LIVE UPDATES
The Ministry of Solid Minerals Development, on behalf of the Federal Government, has announced its intention to reassess the fees for mining licenses and other charges paid by mining operators in the country.
The Minister of Solid Minerals Development, Dele Alake, emphasized the need for this review during a meeting with stakeholders in the mining industry in Abuja.
He explained that the review is necessary to create a conducive environment for mining operations and generate more revenue for the government.
The minister also sought stakeholders' support for the proposed fee increase. Additionally, he highlighted the government's efforts to revitalize the mining sector, including the introduction of mining marshals to combat illegal mining and protect legitimate miners.
Alake emphasized the importance of adjusting the rates of mining licenses and other fees to facilitate smoother operations for miners and ensure a secure mining environment.
“We felt that we couldn’t just do this without letting you know because, invariably, you are the players in the industry.”
Concerning the recent revocation of dormant mining licenses, the minister noted that the government followed due process and extant laws guiding the action, emphasising that a 30-day restitution window still existed for operators that were affected.
It will be recalled that the minister announced a restitution fee of N10m, 7.5m, 5m and 2.5m for mining licenses, small-scale mining licences, exploration licence and quarrying licence respectively for revoked dormant licences including those earlier revoked for default in payment of annual service fees.
In his submission, the Director-General of the Mining Cadastral Office, Obadiah Nkom, who also chairs the Fees Review Committee, stated that the committee recommended new rates that were affordable and that would enhance the competitiveness of the fiscal regime of the mining sector in comparison with regional and global standards.
Speaking on behalf of the stakeholders, the President of the Miners Association of Nigeria, Dele Ayanleke, commended the minister for his efforts to put the mining sector on the global front burner, expressing support for ongoing reforms and plans to review fees payable by operators.
He urged the minister to consider the challenges faced by miners and ensure the rates are affordable.
Other stakeholders in attendance include representatives of Women In Mining, the Gemstone Miners Association and top officials of the ministry.
