The NMC is a Federal Government Public Statutory Corporation established by Decree number 39, as contained in Gazette No 54, Vol. 59 of 1972, and amended by Decree 34 of 1976 (now NMC Act, Cap. 317, 1990). The NMC as provided by the Decree was to play a dominant role and to act as a catalyst in the development of the mining industry in …

The major requirements for obtainment or grant of mining lease are as follows: Exploration License. Certified true copy of …

Government policies must be focused on attracting exploration investment as well as effective regulation and monitoring of the minerals and mining subsector and providing better security and needed …

Nigeria is a lower middle-income country with a surface area of 923.8 thousand square kilometers and population of between 140 and 188.686 million (National Mineral and Metal Policy 2008; World Bank 2017; IMF 2017).It has a population growth of 2.6% and a GDP of 405.08 billion US dollars with an annual GDP growth rate of −1.5% …

The vast economic potentials of the mining sector in Nigeria where government holds all mineral rights has been widely reported (Merem et al., 2017). Mining of mineral resources is under the exclusive list of the Federal Government of Nigeria and no State or Local council has right to explore, prospect or exploit mineral resources

These Regulations may be cited as the Nigerian Minerals and Mining Regulations, 2011. 2. In these Regulations— (l) Unless the context indicates otherwise any word to which a …

Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte ...

Exploration Results, estimates of Mineral Resources, estimates of Ore Reserves and Production Targets. 23) The factors that a Mining Reporting Entity (and for that matter, any Reporting Entity) should consider when determining whether the disclosure of particular estimates are material include: a) its market capitalisation;

The Mineral Buying Centre License is required for companies or industries willing to process mineral resources in Nigeria. It is also relevant for any companies that choose to warehouse mineral resources, either temporarily or permanently. The purpose of the license is to regulate and authorize any warehouse where mineral resources will …

Opportunities for growth. Diversification of the economy: Mining in Nigeria presents an opportunity for Nigeria to diversify its economy away from over-dependence on oil and gas revenues. Developing this sector can create jobs and reduce vulnerability to fluctuations in oil prices. Resource endowment: Nigeria's vast mineral resources …

Section 5 of the NMMA- empowered to keep and maintain a register of mineral title; regulate the issuance of all types of mineral titles; and is a statutory body solely established for the administration and management of mineral licenses, leases and permits, with zonal offices in the six geo-political zones of Nigeria.

mineral resources located in the area being applied for and list the type to be mined. The application must also be accompanied by prefeasibility study which shall include: ü A …

15 SS.30(1) and 85(1) Minerals and Mining Act, 1999: a right of preemption in the minerals discovered, won, obtained or processed is reserved to the Federal Government. Under S.30 (2) of the Act, minerals discovered during prospecting operations may only be removed with the consent of the Minister.

Despite a favourable geology with mineral resources spread across the country, stakeholders in the mining sector have advocated a favourable fiscal environment that will aid exploration and ...

1. UNDERSTANDING THE LEGAL AND REGULATORY CONSIDERATIONS FOR MINING SOLID MINERALS IN NIGERIA. By. Adetayo Adetuyi andNnanke Williams‡. 1. INTRODUCTION. Nigeria is regarded as a country endowed with abundant natural …

About the Law. This Act was established for the purposes of regulating all aspects of the exploration and exploitation of solid minerals in Nigeria. Some key provisions: Gives ownership of all mineral resources in Nigeria and in the Exclusive Economic Zone to the Federal Government for and on behalf of the people of Nigeria.

The principal law is the Nigerian Minerals and Mining Act 2007 (Chapter N162 Laws of the Federal Republic of Nigeria (LFN) 2004 (the Mining Act) and the Minerals and Mining Regulations 2011 issued pursuant to the Mining Act. The principal regulatory bodies are the Ministry of Mines and Steel Development (MMSD) – comprising the Mines Inspectorate

There are various tax incentives given to miners involved in exploration and mining. For holders of special mining leases, taxation is at a flat rate of 15% as opposed to 24.72% for other miners. The holders may, however, be liable to additional profit tax calculated based on a formula.

As explained in part one of this series, the Kingdom of Saudi Arabia (the Kingdom) is implementing a number of structural reforms to the mining sector, which seek to stimulate private sector investment by …

The Province is committed to ensuring that B.C. remains a leader in mining regulation and oversight. Natural resource ministries take a collaborative approach to ensure compliance across the Province. Mining companies are required to be aware of and maintain compliance with their regulatory requirements throughout the life of the mine.

By the provisions of the Minerals and Mining Regulation 2011, a company who is qualified may submit an application for an exploration license. A mining lease has a duration of 25 years and can be renewed. The grant of Mining Lease is coordinated by the Federal Ministry of Mines and Steel Development (MMSD) under the Mining Cadastre …

This work seeks to highlight the regulatory framework of the Nigeria Mining industry and the challenges of mining operations in Nigeria with a view to proffering solutions. Discover the world's ...

Abstract. Nigeria, the most populous nation and largest economy in Africa is endowed with abundant mineral resources, including energy fuels, industrial minerals, gemstones, and metallic minerals ...

The sample is composed by a series of cross-country datasets for the period 1996 to 2014. It includes the following variables for each year: the percentage of …

Nigeria has a range of world class minerals resources, such as gold, limestone etc. In addition, it has a variety of other occurrences (more than 45) of medium significance albeit important for small scale mining and industrial development. The world class minerals in Nigeria warrants a closer look especially by foreign mining companies.

Nigeria is endowed with various mineral resources, like gold, iron ore, coal, bitumen, baryte, lead–zinc, limestone, copper, lithium, and many other minerals and metals …

A guide for exploration, mining and prospecting licence holders and work authority holders. Information for applicants and holders of tenements issued under the Mineral Resources (Sustainable Development) Act 1990. It describes the compliance obligations of a tenement holder. Other relevant publications are: Mineral Resources (Sustainable ...

The strategies that can be used for exploration of. solid mineral in Nigeria should includes resource control policy, exploration of mineral resources should be private sector, the. tenure of the ...

Exploration for all mineral resources except hydrocarbon (oil and gas) Evaluation of Mineral resources; Mineral Promotion activities; Generation of credible data on exportable mineral resources such as gold, silver, lead and zinc, copper and other commodities to attract foreign direct investment to Nigeria.

Some of the Problems Facing the Exploitation of Minerals in Nigeria are: 1. Inadequate capital. In Nigeria, the necessary funds for the mining of mineral resources are always minimal, and not enough at …