Japaul Gold & Ventures Plc has announced the signing of a N26bn sand mining contract with Gravitas Investment Limited.
The project involves the extraction of 3.5m cubic meters of sand for land reclamation at Gracefield Island, located at the end of Chevron Drive in Lekki, Lagos State.
This was contained in the company’s notice to the Nigerian Exchange Limited, seen by THE WHISTLER.
The project, scheduled to be completed within 26 months, aims to transform swamps and lagoons into prime real estate for a world-class development.
According to Gravitas Investment, the 200-hectare site will feature luxury amenities including a golf course, a golf estate, a boat club, yacht parking facilities, and shopping malls, positioning Gracefield Island as a potential rival to the prestigious Banana Island.
Japaul’s management described the contract as a significant milestone in the company’s growth trajectory and a step closer to delivering on its promise to shareholders to achieve profitability and dividend payouts.
This development comes on the heels of Japaul’s recently concluded private placement aimed at funding its gold mining operations.
Japaul is concurrently advancing efforts to commence gold production, with mining leases and exploration permits secured across several gold fields.
The company’s Canadian Mining Manager, Mr. David Dawson, has projected that gold production will begin by 2026, contingent on the installation of a custom-made gold processing plant and the development of necessary infrastructure.
In the interim, the sand mining and land reclamation project will serve as a stable revenue source, supporting Japaul’s broader operational goals as it transitions into gold mining.