Determined to ensure predictability in its mining sector and
boost local and international investments, the federal government
has concluded arrangements to establish the Nigerian Mining
Commission, to take charge of the regulatory role of the Ministry
of Mines and Steel Development.
The Minister of Mines and Steel Development, Kayode Fayemi, who
disclosed this at the Nigeria Day event at the ongoing African
Mining Indaba, in Cape Town, South Africa on Wednesday, said the
law setting up the commission is already with the National
Assembly.
Mr. Fayemi spoke as Nigeria took the centre stage at the African
Mining Indaba, with the formal presentation of its new Airborne
Electromagnetic Survey Results amid endorsements for the country’s
mining sector reforms by mining experts, operators and
developmental agencies.
The presentation of the new Airborne Electromagnetic Survey
Results, a major high point of the Wednesday event at the week-long
mining conference, was witnessed by renowned stakeholders in global
mining, including Deputy Minister of Mines and Minerals of
Venezuela, Franklin Araque; Australian Ambassador to Nigeria, Paul
Lehman; Nigerian High Commissioner to South Africa, Ahmed Ibeto;
and the Permanent Secretary of the Ministry,
Others include representatives of top mining conglomerates,
mining nations such as Canada, Zambia, Angola, South Africa and
Senegal.
The minister said government was determined to strengthen
regulation in the sector as well as ensure the improvement of its
geological data.
He said the commission, which would be known as the Nigerian
Mining Commission, would not only be the final authority on
regulatory matters, but would also take charge of mining
leases.
Mr. Fayemi, in an interactive session with investors and the
media after the presentation of the new Nigeria Electromagnetic
Survey results, said the delivery of the geological data, was in
line with government’s desire to ensure bankable geological data,
that would be an incentive to investors.
He stated further that the ministry would undertake more
extensive electromagnetic Airborne Geological Survey of some
promising parts of the country this year, as well as the completion
of the National Mineral Database.
The minister said: “We want to ensure predictability, that is
what we want to offer. We want to be a big mining designation.
“To achieve this, we have to put certain things in place,
including provable data, sound regulations, capacity building for
Artisanal and Small Scale Miners as well as access to funding.
He explained that while mining circle is not the same as
electoral circle, it was important for government to put in place
sound policies and reforms as well as bankable geological data that
would make the Nigerian mining jurisdiction a major attraction.
The minister also hinted at government’s determination to
enhance its collaboration with state governments and the host
communities, a development which he said was being worked out
administratively and through the establishment of the National
Council on Mining and Minerals Development Council, where the
states are playing active roles.
He was optimistic that the combination of the various reforms
being put in place, inputs by the National Council on Mining and
Minerals Resources Development and the Chamber of Mining would help
to reposition the sector for better result.
Top speakers who spoke on various aspects of the New
Electromagnectic Survey results include Gaig Annison, Director,
Business Development, Compagnie Generale de Geophysique (CCG)
Airborne Surveys PTY, Australia, who anchored the presentation.
He described Nigeria as a nation taking very bold steps towards
becoming a major mining destination.
Other speakers include Tim Dobush, CEO Geosoft Inc, Thomas
Weissmann of GSF AG, Germany; and Fatima Shinkafi of the Solid
Minerals Development Fund (SMDF).
Also speaking at the event, Venezuela’s Deputy Minister of Mines
and minerals, Franklin Araque, said the oil and gas rich country
was also diversifying to mining in a bid to shore up its economy as
Nigeria is doing, adding that the country has a lot to learn from
Nigeria in its economic diversification efforts.
Four major mining companies with operations in Nigeria-
Promothean, Symbol Mining, Segilola and Africa International Mining
Company – also gave testimonies in support of the current reforms
in the Nigerian Mining sector.
Mr. Fayemi, last December, disclosed that the ministry had
secured the delivery of 26,000 line kilometre of electromagnetic
data, following the payment of outstanding fees to the consultant
that handled the project.
The consultants had held on to the results of the
electromagnectic survey following the failure of the previous
administration to effect payment for it.
The minister added that a good percentage of the N30 billion
fund made available to the ministry from the National Resource
fund, would be committed to exploratory work and data
gathering.
Determined to ensure predictability in its mining sector and
boost local and international investments, the federal government
has concluded arrangements to establish the Nigerian Mining
Commission, to take charge of the regulatory role of the Ministry
of Mines and Steel Development.
The Minister of Mines and Steel Development, Kayode Fayemi, who
disclosed this at the Nigeria Day event at the ongoing African
Mining Indaba, in Cape Town, South Africa on Wednesday, said the
law setting up the commission is already with the National
Assembly.
Mr. Fayemi spoke as Nigeria took the centre stage at the African
Mining Indaba, with the formal presentation of its new Airborne
Electromagnetic Survey Results amid endorsements for the country’s
mining sector reforms by mining experts, operators and
developmental agencies.
The presentation of the new Airborne Electromagnetic Survey
Results, a major high point of the Wednesday event at the week-long
mining conference, was witnessed by renowned stakeholders in global
mining, including Deputy Minister of Mines and Minerals of
Venezuela, Franklin Araque; Australian Ambassador to Nigeria, Paul
Lehman; Nigerian High Commissioner to South Africa, Ahmed Ibeto;
and the Permanent Secretary of the Ministry,
Others include representatives of top mining conglomerates,
mining nations such as Canada, Zambia, Angola, South Africa and
Senegal.
The minister said government was determined to strengthen
regulation in the sector as well as ensure the improvement of its
geological data.
He said the commission, which would be known as the Nigerian
Mining Commission, would not only be the final authority on
regulatory matters, but would also take charge of mining
leases.
Mr. Fayemi, in an interactive session with investors and the
media after the presentation of the new Nigeria Electromagnetic
Survey results, said the delivery of the geological data, was in
line with government’s desire to ensure bankable geological data,
that would be an incentive to investors.
He stated further that the ministry would undertake more
extensive electromagnetic Airborne Geological Survey of some
promising parts of the country this year, as well as the completion
of the National Mineral Database.
The minister said: “We want to ensure predictability, that is
what we want to offer. We want to be a big mining designation.
“To achieve this, we have to put certain things in place,
including provable data, sound regulations, capacity building for
Artisanal and Small Scale Miners as well as access to funding.
He explained that while mining circle is not the same as
electoral circle, it was important for government to put in place
sound policies and reforms as well as bankable geological data that
would make the Nigerian mining jurisdiction a major attraction.
The minister also hinted at government’s determination to
enhance its collaboration with state governments and the host
communities, a development which he said was being worked out
administratively and through the establishment of the National
Council on Mining and Minerals Development Council, where the
states are playing active roles.
He was optimistic that the combination of the various reforms
being put in place, inputs by the National Council on Mining and
Minerals Resources Development and the Chamber of Mining would help
to reposition the sector for better result.
Top speakers who spoke on various aspects of the New
Electromagnectic Survey results include Gaig Annison, Director,
Business Development, Compagnie Generale de Geophysique (CCG)
Airborne Surveys PTY, Australia, who anchored the presentation.
He described Nigeria as a nation taking very bold steps towards
becoming a major mining destination.
Other speakers include Tim Dobush, CEO Geosoft Inc, Thomas
Weissmann of GSF AG, Germany; and Fatima Shinkafi of the Solid
Minerals Development Fund (SMDF).
Also speaking at the event, Venezuela’s Deputy Minister of Mines
and minerals, Franklin Araque, said the oil and gas rich country
was also diversifying to mining in a bid to shore up its economy as
Nigeria is doing, adding that the country has a lot to learn from
Nigeria in its economic diversification efforts.
Four major mining companies with operations in Nigeria-
Promothean, Symbol Mining, Segilola and Africa International Mining
Company – also gave testimonies in support of the current reforms
in the Nigerian Mining sector.
Mr. Fayemi, last December, disclosed that the ministry had
secured the delivery of 26,000 line kilometre of electromagnetic
data, following the payment of outstanding fees to the consultant
that handled the project.
The consultants had held on to the results of the
electromagnectic survey following the failure of the previous
administration to effect payment for it.
The minister added that a good percentage of the N30 billion
fund made available to the ministry from the National Resource
fund, would be committed to exploratory work and data
gathering.
Read more https://nairalaw.com/federal-govt-to-set-up-mining-commission/