Hodges is writing a two-hour pilot script and series bible for a proposed 12-part series based on Milton's non-fiction work, which investigates the slave trade in North Africa.
White Gold is being developed by Red Arrow Entertainment and 4Rights, with Red Arrow's Simon Maxwell serving as executive producer and Sophie Gardiner leading development for Channel 4.
"White Gold blows the lid off a forgotten yet revelatory chapter from our past and, given the sheer scale and ambition of the project, we're delighted to have Adrian Hodges at the helm to bring this story to life," said Maxwell. "It's a story as thought-provoking as it is gripping and its perfect home is Channel 4."
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Hodges himself added: "White Gold is an incredible historical adventure that sheds light on a little-known part of our history. It's about slavery and survival, the clash of wildly different cultures and above all the unquenchable desire for freedom.
"I'm truly excited by the incredible potential of this story and looking forward to the challenge of dramatising it. I can honestly say that in over 20 years as a professional writer, I've rarely come across material so packed with almost unbelievable drama which is both true to its period and yet also full of contemporary resonance. It's a great story and I hope I can do it justice."
Channel 4 also recently announced three new drama commissions - the romance-themed Dates from Skins creator Bryan Elsley, thriller Home Before Dark from The Hour's Abi Morgan and a follow-up to mini-series The Devil's Whore.