FG Grants 1,000 Mining Licences
21st May 2007
By Obinna Ezeobi
The Federal Government on Friday in Abuja, issued 50 mining leases and 952 exploration licences, which are expected to stimulate activities in the solid minerals sector.
The recipients of the grants, who are mostly Nigerians, are expected to serve as forerunners to the big mining companies, who would take over from the small players after they would have done the groundwork.
Speaking at the official presentation of the mining titles and guidelines to the applicants, the Minister of Mines and Steel Development, Alhaji Bala Borodo, said the Mining Cadastre Office had received and processed over 2,000 new applications since it commenced operations in May 2006.
He said, “We have also developed some guidelines to regulate the Mineral Title Administration being implemented by the MCO. These guidelines will form the basis for the development for the regulations for the complete management of the Nigerian mining sector.”
He described the new title holders as pioneers in the new process and partners in the development of the nation’s mineral resources.
He said that the legal and regulatory framework of the Nigerian mining sector was reformed in line with international best practices to attract the best of private sector participation.
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