract to reshape Lekki infrastructure
Onome Amuge
Japaul Gold and Ventures Plc has inked a N26 billion sand mining contract with Gravitas Investment Limited. The contract will see Japaul Gold and Ventures Plc mine 3.5 million cubic meters of sand for the reclamation of Gracefield Island, a new development located at the end of Chevron Drive in Lagos State’s upscale Lekki suburb.
The development was disclosed recently on the Nigerian Exchange (NGX) and signed by Michael Edeko, the company’s Secretary.
Japaul Gold and Ventures Plc has been tapped as a key player in the transformation of Lekki’s waterfront, with the company set to mine the sand needed for the reclamation of 200 hectares of land on the Gracefield Island.
The landmark project will see the development of a high-end mixed-use estate, featuring an array of amenities, such as a world-class golf course, a golf estate, marina-side boat club, and a shopping district, all overlooking the Lagos Lagoon.
According to Japaul Gold and Ventures Plc, the sand mining project, is set to transform the Lekki waterfront, converting swamps and lagoons into a new oasis reminiscent of Banana Island’s allure.
The reclamation project, with an estimated duration of 26 months, is expected to create a high-end estate akin to Banana Island, cementing Lekki’s status as a world-class residential and commercial hub.
While Japaul’s sand mining project for the Lekki waterfront is making waves, the company has also been focusing on its gold mining operations. Recently, Japaul successfully completed a private placement, raising funds for its various gold mining projects across Nigeria.
David Dawson, the company’s Canadian mining manager, revealed that Japaul is nearing the end of its exploration phase, with gold production projected to commence by 2026.
Japaul Gold’s financials in the third quarter of 2024, recorded a pretax profit of N174.7 million, representing a 134.36 percent surge from the N74.5 million recorded in the corresponding quarter of the previous year. This growth was sustained throughout the nine-month period, as the company realised a nine-month pretax profit of N578.1 million.
The company’s financial statement for the first nine months of 2024 revealed that its total revenue reached a towering N2.1 billion, largely fueled by the sterling performance of the Japaul offshore unit.