Japaul Gold & Ventures Plc has secured a N26 billion sand mining contract with Gravitas Investment Limited, aimed at the extraction of 3.5 million cubic meters of sand for land reclamation at Gracefield Island, located at the end of Chevron Drive in Lekki, Lagos State. The announcement was made in a notice sent to the Nigerian Exchange Limited, as reported by THE WHISTLER.

The project, set to be completed within 26 months, seeks to convert swamps and lagoons into prime real estate for a world-class development. The 200-hectare site will feature luxurious amenities, including a golf course, golf estate, boat club, yacht parking, and shopping malls. These developments position Gracefield Island to rival the prestigious Banana Island.

Japaul’s management views this contract as a significant milestone in the company’s expansion, bringing it closer to meeting its profitability goals and delivering dividends to shareholders. This deal follows the company’s recent private placement to fund its gold mining operations.

In addition to this sand mining project, Japaul is advancing its gold mining ambitions. The company has secured mining leases and exploration permits for several gold fields, and its Canadian Mining Manager, David Dawson, projects that gold production will begin by 2026, following the installation of a custom gold processing plant and required infrastructure.

For now, the sand mining and land reclamation project will provide a steady revenue stream, supporting Japaul’s broader strategic goals as it transitions into the gold mining sector.