Ministry generates N1bn on mining licence

Abubakar Bwari, Minister of State, Mines and Steel Development says the Ministry has realised more than N1 billion through the issuance of mining licences this year.

Bwari made the announcement at a media briefing during the Launch of the Nigerian Mining Summit and Conmin West Africa on Friday in Abuja.

He said that the fund was realised through various type of licences issued by the Nigeria Mining Cadestre Office.

Bwari also said that the ministry revoked non performing mineral titles in line with the provisions of the Nigerian minerals and mining act, 2007 and its regulations of 2011.

“ The ministry is strengthening the institutional capacities to improve revenue generation through the identification and blockage of sources of revenue leakages.

“Review of royalty rates to reflect current commodity prices; and review of mineral licencing fees to discourage mineral title speculation,’’ he said.

According to him, both small and big time miners are trooping into the cadastre office to apply for mining titles for exploration among others.

He said that the Federal Government had released N7 billion to the ministry from the 2016 budget.

“The budget was very low before we resumed office last year; the ministry was allocated N1 billion in 2015 and only 300 million was released.

He said the ministry has also recorded great achievement in reducing illegal mining operations within the Nigeria boarders through the Mines Surveillance Task Team.

He said work had commenced on the standard gauge rail line from Warri to Ajaokuta, Abuja, Kaduna and Kano to facilitate development of infrastructure through the collaboration of relevant agencies.

He also said that the dredging of the inland waterways would go a long way in lowering haulage costs for mineral commodities.

According to him, the ministry is eager to take Nigeria to the world and bring the world to Nigeria through the mining summit scheduled for April 25 to April 27, 2017.

Also, Mr George Pearson, Regional Director of Montgomery said the summit would showcase the unrivalled potential of the Nigeria solid mineral sector.

Pearson said the summit would also outline the sector’s roadmap and key policies, progress and regulation and to show to the world that Nigeria’s mining sector was opened for business.

The ministry is partnership with the Afrocet Montgomery/IMAG to organise the summit which will bring together over 150 mining companies and 3,000 visitors from the West Africa in 2017.

The exhibition and summit is a joint-venture between IMAG owner’s of the global construction brand `Bauma’ and Afrocet Montegomery which runs Africa’s largest mining show in Johannesburg.