The Federal Government collected N6,957,826,200 mining fees and registered 118 new private mineral buying centres in the first quarter of this year.
Giving the details at the second Annual Mining Conference organised by Businessday newspaper in Abuja at the weekend, Minister of Solid Minerals Development, Dr Dele Alake, said the revenues reflected the outcome of the Ministry’s efforts to raise awareness and attract investors.
The mining fees collected by licensing parastatal Mining Cadastral Office, MCO, came from 955 applications for title grants. Six hundred and fifty-one were for exploration, 270 for small-scale mining, 49 for Quarrying, and 24 for reconnaissance permits.
A statement by the Special Assistant on Media to the Minister, Segun Tomori on Monday said that Alake approved 867 applications, including 512 exploration licenses, 295 small-scale mining leases, 60 Quarry leases, and 5 mining leases.
The revenues are from paying various fees, including annual service fees, application processing fees, and renewal of titles.
According to him, MCO has also stepped up conflict resolution to reduce petitions arising from overlap and litigation over ownership.
Dr Alake disclosed that the Ministry has recorded a lot of progress and plans to set up the Nigerian Solid Minerals Corporation.to make its structure a veritable special-purpose vehicle that will catapult Nigeria into the league of global mining players.
Speaking on the theme, “Building A Resilient Mining Sector,” Dr. Alake said the corporation will be globally competitive and rooted in Nigerian expertise and capital.
We are finalising its structure in partnership with the Ministry of Finance Incorporated (MOFI). Nigerians will have the opportunity to invest through a public offer, with 25% equity reserved for citizens, 25% for the government, and 50% for the private sector”, the minister stated.
