Japaul Gold and Ventures Plc has signed a N26 billion sand mining contract with Gravitas Investment Limited to mine 3.5 million cubic meters of sand for the reclamation of Gracefield Island, located at the end of Chevron Drive, Lekki, Lagos State.
This was disclosed on the Nigerian Exchange (NGX) and signed by the company’s Secretary, Michael Edeko.
The statement revealed that Japaul Gold will play a significant role in the reclamation of 200 hectares of land, a development that is expected to usher in a slew of luxurious amenities, including a golf course, golf estate, boat club, yacht parking spaces, and shopping malls.
According to the release, the sand mining project aims to reclaim swamps and lagoons in the area, in order for a high-end transformation that will become a new Banana Island.
It noted that the project which is expected to be completed in 26 months, will usher growth to Lekki and turn it into a premier residential and commercial hub.
Japaul recently completed a private placement to raise funds for its gold mining projects across several goldfields, where it holds mining leases and exploration permits.
Mr. David Dawson, the company’s Canadian Mining Manager, had disclosed that the company is nearing the end of its exploration phase, with gold production expected to begin on or before 2026.
Japaul Gold has recorded some achievements which include a pretax profit of N174.7 million for the third quarter of 2024, a 134.36% increase from N74.5 million in the same period the previous year, bringing its nine-month pretax profit to N578.1 million.
The company also experienced a revenue increment of 190.27%, rising from N319.5 million in Q3 2023 to N927.6 million in Q3 2024.
It added that the total revenue for the first nine months of 2024 hit N2.1 billion, noting that most of this revenue came from the Japaul offshore unit.